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M.Com-I
Strategic Management :
The art & science of formulating, implementing and
evaluating cross functional decisions that enable organization
to achieve its objectives.
This means, strategic management focuses on integrating
management , marketing, finance/ accounting, production,
/ operations , research , development and computer
information systems to achieve organizational success.
the term Strategic Management is synonym of strategic
planning.
The notion of strategic management is to achieve and
maintain competitive advantage.
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Strategy Implementation :
establish annual objectives;
devise policies
motivate employees
allocate resources
preparing budgets
re-directing marketing efforts
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Strategy Evaluation:
1-reviewing internal & external factors basis for current strategies
2-measuring performance
3-taking corrective actions.
What is External Opportunity and Threat ?
These refer to economic, cultural, social demographic, political, legal,
technological and competitive trends and events that could significantly
benefit and harm an org in future.. e.g wireless revolution, mobile
revolution, biotechnology, population shifts, changing work values,
attitudes
What is Internal Strength & Weaknesses:
These are organizations controllable activities . e.g marketing, finance/
accounting, production, / operations , research , development and
computer information systems to achieve organizational success
What is Long Term Objectives?
This refers to specific results that an organization seeks to achieve in
pursuing its basic mission. Objectives should be challenging, measurable,
consistent, reasonable and clear.
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Dev Vision
& Mission Statements
Estab
Long Term
Obj
Generate
Evaluate
Select
Strategies
implement
strategies
MGMT Issues
Implement
Strategies
Marketing,
Fin, R&D
MIS
Measure &
evaluate
performance
Perform
Internal Audit
Strategy Formulation
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Strategy Implementation
Strategy Evaluation