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Strategic Management - PPT 4

Strategic management refers to the process of determining a company's strategy and long-term plans. It involves developing a strategic vision and mission, setting objectives, crafting a strategy to achieve those objectives, implementing the strategy, and evaluating performance. The key goals of strategic management are achieving profitability and sustained competitive advantage. It emphasizes monitoring opportunities and threats in light of a company's strengths and weaknesses. The strategic process involves environmental scanning, strategy formulation, implementation, and evaluation and control.

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158 views10 pages

Strategic Management - PPT 4

Strategic management refers to the process of determining a company's strategy and long-term plans. It involves developing a strategic vision and mission, setting objectives, crafting a strategy to achieve those objectives, implementing the strategy, and evaluating performance. The key goals of strategic management are achieving profitability and sustained competitive advantage. It emphasizes monitoring opportunities and threats in light of a company's strengths and weaknesses. The strategic process involves environmental scanning, strategy formulation, implementation, and evaluation and control.

Uploaded by

Das Apurbo
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPT, PDF, TXT or read online on Scribd
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STRATEGIC

MANAGEMENT
Md. Ahsan Ullah
Bangladesh Bank
Strategic Management: Concept
■ A strategy is an action that managers take to attain one or more of
the organization’s goals.

■ A strategy is basically a plan of action ie. Action plan.

■ Strategic management is that set of managerial decisions and


actions that determines the long run performance of a corporation.
(T. L. Wheelen & J. D. Hunger)

■ Strategic Management is about identifying and describing the


strategies that managers can pursue to attain superior performance
and a competitive advantage for their organization.
Contd…..

■ Profitability and sustained competitive advantage are the key to


Strategic Management.

■ The nature of strategic management process is the processes by which


managers choose a set of strategies for a company that will allow it to
achieve superior performance. (W. L. Hill)

■ Strategic Management refers to the managerial process of forming


strategic vision, setting objectives, crafting a strategy, implementing and
executing the strategy, and then over time initiating whatever corrective
adjustments in vision, objectives, strategy, and execution are deemed
appropriate. Thomption)
Contd…..
■ So, five tasks of Strategic management:

■ Forming a strategic vision, mission, values

■ Setting objectives

■ Crafting a strategy

■ Implementing the chosen strategy

■ Evaluating performance and initiative corrective


adjustments

.
Contd……..
Strategic vision is a roadmap of company’s future –

- providing specifics about technology and customer focus,

- the geographic and product market to be pursued,

- the capabilities it plans to develop, and

- the kind of company that management is trying to create


Contd……
■ A company’s strategy consists of the combination of competitive
moves and business approaches that managers employ to please
customers, compete successfully, and achieve organizational
objectives. (Thompson)

■ Strategic Management, in fact, emphasizes monitoring and


evaluating opportunities and threats in the lights of a
corporation’s strengths and weaknesses (SWOT).

■ Broadly Speaking, after developing the vision, strategic


Management dwells on :
Contd…….
■ Environmental scanning ( both external and internal)

■ Strategy formulation

■ Strategy implementation

■ Evaluation and Control


Strategic Process
■ 1. Developing a strategic vision of the company’s long term
direction, a mission that describes the company’s purpose, a set
of values to guide the pursuit of the vision and mission.

■ 2. Setting objectives and using them as yardsticks for measuring


the company’s performance and progress.

■ 3. Crafting a strategy to achieve the objectives and move the


company along the strategic course that management has
Contd……….

■ 4. Executing the chosen strategy efficiently and effectively.

■ 5. Monitoring developments, evaluating performance, and


initiating corrective adjustments in the company’s vision and
mission, objectives, strategy, keeping in view actual changing
conditions, new ideas, and new opportunities.

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