Strategic Business Management

Strategic Business Management

  • Submitted By: Bakhri
  • Date Submitted: 03/17/2009 8:39 AM
  • Category: Business
  • Words: 11171
  • Page: 45
  • Views: 1

SEMINAR 1

TOPICS COVERED:

• Seminar Introduction
o Syllabus Coverage
o Assessment and Exam Format
o Discussions on How to Prepare a Group project

• Introduction to Strategic Management
o Defining Strategic Management

o Stages in Strategic Management
▪ Strategy Formulation;
▪ Strategy Implementation; and
▪ Strategy Evaluation.

o Adapting to Change

o Key Terms in Strategic Management
▪ Strategist;
▪ Vision and Mission Statements;
▪ External Opportunities and Threats;
▪ Internal Strengths and Weaknesses;
▪ Long-term Objectives;
▪ Strategies;
▪ Annual Objectives; and
▪ Policies

o Benefits of Strategic Management

o The Strategic Management Model

A) DEFINITION OF STRATEGIC MANAGEMENT

“The art and science of formulating, implementing and evaluating cross functional decisions that enable organization to achieve its objectives”

Purpose:

i) To exploit and create new and different opportunities for the future

B) STAGES OF STRATEGIC MANAGEMENT

The stages in the strategic management process consist of three stages as below:

i) Strategy Formulation

• Developing a vision and mission
• Identifying an organization’s external opportunities and threats
• Determining internal strengths and weaknesses
• Establish long term objectives
• Generating alternative strategies
• Choosing particular strategies to pursue

ii) Strategy Implementation

• Establish annual objectives, devise policies, motivate employees and allocate resources so that formulated strategies can be implemented.

• Strategy implementation also involve developing a strategy supportive culture, creating an effective...

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