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Startegic Management Essay

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Strategy formulation issue include deciding what new businesses to enter, what businesses to abandon, how to allocate resources, whether to expand operations or diversify, whether to enter international markets, whether to merge or form a joint venture, and how to avoid hostile takeover.
STAGE 2: Strategy Implementation:
“Strategy implementation requires a firm to establish annual objectives, devise policies, motivate employees, and allocate resources so that formulated strategies can be executed”.
Strategy implementation includes developing a strategy-supportive culture, creating an effective organizational structure, redirecting market efforts, preparing budgets, developing and utilizing information system, and linking employee compensation to organizational performance. This stage is also called ACTION STAGE.
STAGE 3: Strategy Evaluation
The final stage in strategic management is strategy evaluation and control. All strategies are subject to future modification because internal and external factors are constantly changing. In the strategy evaluation and control process managers determine whether the chosen strategy is achieving the organization's objectives. The fundamental strategy evaluation and control activities are:
* Reviewing internal and external factors (that are the bases for current strategies)
* Measuring performance
* Taking corrective actions


* Intuition is based on past experience, judgments & feelings; helps in making quick decisions.
* More helpful in situations of uncertainty and no precedence.
* Ability to take intuitive decisions varies from manager to manager.
* Although not always correct, most decisions based on intuition prove correct
* It is not applied in dark -rather based on some symptoms.

Key Strategic Management Terms

Usually found in high levels of management:
* Help organization gather, analyze, and organize information
* Track industry and competitive trends
* Develop forecasting model
* Evaluate corporate and divisional performance

Vision Statement:
Answers the question: “What do we want to become”:
It is the first step in strategic planning
Oftentimes a single sentence - our vision is to take care of your vision.

Mission Statement:
Answers the question: “What is purpose of our existence”:
It is the second step in strategic planning
Often a brief - may comprise one or few sentences. Mission statement of Business School could be:
“Our mission is to impart quality business education”

External Opportunities & Threats:
Largely beyond the control of a single organization:
* Economic
* Social
* Cultural
* Demographic
* Environmental

* Political
* Governmental
* Technological
* Competitive trends & events

Internal Strengths & Weaknesses:
Controllable activities that are performed well or poorly relative to competitors:

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