the stages of strategic management..

Assalamualaikum… hello everyone hope you all in happy mood.

From week one until week two in strategic management I have learn something new about strategic management firstly I learn the definition of strategic management means the art science of formulating, implementing, and evaluating cross functional decisions that enable an organization to achieve its objective or the strategic management is used synonymous with the term strategic planning.  In simple world what i understand is strategic management just like the plans you make to achieve something you want such as if you play the games. To win first we have do plan and the best of strategic planning we use to win that games. In company a strategic plan results from tough managerial choices among numerous good alternatives, and it signals commitment to specific markets, policies, procedures, and operations.

Here we have stages of strategic management.

1. strategy formulation
2. strategy implementing
3. strategy evaluating

        Firstly strategy formulation means includes developing a vision and mission, identifying an organization’s external opportunities and threats, determining internal strengths and weaknesses, establishing long-term objectives, generating alternative strategies, and choosing particular strategies to pursue. In other word in the strategic management process produces a clear set of recommendations, with supporting justification, that revise as necessary the mission and objectives of the organization, and supply the strategies for accomplishing them.  In formulation, we are trying to modify the current objectives and strategies in ways to make the organization more successful.  This includes trying to create "sustainable" competitive advantages -- although most competitive advantages are eroded steadily by the efforts of competitors.

        Secondly strategy implementing put simply is the process that puts plans and strategies into action to reach goals. A strategic plan is a written document that lays out the plans of the business to reach goals, but will sit forgotten without strategic implementation. The implementation makes the company’s plans happen.

       Thirdly strategy evaluating reviewing external and internal factors that are the bases for current strategies, measuring performance, and taking corrective actions that means concerns mainly the analysis and assessment of interventions at the level of strategic goals. The object of strategic evaluation consists of the analysis and appraisal of the relevance of general directions of interventions determined at the programming stage. One of the significant aspects of strategic evaluation consists of the verification of the adopted strategy with respect to the current and anticipated social and economic situation.

That all from today hope it usefully to all read my blog... chill no hard feeling :P