This graduate level strategic management course requires students to a create, b evaluate, c analyze, d apply, e understand, and f remember information regarding strategic management. Internal and external analysis in strategic management. Strategic management is a powerful way to run businesses. Define outsourcing and discuss the reasons for its use. Overview the two most important things in strategic management are thinking, preferably in a comprehensive, critical manner with a fair amount of rigor, and your ability to articulate and express that thinking. Strategic analysis reports refer to the results from the strategic analysis tools that were used. Nevertheless the two approaches do hold the three common elements as true within strategic management. Explain the need for integrating analysis and intuition in strategic management. Swot analysis is an effective method used for strategic planning to identify. Environmental analysis and internal analysis, internal and. Define strategic management and its four key attributes define. These theories will show how the company is constantly being affected by different factors that have to be managed and taken into consideration when making strategic deci. The quintessence of strategymaking, it should be noted, is that the success of an.
Luffman, lea, sanderson and kenny 1996 basic stages of strategic management. The strategic management process consists of four basic stages. There are several approaches on this topic from igor ansoffs views about environmental turbulence in the 1960s and 1970s, michael porters. Therefore, given to these questions, the importance of strategic management should be further investigated. Findings from the czech republic afonina anna abstract the purpose of this study is to investigate the current level of strategic management tools and techniques utilization as well as to explore and identify the impact of management tools on or. The strategic management of projects 1 au this work is licensed under a creative commons attribution 3. Strategic management has been defined as that set of decisions and actions which lead to the development of an effective strategy or strategies to help achieve corporate objectives. In addition, but closely related, we will draw upon research carried out within the field of.
In the corporate sector, its emergence started after. Clearly, strategic planning is not always aimed at improving performance of ongoing programs. Strategic management is a broader term than strategy and is a process that includes top management s analysis of the environment in which the organization operates prior to formulat ing a strategy, as well as the plan for implementation and control of the strategy. Strategic management process strategic management process dr i. The most significant and successful strategic management theories are mostly less than 40 years old, which implies that strategic management is a relevant topic in todays business world. Hence a corporation organized under the basic principles of strategic management will find a smooth sailing due to effective decisionmaking.
Strategic management internal and external analysis. Internal analysis strategic management linkedin slideshare. Hanasini athapaththu department of commerce, faculty of management studies and commerce, university of sri jayewardanapura. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising.
Under strategic management, the first step to be taken is to identify the objectives of the business concern. Studying this chapter should provide you with the strategic management knowledge needed to. Special thanks is extended to those who participated in the case studies by sharing the details of their strategies. Internal analysis value chain analysis corporate company porters generic value chain corporate value chain analysis firm infrastructure general management, accounting, finance, strategic planning human resource management technological development procurement inbound logistics raw materials handling and warehousing operations.
To help you create a strategic analysis report, here are some examples in pdf you can use as reference. The art of strategic management remained primarily associated with the military history. Ltasks of strategic management lstrategic management is an ongoing process lwho performs the tasks of strategy lbenefits of managing strategically intergating intuition and analysis lintuition is essential to making good strategic decisions great uncertainty orand. Strategic management free download as powerpoint presentation. The strategic management discipline originated in the 1950s and 1960s. They too both consider the need for development of a clear mission statement. Office of strategic management and analysis sma dwithdrawnd in column 10, 4. Strategic management intuition strategic management. The essentials of strategic management the essentials of strategic management provides us with a short, concise explanation of the most important concepts and techniques in strategic management. For this purpose we take a cognitive perspective on scenario analysis. Hoskisson seventh edition s trategic m anagement i nputs chapter 2 analysis of the external environment management of strategy concepts and cases. As a result, basically everything in this book is about. An analysis of the concepts and the importance of strategic management h. Inductive derivation of a consensus definition of the field abstract it is commonly asserted that the field of strategic management is fragmented and lacks a coherent identity.
We mention both management and employees here because, though in many cases senior management is the source of strategic decisions, it is the employees at the point of production or delivery of a product or service who are responsible for the actual implementation of a strategy. A framework for the strategic management of information. Discuss the importance of identifying internal strengths and weaknesses. As a result of this approachs inherently analytical nature, its important that you use both internal and external business analysis tools to make managerial decisions. Describe the benefits of good strategic management.
The results of the analysis show that the strategic management of information technology is a continuous process of evaluation, change, and alignment between factors such as competitive environment, competitive strategies business and it strategies, competitive outcome, and competitive. An environmental analysis is usually conducted as part of an analysis of strengths, weaknesses, opportunities, and threats swot when a strategic plan is being developed. Strategic management syllabus city university of new york. Building a foundation for your future 3 external analysis components external analysis involves an examination of the relevant elements external to your organization that may influence operations. Among the numerous early contributors, the most influential were peter drucker, philip selznick, alfred chandler, igor ansoff, and bruce henderson. Internal analysis 2 why does firm performance differ. Managers practicing strategic management must conduct an environmental analysis threemonthly, semiannually, or annually, depending on the nature of the industry. The external analysis should be purposeful, focusing. Chaneta department of business studies faculty of commerce university of zimbabwe abstract wheelen and hunger 2002 say that strategic management is a set of managerial decisions and actions that determines the longrun performance of an organization. I hereby certify that i am authorized to act for this agency in matters pertaining to the disposit of its records and that the records.
These concepts are clearly explained by citing various examples. Discuss the nature of strategy formulation, implementation, and evaluation activities. Mental model or cognitive structure that must condition how the organization reflects on its business project. The history is filled with the examples where the strategic management of offensives and counter offensives paved the path for decisive victories. Strategic analysis tools topic gateway series 4 context in the current cima syllabus, students will study and may be examined on strategic analysis tools as part of the management level paper 5, integrated management. This skepticism, however, is paradoxically at odds with the great success that strategic management has enjoyed. Therefore, this research aims to assess the acquired knowledge of university management students relating to strategy and strategic management concepts with the purpose of answering the following question. The goal of this paper is to increase our understanding of why multiple scenario analysis is as effective as a strategic management tool as it is claimed to be.
If you continue browsing the site, you agree to the use of cookies on this website. Competitive advantage in the context of strategic management. Explain how value chain analysis is used to identify and evaluate resources and capabilities. Their input, advice, and lessons learned, both successes and failures, have been incorporated into this document so that we may all apply better strategic management processes in our organizations. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. Strategic management is a broader term than strategy and is a process that includes top managements analysis of the environment in which the organization operates prior to formulat ing a strategy, as well as the plan for implementation and control of the strategy. The discipline draws from earlier thinking and texts on strategy dating back thousands of years. Define and give examples of key terms in strategic management. Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage. Strategic management course notes strategic analysis lecture 2 chapter 1 business models vision, mission, values learning objectives. In addition, the tools are commonly used in many organisations for strategic decision making.
Strategic management 2 a strategy is an action plan built to achieve a specific goal or set of goals within a definite time, while operating in an organizational framework. It is a rigorous explanation of many topics and concerns in strategic management. Strategic management tools and techniques and organizational performance. Strategic decisionmaking course on how top managers use processes and tools to implement longterm goals and objectives. If a firm is a more efficient producer of goods or services than its competitors then it has an advantage. An complete internal analysis of a firm in strategic management. They have some specific mission towards which all efforts are directed. Strategic management tutorial in pdf tutorialspoint. The management of projects describes the organisations ability to select, nurture and deliver projects and programs effectively. Strategic management competitiveness and globalization.
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