Overview of Strategic Management
A Comprehensive Strategic-Management Model
Strategy Evaluation
Strategy Evaluation
Strategy Implementation
Strategy Implementation
Strategy Formulation
Strategy Formulation
Measure and Evaluate Performance
Measure and Evaluate Performance
Implement Strategies – Marketing, Finance, Accounting, R&D and MIS Issues
Implement Strategies – Marketing, Finance, Accounting, R&D and MIS Issues
Generate, Evaluate, and Select Strategies
Generate, Evaluate, and Select Strategies
Implement Strategies – Management Issues
Implement Strategies – Management Issues
Establish Long-Term Objectives
Establish Long-Term Objectives
Perform Internal Audit
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A clear vision statement provides the foundation for developing a comprehensive mission statement.
An enduring statement of purpose that distinguishes one organization from other similar enterprises, the mission statement is a declaration of an organization’s “reason for being”. It answers the pivotal question “What is our business.”
Perform External Audit
The purpose of an external audit is to develop a finite list of opportunities that could benefit a firm and threats that should be avoided.
Perform Internal Audit
Objectives and strategies are established with the intention of capitalizing upon internal strengths and overcoming weaknesses.
Establish Long-Term Objectives
Long term objectives represent he results expected from pursuing certain strategies.
Generate, Evaluate, and Select Strategies
Strategy analysis and choice seek to determine alternative courses of action that could best enable the firm to achieve its mission and objectives.
Implement Strategies – Management Issues
The strategic-management process does not end when the firm decides what strategy or strategies to pursue. There must be a translation of strategic thought into strategic actions.
Implement Strategies – Marketing, Finance, Accounting, R&D and MIS Issues
Successful strategy implementation depends on cooperation among all functional and divisional managers in an organization.
Measure and Evaluate Performance
The best-formulated and best-implemented strategies become obsolete as a firm’s external and internal environments change. It is essential, therefore, that strategies systematically review, evaluate, and control the execution of strategies.
