Introduction to stratagic management

Bruce Henderson [15] InHenry Mintzberg described the many different definitions and perspectives on strategy reflected in both academic research and in practice. The second group, consisting of six schools, is more concerned with how strategic management is actually done, rather than prescribing optimal plans or positions.

This framework came to be known by the acronym SWOT and was "a major step forward in bringing explicitly competitive thinking to bear on questions of strategy".

Porter modified Chandler's dictum about structure following strategy by introducing a second level of structure: Bruce Henderson [17] InHenry Mintzberg described the many different definitions and perspectives on strategy reflected in both academic research and in practice.

That's all free as well. Jim Collins wrote in that the strategic frame of reference is expanded by focusing on why a company exists rather than what it makes.

He mentioned four concepts of corporate strategy; the latter three can be used together: This is most consistent with strategic planning approaches and may have a long planning horizon. The breadth of its targeting refers to the competitive scope of the business.

Environmental analysis includes the: Companies can maximize their profitability by competing in industries with favorable structure. An organization may have several employees devoted to strategy rather than relying on the chief executive officer CEO for guidance.

Strategic planning is analytical in nature and refers to formalized procedures to produce the data and analyses used as inputs for strategic thinking, which synthesizes the data resulting in the strategy.

It has been empirically confirmed by some firms at various points in their history. The employees become more trustworthy, more committed and more satisfied as they can co-relate themselves very well with each organizational task.

Instead Mintzberg concludes that there are five types of strategies: The second group, consisting of six schools, is more concerned with how strategic management is actually done, rather than prescribing optimal plans or positions.

Strategic Management - Meaning and Important Concepts

Another role of strategic management is to keep a continuous eye on the goals and objectives of the organization. Kiechel wrote in Thus the employees can judge the impact of such changes on their own job and can effectively face the changes. Who is the target customer for the organization's products and services.

It places emphasis on symbols and language to influence the minds of customers, rather than the physical product of the organization. And, best of all, most of its cool features are free and easy to use. Because of this, he could not point to one process that could be called strategic planning.

Strategic Management - Meaning and Important Concepts Strategic Management - Meaning and Important Concepts Strategic Management - An Introduction Strategic Management is all about identification and description of the strategies that managers can carry so as to achieve better performance and a competitive advantage for their organization.

Environmental analysis includes the: A more recent and less developed model than the linear and adaptive models, interpretive strategy is concerned with "orienting metaphors constructed for the purpose of conceptualizing and guiding individual attitudes or organizational participants.

Following are the important concepts of Strategic Management: What differentiates the company from its competitors in the eyes of customers and other stakeholders. The managers and employees must do appropriate things in appropriate manner.

In his classic Corporate Strategy, he developed gap analysis to clarify the gap between the current reality and the goals and to develop what he called "gap reducing actions". Strategy as plan — a directed course of action to achieve an intended set of goals; similar to the strategic planning concept; Strategy as pattern — a consistent pattern of past behavior, with a strategy realized over time rather than planned or intended.

What is the geographic scope of the business. The purpose is to make the college known as the best buy for a student's money among five for-profit technical colleges in the region, with a goal of increasing revenue.

An organization is said to have competitive advantage if its profitability is higher than the average profitability for all companies in its industry.

Strategic Management - Meaning and Important Concepts

Change creates novel combinations of circumstances requiring unstructured non-repetitive responses; Affects the entire organization by providing direction; Involves both strategy formulation processes and also implementation of the content of the strategy; May be planned intended and unplanned emergent ; Is done at several levels: This framework came to be known by the acronym SWOT and was "a major step forward in bringing explicitly competitive thinking to bear on questions of strategy".

How can the firm grow, through both its base business and new business?. Management theory and practice often make a distinction between strategic management and operational management, with operational management concerned primarily with improving efficiency and controlling costs within the boundaries set by the organization's strategy.

Strategic Management Process: An Introduction University of Debrecen Faculty of Ag. Economics and Rural Development Dept.: Business Management and Marketing HUNGARY ' Dr. NÆbrÆdi AndrÆs DE-AVK ‚Accept failure, but. Introduction to strategic management 44, views.

Share; Like; Download Centre for Social Initiative and Management (CSIM Bangalore) Follow Published on Aug 16, This is the first lecture of 40 lectures planned for Anna University/Anna University of Technology students of 3ed semester MBA. Strategic Management Process: An Introduction University of Debrecen Faculty of Ag.

Economics and Rural Development Dept.: Business Management and Marketing HUNGARY ' Dr. NÆbrÆdi AndrÆs DE-AVK ‚Accept failure, but. Strategic Management - An Introduction. Strategic Management is all about identification and description of the strategies that managers can carry so as to achieve better performance and a competitive advantage for their organization.

2 INTRODUCTION Two Approaches to Strategy The idea of strategy has received increasing attention in the management literat-ure.

The literature on strategy is now voluminous and strategic management texts.

Introduction to stratagic management
Rated 5/5 based on 99 review
Lecture Notes | Strategic Management I | Sloan School of Management | MIT OpenCourseWare