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Lecture 1 Introduction

Strategic management is the process of developing and implementing plans to achieve business objectives, involving coordination of work activities and resource allocation. It includes tools like SWOT analysis to assess opportunities and threats, and follows a structured approach of analyzing the environment, setting goals, formulating and implementing strategies, and evaluating results. The ultimate aim is to enhance organizational effectiveness and efficiency in achieving long-term goals.

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3 views6 pages

Lecture 1 Introduction

Strategic management is the process of developing and implementing plans to achieve business objectives, involving coordination of work activities and resource allocation. It includes tools like SWOT analysis to assess opportunities and threats, and follows a structured approach of analyzing the environment, setting goals, formulating and implementing strategies, and evaluating results. The ultimate aim is to enhance organizational effectiveness and efficiency in achieving long-term goals.

Uploaded by

Anonymous gf3tINC
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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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Strategic

Management
(Business Policy & Strategy)
Strategy
 Is a general plan to achieve one or more long-term or overall goals
under conditions of uncertainty.
 What is your strategy in life
 Education,
 Profession,
 Build house,
 Purchase car
 i.e. To increase online sales by 20% over the next two quarters.
Strategy (how the organization will get it) - Increase online marketing
and social media presence by 25% in the two quarters.
Management
 Process of coordinating and over-seeing the work activities of
others in order to achieve organizational goals effectively and
efficiently.
• Effectiveness: Completing the task within certain time frame,
according to prescribed standards.
• Efficiency: Obtaining maximum output with minimum input.
Strategic Management
 Strategic management involves developing and implementing
plans to help a company achieve its business objectives.
This can include building an annual strategy, planning
organizational structure and resource allocation, leading
change initiatives, and controlling processes and resources.
 Strategic planning involves identifying business challenges,
choosing the best strategy, monitoring progress, and then
making adjustments to the executed strategy to improve
performance.
Strategic Management
 Tools like SWOT (strengths, weaknesses, opportunities, and
threats) analysis are used to assess where opportunities and
threats lie between the organization, its competition, and the
overall market.
 Strategic management happens at broader levels, like
organization-wide leadership, but it can also be implemented
at a department- or team-level.
How it's works
 Analyze the Environment: Consider the political, economic,
social, technological, legal, and environmental landscape.
 Set Goals: Define the company's vision, mission, and
objectives.
 Formulate a Strategy: Determine the key activities to achieve
the objectives.
 Implement the Strategy: Put the plan into action.
 Evaluate & Control: Monitor and analyze results, and readjust
the strategy if necessary.

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