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Strategic Management

Strategic Management. A: Q1) Mention the names and Give an Example each for the approaches used for increasing the goal commitment. Q2) Explain Planning and steps in planning process in detail. Q3) Differentiate between mission, vision and goals. B:

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Strategic Management

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  1. Strategic Management

  2. A: Q1) Mention the names and Give an Example each for the approaches used for increasing the goal commitment. Q2) Explain Planning and steps in planning process in detail. Q3) Differentiate between mission, vision and goals. • B: Q1) explain what is mean by SMART goals in detail? Q2) Explain MBO and its steps in detail. Q3) Differentiate between mission, vision and goals.

  3. Strategy • Strategy is the direction and scope of an organization over the long term, which achieves advantage in a changing environment through configuration of resources and competences with the aim of fulfilling stake holder expectations • We see strategy talks about: • Direction • Internal & external Environment • Company resources • Competition • Stake holder(s)

  4. Strategic management • A process of formulating and implementing strategies for the organizational long term goal achievement, whilst keeping internal and external environmental factors in mind • Strategic management is an ongoing process that evaluates and controls the business and the industries in which the company is involved; assesses its competitors and sets goals and strategies to meet all existing and potential competitors; and then reassesses each strategy annually or quarterly

  5. Strategy formulation Strategy implementation assess environmental factors Identify current mission and strategic goals • Conduct competitive analysis: • strengths • weakness • opportunity • threats • Develop specific strategies: • corporate • business • functional carry out strategic plans maintain strategic control assess organisational factors

  6. Conducting Competitive Analysis • Strengths on which to capitalise, • Weaknesses you need to address, • Opportunities available to you, and • Threats that could adversely affect you. SWOT Analysis

  7. PORTER’S FIVE COMPETITIVE FORCES MODEL

  8. Levels of Strategy • Corporate-Level Strategy • the businesses an organisation will operate • co-ordination of strategies • allocation of resources • Business-Level Strategy • strategic business units • focusing on a particular business • Functional-Level Strategy • managing functional area to support business-level strategy • the day-to-day management of business

  9. Corporate Level CORPORATE STRATEGY Business Level Business 1 Strategy Business 2 Strategy Business 3 Strategy Functional Level Operations Management Strategy R & D Strategy Financial/ Accounting Strategy Marketing Strategy Human Resources Strategy

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