Strategic Management Process
SA strategy is a plan of action designed to achieve a particular goal. Art & science of formulating, implementing, and evaluating, cross-functional decisions that enable an organization to achieve its objectives Some Examples •Geographic expansion •Diversification •Acquisition •Market penetration •Retrenchment •Liquidation •Joint venture Strategic Management: It includes: 1. Making Strategies (Decisions) 2. To work upon those strategies
Strategic Management: Strategic Management is concerned with making decisions (strategies, implementing them by using the company resources in such a manner so that expansion, growth and survival of business is ensured. Definition: According to Robinson:- “Strategic management is defined as the set of decisions and actions resulting in formulation and implementation of strategies, designed to achieve the objectives of an organizations”
In this section, we shall deal with four aspects: 1. Definitions of strategic management 2. Different Phases in the process of strategic management 3. Elements that the process contains 4. Model of strategic management Definitions of Strategic Management Acc. To Gluek (1984): “Strategic Management is a stream of decisions and actions which leads to the development of an effective strategy or strategies to help achieve corporate objectives”. Acc.
To Sharpin (1985): “Strategic management is the formulation and implementation of plans and carrying