Strategic Management

What
1. response to long-term perspectives (five years or more)
2. boundary marker
3. The Art and Science of Formulating, Implementing, and Evaluating Cross-Functional Decisions
4. reflect a realistic imagining of how the future looks.
Why
1. Be more proactive than reactive
2. initiate and influence events.
3. competitive advantage
  1. valuable resource
  2. what we have over the competitors
  3. reputation
  4. Image
4. Tangible/financial benefits
5. integration
  1. share same goals
  2. between all major functions of the firm
6. exploit /create new and different opportunities
7. Better communication
  1. meetings
  2. others opinions and ideas
  3. Questionnaires
8. more productivity and higher level of performance
9. Reduced resistance to change
10. reduces frustration
11. analyzing all our resources
  1. limited resources
  2. resource allocation
Who
1. Personal
  1. students
  2. Individuals
  3. entrepreneurs
  4. get clarity
  5. focus on preferred future
  6. understand where to put attention
  7. balance different aspects of life
2. Career
  1. business
    1. top management
    2. middle level
    3. Decision Makers
  2. Doctors
  3. teachers
  4. Objective Achievement
  5. competitive edge
HOW
1. SWOT analysis
  1. full awareness of your situation
  2. guides you to identify the positives and negatives
  3. structured planning method used for evaluation
  4. Internal Weaknesses
  5. External Opportunities
  6. External Threats
  7. Internal Strength
  8. TOWS method
    1. originally developed for business and industry
    2. analyzing matrix using SWOT
2. Implementation
  1. annual Objectives
    1. how can we measure our progress?
    2. less than a year
  2. policies
    1. what we do to achieve annual objectives?
    2. guidelines rules
  3. allocate resources
  4. motivation
3. evaluation
  1. correct
  2. measure
  3. review factors
4. Formulation
  1. Vision
    1. what do we want to be?
    2. First to be established
  2. Long-term objectives
    1. what do we plan to achieve?
    2. Results in more than one year
  3. Strategy
    1. what we do to achieve long-term objectives
    2. how will we act on our plans?
  4. Mission
    1. what do we do?
    2. the reason for being
  5. Values
    1. why do we do it?
    2. making a difference

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Strategic Management

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