Strategic Management Essay

1595 words - 7 pages

Chapter 1: The Nature of Strategic Management: We can define Strategic Management as the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives. Strategic Management focuses on integrating management, marketing, finance/accounting, production/operation, research and development (R&D) and computer information systems to achieve organizational success. Strategic management involves strategy development, which is comprised of five stages. Discovery requires all members of the team to individually gather information on an agreed upon set of attributes affecting the organization. Strategic thinking, which can ...view middle of the document...

System/Infrastructure: reward system, manufacturing system, technology, customer feedback. Skills: key knowledge and skills are needed to succeed in this business/organization Style: Emphasize on quality, encourage teamwork, reinforce standards. A Mission Statement: is a statement of the purpose of a company and organization. The mission statement should guide the actions of the organization, spell out its overall goal, provide a path, and guide decision-making. A Vision Statement: is sometimes called a picture of your company in the future but it’s so much more than that. Your vision statement is your inspiration, the framework for all your strategic planning. PEST analysis stands for "Political, Economic, Social, and Technological analysis" and describes a framework of macro-environmental factors used in the environmental scanning component of strategic management. Business Ethics (also known as corporate ethics) is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations. The ISO 9000 family of standards relate to quality management systems and are designed to help organizations ensure they meet the needs of customers and other stakeholders. ISO 14001 is an internationally accepted standard that sets out how you can go about putting in place an effective Environmental Management System (EMS). Standard fields such as environmental auditing, performance evaluation, labeling and life-cycle assessment. Organizations that conduct business operations across national borders are called international firms or multinational corporations. The term “Parent Company” refers to a firm investing in international operations, while “Host Country” is the country where that business is conducted.

Chapter: 2 The Business Vision & Mission:

Chapter 3: The External Assessment: There are five Key External Forces in External Assessment. These are- (1) Economic Forces, (2) Social, Cultural, Demographic and Environment Forces, (3) Political, Legal, and Government Forces, (4) Technological Forces, (5) Competitive. Economic Forces includes are Budget Deficits, Tax rates, Availability of Credit, Money Market Rates, Level of disposable income, interest rates, inflation rates, Gross Domestic Product Trends, Consumption Pattern, Unemployment trends, Value of BDT in world market, Import/export factors, Oil Prices, Price Fluctuations, Fiscal Policies, Foreign Countries’ Economic Condition Forces. Social, Cultural, Demographic and Environment Forces includes are Childbearing rates, Life Expectancy rates, Number of marriages/divorces/birth/death, Attitudes toward business, Buying habits, Lifestyle, Trust in Government, Ethical concerns, attitudes towards savings, Attitudes...

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