Strategic Management and Planning

Question	Answer
Strategies	The means by which long-term objectives will be achieved and are future oriented
Strategic Management	The art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives
Strategic Management Process	1) Strategy Formulation 2) Strategy Implementation 3) Strategy Evaluation and Control Image: Strategic Planning Process (image/jpeg)
Strategy Formulation	A plan of action for the organization and its functions, business units and divisions.
Steps in Strategy Formulation	1) Strategic Analysis 2) Strategic Direction 3) Strategic Development
Strategic Analysis	Environmental analysis or situation analysis. Involves a review of internal strengths and weaknesses as well as factors in the external environment that could affect business
Strategic Direction	Ascertains long term goals and objectives of the organization which are derived from developing the company's vision and mission statements.

Resource summary

	Created by Lisa Granger over 7 years ago