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STRATEGIC MANAGEMENT
Strategic management is what managers do to develop
an organizations strategies.
STRATEGIC PLANNING
Strategic planning is the process by which an organization envisions its future and develops the necessary procedures and operations to achieve that future.
Strategic planning is an organization's process of
defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people.
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WHAT IS STRATEGY?
Strategy is perspective, position,
policy or high-order goals on the one hand and tactics on the other.
Strategy and tactics together
2.
3. 4.
Contd.
5. 6. 7. Helps define the overall mission of the organization and focuses on the objectives. Provides a sense of direction, continuity, and effective staffing and leadership. Strategic planning is important because organizations are complex and diverse.
In summary, strategic planning is the key to helping us collectively and cooperatively gain control of the future and the destiny of our organization.
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Remember, its better to do a few things well than many things poorly. The plan should contain goals that are measurable and have deadlines.
Flexible and responsive to changing conditions. The
plan is a road map that may contain unforeseen detours such as unexpected crises, new opportunities, or changes in resources.
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Contd.
Short and simple. Plans that are more like a book will
plan should be a living document that has a one-year drop off and a new year added so that it always covers the same time period.
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1. Identify the organizations current mission, goals and strategies 2. SWOT analysis .i.e. External analysis(opportunities and threat) Internal analysis(strength and weakness) 3. Formulation of strategy.
Explanation:
Step 1: IDENTIFYING THE ORGANIZATIONS CURRENT MISSION, GOALS AND STRATEGIES Mission: A statement of the purpose of an organization. Goal: A goal or objective is a desired result a person or a system envisions, plans and commits to achieve
Step 2:
SWOT ANALYSIS
examine both the specific and general environments to see the trends and changes. On the basis of analysis managers need to pinpoint opportunities that the organization can exploit and threats that it must counteract or buffer against.
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Contd.
Opportunities: Positive trends in external environmental factors. Threats: Negative trends in external environmental factors.
Internal Analysis: Internal analysis provides important
information about an organization's specific and capabilities. After completing an internal analysis, managers should be able to identify organizational strengths and weaknesses.
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and internal analysis are called SWOT analysis, which is an analysis of the organizations strengths, weaknesses, opportunities, and threats.
After completing a SWOT
Contd.
Step 3:
FORMULATING STRATEGIES Managers should consider the realities of the external environment and their available resources and capabilities and design strategies that will help the organization achieve its goals. Corporate, business, and functional are the three main types of strategies to be formulated by managers.
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Corporate Strategy
Competitive Strategy
Functional strategy
Corporate strategy : top-level managers typically are responsible for corporate strategy. 2. Competitive strategy : Middle-level managers are responsible for competitive strategy. 3. Functional strategy : Lower-level managers are responsible for functional strategies
1.
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CORPORATE STRATEGY
A corporate strategy is one that specifies what
and the roles that each business unit of the organization will play
Top-level managers are responsible for corporate
strategies.
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COMPETITIVE STRATEGIES
A competitive strategy is a strategy for how
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FUNCTIONAL STRATEGIES
The Strategies used by an organizations various
Lower-level managers or front -line managers are responsible for functional strategies.
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