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What is Strategic Management?
“Art and science of formulating,
implementing and evaluating cross-
functional decisions that enable an
organization to achieve its objectives,
i.e. “a company’s game plan”
The Nature of Strategic Management
Strategic
ImplementationAction Stage
Annual Objectives
Devise Policies
Motivate EmployeesAllocate Resources
Strategic
EvaluationCompetitive
Team
Review Internal Factors
Review External Factors
Measure PerformanceTaking Corrective
Action
Integrating Intuition & Analysis
Intuition- “Gut Feeling”
I’ve-already-made-up-my-mind-don’t-bother-me- with- the –facts” is not management by intuition, it is management by ignorance.
Logical, Systematic Approach
Organize qualitative and quantitative information to allow for effective decisions under conditions of uncertainty.
Competitive
AdvantageAdapting to Change
External Trends & Events
Internal Capabilities
Internal Competencies
Resources
• Vision and Mission
Key Terms In
• Competitive Advantage: Resiliency
• Strategists: Chief Learning Officers
• SWOT
• Long-Term & Short-Term Objectives/Policies
Strategic Management
Where Are We Now ?
Where Do We Want To Go?
How Are We Going To Get There?
The Strategic Management Model
Benefits
•Dialog Better than
Paper shuffle
• Improved
Understanding
•Greater
Commitment
•Results
Pitfalls
• Used to Gain
Control
• Failure to
Communicate
• Failure to
Collaborative
Strategic Planning is Learning, Educating, Supporting
The Vision & Mission Statements
What do we want to become?• “A vision statement –
should be short,
preferably one
sentence.”
• “Shared vision
creates a
commonality of
interests”
• Future State
What is our Business?
• What is our mission? –
Reason for being!
• What do we want to be
and who will we serve?
• Mission is more
associated with
behavior and the
present
Broad enough in scope to allow for: a. Declaration of an attitude, outlook, and orientation.
b. Specification of product/service.
c. Specification of primary market, public image.
d. Specification of technology, and economic goals.
e. Appeal to diverse stakeholders
Characteristics of a Mission Statement
• Unanimity of purpose
• Basis for allocating resources
• Focal point for organization/employees
• Establish business climate
• Translate goals and objectives into work
structure
Characteristics of a Mission Statement
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