Nature and scope of strategic management, nature of. Strategic management is both an art and science of formulating, implementing, and evaluating, crossfunctional decisions that facilitate an organization to accomplish its objectives. Essential purpose of the organization, concerning particularly why it is in existence the nature of the business and the. This skepticism, however, is paradoxically at odds with the great success that strategic management has enjoyed. Strategic management is a broader term than strategy and is a process that includes top managements analysis of the environment in which the organization operates prior to formulat ing a strategy, as well as the plan for implementation and control of the strategy. What is strategic management, and why is it important. 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. Past, present and future at the highest level, a strategy is an approach to doing business 12. It introduces a practical, integrative model of the strategicmanagement process and defines basic activities and terms in strategic management and discusses the importance of business ethics. 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. Figures taken from london business schools masters in management 2010 employment report. Strategic analysis of starbucks corporation 1 introduction. Value creation has long been hailed as the major objective of business firms by many management researchers. Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives.
The report focuses on three relevant issues regarding. The nature of strategic management chapter synopsis chapter 1 provides an overview of strategic management. Meaning nature, scope, and importance of strategic management. Natureprints strategic management prospects tool is designed to help biodiversity managers consider and compare which actions to do where. Chapter 1 the nature of strategic management strategic management. Recession and threat of a takeover may force a strategy of cost cutting. The purpose of strategic management is to use and create new and different opportunities for future. Oct 14, 2016 strategic management the nature and value of strategic management. Strategic management is a broader term than strategy and is a process that includes top management s analysis of the environment in which the organization operates prior to formulat ing a strategy, as well as the plan for implementation and control of the strategy. Mba strategic management lecture notes pdf download mba 3rd. 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. It considers the nature of strategy in its broadest sense and puts forward a model of a. Recently, however, a new line of theoretical work based upon mathematical methods, known as value capture theory, has been gaining in popularity.
The nature and value of strategic management youtube. The distinction between strategic thinking, strategic management and strategic planning 45 strategy in actionquick strategic thinking in unfavourable circumstances45 strategy in actionsony the disruptive innovator 50 principles for the successful use of strategy 61 finding the right strategic mix of entrepreneurial creativity and. Define and give examples of key terms in strategic management. Jofre foreword the present report is the result of an ongoing study on the patterns and trends on both the theory and practice in the field of strategic management. Traditionally, a competitive business strategy has involved performing different activities than. How strategic management creates value escarus blog. The theory and practice of strategy in business organizations s.
An organization is said to have competitive advantage if its profitability is higher than the average profitability for all companies in its industry. Nature of strategic management the strategicmanagement process does not end when the firm decides what strategy or strategies to pursue. Dec 23, 2018 nature and scope of strategic management. Basic activities and terms in strategic management are defined. Discuss the nature of strategy formulation, implementation, and evaluation activities. A practical, integrative model of the strategicmanagement process is introduced. Top executives ponder strategic objectives and missions. Choosing an intuitive or analytic approach to decision making is not an eitherorproposition.
This chapter will introduced us to the world of strategic management. Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage. Strategic management mgt603 vu importance of strategic management why do we need to lay so. Ample number of practical problems and case studies have been added to aid the. Pdf the nature of strategic management researchgate. This paper introduces value management as a business analysis method and a major source of competitive advantage. Nature and scope of strategic management, nature of strategic. Strategic management the nature and value of strategic management. Strategic management meaning and important concepts.
Strategic management of alpha company heming feng department of business administration, south china university of technology, guangzhou, china abstract alpha is a diversified listed company, which developed from a single toy company to a company with four business sectors. Session 1 nature and value of strategic management. Some authors state that a firm must create value for its shareholders. Inductive derivation of a consensus definition of the field abstract it is commonly asserted that the field of strategic management is fragmented and lacks a coherent identity. Strategic management is the management of an organizations resources to achieve its goals and objectives. A practical, integrative model of the strategic management process is introduced. Nature and scope of strategic management authorstream. Fundamentals of strategic management sage publications. All organizations engage in the strategic management.
Case study research on strategic management of alpha. It introduces a practical, integrative model of the strategic management process and defines basic activities and terms in strategic management and discusses the importance of business ethics. The nature the value of strategic management free download as powerpoint presentation. Nature and scope of strategic management authorstream presentation. Strategic management tools and techniques and organizational performance. Case study research on strategic management of alpha company. Managers at all levels in an organization inject their intuition and judgment in to strategicmanagement analyses.
For the better part of a decade, strategy has been a business buzzword. Pdf strategic management and strategic planning process. Findings from the czech republic afonina anna abstract the purpose of this study is to investigate the current level of strategic management tools and techniques utilization as well as to explore and identify the impact of management tools on or. The importance of strategic management to business organizations. Traditionally, theoretical claims in strategic management have been supported by informal, qualitative reasoning. It attempts to organize qualitative and quantitative information in a waythat allows effective.
Management thinker henry mintzberg has gone so far as to label the phrase strategic planning an oxymoron. Jul 02, 2011 chapter 1 the nature of strategic management strategic management. Nov 25, 2016 most or ganizations can benefit from strategic management, which is based upon integrating intuition and analysis in decision making. Pdf the importance of strategic management to business. Therefore, this research aims to assess the acquired knowledge of university management students relating to strategy and strategic management concepts with the purpose of answering the. Mergers are a form of complex organization often defensive in nature.
Starbucks corporation, an american company founded in 1971 in seattle, wa, is a premier roaster, marketer and retailer of specialty coffee around world. Chapter 1 the nature of strategic management 3 five guys enterprises. This lecture provides an overview of strategic management. Productstrategies are now replaced and substituted by servicestrategies and as a result tra ditional boarders between product and service. Nature and scope of strategic management civil service india. To deliver the biodiversity plans goals and targets and to try to prevent more species from becoming threatened, we need our management efforts to achieve the most benefits for the most species. Value management for business analysis and requirements. Adapting to change in external trends, internal capabilities and resources what kind of business should we become. Mba strategic management lecture notes pdf download mba. Ppt nature and value of strategic management bcom dba. Stages of strategic management strategy formulation, implementation, and evaluation activities occur at three hierarchical levels in a large organization. They have some specific mission towards which all efforts are directed. Strategy the word strategy has so many meanings itself and all these meanings are useful, important and relevant to the people who.
The nature the value of strategic management strategic. Pdf this paper presents strategic management as an important business management concept. There must be a translation of strategic thought into strategic action. He is the transouth professor of strategic management at francis marion university in florence, south carolina. Strategic management involves setting objectives, analyzing the competitive environment. Nature of strategic management the strategic management process does not end when the firm decides what strategy or strategies to pursue. Feb 12, 2020 strategic management is the management of an organizations resources to achieve its goals and objectives. Strategic management involves the related concepts of strategic planning and strategic thinking. Isea n volume 38, number 1, 2010 5 the nature and dimensions of strategic leadership brent davies and barbara j. Adapting to change in external trends, internal capabilities and resources what. Session 1 nature and value of strategic management free download as powerpoint presentation.
The real value of strategic planning mit sloan management. Chelte western slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Whereas conventional business analysis focuses on the gathering and analysis of hard data, value management vm was developed as a means to innovate using both hard and soft data. Pdf strategy at the leading edge features short reports on. Managers down the line rough out productmarket strategies.
988 666 692 841 42 487 804 50 864 786 991 180 117 921 568 1094 1521 499 1322 727 163 852 88 429 1035 1004 398 1229 683 618 5 491 1117 468 927 1077 889 1067 963 1496 135 333 498 328