Strategic Management
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MGT 657/BM 220
EXERCISE 1
1. What is Strategic Management?
The definition of strategic management is an art and science of formulating, implementing and evaluating, cross-functional decisions that enable an organization to achieve its objective.
2. Explain the formal strategic management process according to David (2011)
According to Fred R David, the strategic management process can best be studied and applied using a model. Every model represents some kind of process. The Fred R avid model does not guarantee success but approach for formulating, implementing, and evaluating strategies.
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i) Identify existing vision and mission
To make who read the vision and mission feel deep inside and feeling to implement the vision will arouse. At this process we must identify the strategy to be taken too. When any barriers come during the implementation of the vision, the company already have the action to take.
ii) Audit external environment
To develop a finite list of opportunities that could benefits a firm and threats that should be avoided. Firm should be able to respond either offensively of defensively to the factors by formulating the strategies that take advantage of external opportunities or that minimise the impact of potential threats.
iii) Audit internal environment
The audit happens to define the strength or weaknesses or opportunity and threats to have a clear statement of mission, provide the basis for establishing objectives and strategies. Objective and strategies establish from internal strength and overcoming weaknesses.
iv) Establish long-term objectives
It results from pushing certain strategies. The strategies will be implementing to achieve long-term objective. The time frame is between two to five years.
v) Generate, evaluate and select strategies
Strategy analysis must be performing to determine alternative courses of action that could best enable the...
EXERCISE 1
1. What is Strategic Management?
The definition of strategic management is an art and science of formulating, implementing and evaluating, cross-functional decisions that enable an organization to achieve its objective.
2. Explain the formal strategic management process according to David (2011)
According to Fred R David, the strategic management process can best be studied and applied using a model. Every model represents some kind of process. The Fred R avid model does not guarantee success but approach for formulating, implementing, and evaluating strategies.
[pic]
i) Identify existing vision and mission
To make who read the vision and mission feel deep inside and feeling to implement the vision will arouse. At this process we must identify the strategy to be taken too. When any barriers come during the implementation of the vision, the company already have the action to take.
ii) Audit external environment
To develop a finite list of opportunities that could benefits a firm and threats that should be avoided. Firm should be able to respond either offensively of defensively to the factors by formulating the strategies that take advantage of external opportunities or that minimise the impact of potential threats.
iii) Audit internal environment
The audit happens to define the strength or weaknesses or opportunity and threats to have a clear statement of mission, provide the basis for establishing objectives and strategies. Objective and strategies establish from internal strength and overcoming weaknesses.
iv) Establish long-term objectives
It results from pushing certain strategies. The strategies will be implementing to achieve long-term objective. The time frame is between two to five years.
v) Generate, evaluate and select strategies
Strategy analysis must be performing to determine alternative courses of action that could best enable the...