week one: this is strategic management!!! ahhaaa

       In strategic management, I was study about The Nature of Strategic Management. Any topic must have objectives. In this topic or chapter, we can see at here..

Chapter Objectives

•    Describe the strategic-management process.
•    Explain the need for integrating analysis and intuition in strategic management.
•    Define and give examples of key terms in strategic management.
•    Discuss the nature of strategy formulation, implementation, and evaluation activities.
•    Describe the benefits of good strategic management.
•    Discuss how a firm may achieve sustained competitive advantage.

Defining Strategic Management

               Strategic management the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives, Strategic management is used synonymously with the term strategic planning. Sometimes the term strategic management is used to refer to strategy formulation, implementation, and evaluation, with strategic planning referring only to strategy formulation. Strategic management is used synonymously with the term strategic planning. Sometimes the term strategic management is used to refer to strategy formulation, implementation, and evaluation, with strategic planning referring only to strategy formulation.

       Besides that, strategic management have 3 stages, We can see and learn about strategic management stages here.. : )

	•       Strategy formulation •       Strategy implementation •       Strategy evaluation

 

         Strategy formulation 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

o  Deciding what new businesses to enter,

o  What businesses to abandon,

o  How to allocate resources,

o  Whether to expand operations or diversify,

o  Whether to enter international markets,

o  Whether to merge or form a joint venture,

o  How to avoid a hostile takeover.

        Strategy implementation requires a firm to establish annual objectives, devise policies, motivate employees, and allocate resources so that formulated strategies can be executed. Often called the action stage

        Strategy evaluation reviewing external and internal factors that are the bases for current strategies, measuring performance, and taking corrective action.

Key Terms in Strategic Management

• Competitive advantage
• Strategists
• Vision statement
• Mission statements
• External opportunities and external threats

The Strategic-Management Model

This is benefit of strategic management.

         Historically, the principal benefit of strategic management has been to help organizations formulate better strategies through the use of a more systematic, logical, and rational approach to strategic choice. Communication is a key to successful strategic management. Through dialogue and participation, managers and employees become committed to supporting the organization.