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Prentice Hall, 2004

Chapter 1 Wheelen/Hunger

1

Lecture 3
Basic Concepts of Strategic Management
By

Eng. Yasser Fouad Abd El Aziz MBA, BSc, C Eng. Sales & Marketing Director IBE Technologies
Tel.: (+202) 33372267 – Mobiles: (+2012) 2462228 / (+2012) 2198101 Fax: (+202) 33371987

E-mail: yasser_fouad@ibetech.com www.ibetech.com www.biomed-bahgat.com.eg
Prentice Hall, 2004 Chapter 1 Wheelen/Hunger 2

Strategic Management
Defined:

Set of managerial decisions and actions that determines the longrun performance of a firm.

Prentice Hall, 2004

Chapter 1 Wheelen/Hunger

3

Business Policy
Defined:

General management orientation that looks inward for properly integrating the firm’s functional activities.
Prentice Hall, 2004 Chapter 1 Wheelen/Hunger 4

Four Phases of Strategic Management
• • • • Basic financial planning (1Y) Forecast-based planning (3-5) Externally-oriented planning (strategic) (5Y) Strategic management (5Y)
Chapter 1 Wheelen/Hunger 5

Prentice Hall, 2004

Strategic Management
Highly Rated Benefits:
• Clearer sense of strategic vision for the firm • Sharper focus on what is strategically important • Improved understanding of a rapidly changing environment
Prentice Hall, 2004 Chapter 1 Wheelen/Hunger 6

Strategic Management
Not always a formal process:
• Where is the organization now? (Not where do we hope it is!)
• If no changes are made, where will the organization be in 1 year, 2 years, 5 years, 10 years?

• What specific actions should management undertake? What are the risks and payoffs involved?
Prentice Hall, 2004 Chapter 1 Wheelen/Hunger 7

Challenges to Strategic Management
Globalization
– Internationalization of markets and corporations
• Global (worldwide) markets rather than national markets

Electronic Commerce
– Use of the Internet to conduct business transactions
• Basis for competition on a more strategic level rather than traditional focus on product
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