Time so fast. This week the second week of learning. what I learnt this week? today lecture must be compulsory about DEFINITION OF STRATEGIC MANAGEMENT. STRATEGIC MANAGEMENT is used synonymously with the term strategic planning. Sometimes the term strategic management is used to refer to STRATEGY FORMULATION, IMPLEMENTATION AND EVALUATION with strategic planning referring only to strategy formulation. A strategic plan is a company’s game plan. A strategic plan results from tough managerial choices among numerous good alternatives, and it signals commitment to specific markets, policies, procedures, and operations.
STRATEGY FORMULATION includes developing a vision and mission, identifying an organization’s external opportunities and threats, determining internal strengths and weaknesses, establishing long-term objectives, generating alternative strategies, and choosing particular strategies to pursue.
STRATEGY IMPLEMENTATION requires a firm to establish annual objectives, devise policies, motivate employees, and allocate resources so that formulated strategies can be executed
often called the action stage.
STRATEGY EVALUATION reviewing external and internal factors that are the bases for current strategies, measuring performance, and taking corrective actions.
That's all for chapter one. See you in chapter two for next entry. ASSALAMUALAIKUM :)
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