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.
- strategy formulation
- strategy implementing
- 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
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