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Strategic Managements Lecture Notes

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Strategic Managements Lecture Notes
Strategic Management

Need of Strategic Management:-

1. Due to change

2. To provide guide lines

3. Research and development

4. Probability for business performance

5. Systemized decision

6. Improves Communication

7. Allocation of resource

8. Improves Coordination

9. Helps the managers to have holistic approach

Importance of Strategic Management:-

1. To the shape the Future of business

2. Effective strategic idea

3. Mangers and employer are innovative and creative

4. Its decentralized the Management

5. Its helps to increase the productivity

6. To Makes discipline

7. To Make control

8. To makes forward s thinking

The Strategic Planning Process:

In today's highly competitive business environment, budget-oriented planning or forecast-based planning methods are insufficient for a large corporation to survive and prosper. The firm must engage in strategic planning that clearly defines objectives and assesses both the internal and external situation to formulate strategy, implement the strategy, evaluate the progress, and make adjustments as necessary to stay on track.
A simplified view of the strategic planning process is shown by the following diagram:
The Strategic Planning Process
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The Strategic Planning Process
|Mission & |
| Objectives |
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|[pic] |
| Environmental |
|Scanning |
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|[pic] |
|Strategy |
| Formulation |
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|[pic] |
|Strategy |
| Implementation |
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|[pic] |
| Evaluation
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