Strategic management - Wikipedia, the free encyclopedia

25 Jul 14

ralawami

Implementation of major goals and initiatives
OVERALL DIRECTION to the enterprise
ORganisation's objectives
Developing polciies
Plans designed to achieve these objectives
Ensure LONG-TERM SUCCESS
When followed faithfully

Distinction between STRATEGIC
OPERATIONAL management

Operational - improving EFFICIENCY, controlling costs!!

Strategies are used to set direction, focus and effort to the organisation

finance-basic-f9

12 Mar 14

Ava Chen

He identifies four sources of discontinuity: new technologies, globalization, cultural pluralism and knowledge capital.
echnical and production, political and resource allocation, and corporate culture.

12 Feb 14

max de

Operational management is concerned primarily with responses to internal issues such as improving efficiency and controlling costs.
Strategic management is concerned primarily with responses to external issues such as in understanding customers' needs and responding to competitive forces.
three principles underlying strategic positioning: creating a "unique and valuable position", making trade-offs by choosing "what not to do", and creating "fit" by aligning company activities to with one another to support the chosen strategy.
n short, it entails specifying the organization's objectives, developing policies and plans designed to achieve these objectives, and then allocating resources to implement the plans.

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25 Jan 14

lybashevv

behalf
concerned
forces
trade-offs
aligning
faithfully
ensure
execution
comprehending
led to
proliferation
faced by
readily
slightly
therefore
Limitations

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18 Jan 14

LB Rizoma

10 Nov 13

luisbarbeiro

In management theory and practice, a distinction is often made between operational management and strategic management.
Strategic management is concerned primarily with responses to external issues such as in understanding customers' needs and responding to competitive forces.
Michael Porter identifies three principles underlying strategic positioning: creating a "unique and valuable position", making trade-offs by choosing "what not to do", and creating "fit" by aligning company activities to with one another to support the chosen strategy.
Strategic management provides overall direction to the enterprise and is closely related to the field of Organization Studies.

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15 Oct 13

Matthew Owen

"Strategic management analyzes the major initiatives taken by a company's top management on behalf of owners, involving resources and performance in internal and external environments.[1] It entails specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs. A balanced scorecard is often used to evaluate the overall performance of the business and its progress towards objectives. Recent studies and leading management theorists have advocated that strategy needs to start with stakeholders expectations and use a modified balanced scorecard which includes all stakeholders."

Strategic management analyzes the major initiatives taken by a company's top management on behalf of owners, involving resources and performance in internal and external environments.^[1] It entails specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs. A balanced scorecard is often used to evaluate the overall performance of the business and its progress towards objectives. Recent studies and leading management theorists have advocated that strategy needs to start with stakeholders expectations and use a modified balanced scorecard which includes all stakeholders.

23 Feb 13

george roa

mba

15 Jan 13

jameslev

focusing on one group of customers at a time, using each group as a base for reaching the next group
they spent most of their time developing and working a network of relationships that provided general insights and specific details for strategic decisions
Dr Maretha Prinsloo developed the Cognitive Process Profile (CPP) psychometric from the work of Elliott Jacques. The CPP is a computer based psychometric which profiles a person's capacity for strategic thinking. It is used worldwide in selecting and developing people for strategic roles
The objectives that an organization might wish to pursue are limited by the range of feasible approaches to implementation
In turn, the range of feasible implementation approaches is determined by the availability of resources
Some theorists insist on an iterative approach, considering in turn objectives, implementation and resources
a "...repetitive learning cycle [rather than] a linear progression towards a clearly defined final destination
Woodhouse and Collins claim that the essence of being “strategic” lies in a capacity for "intelligent trial-and error"^[86] rather than strict adherence to finely-honed strategic plans.
Strategy should be seen as laying out the general path rather than precise steps
In 2010, IBM released a study summarizing three conclusions of 1500 CEOs around the world: 1) complexity is escalating, 2) enterprises are not equipped to cope with this complexity, and 3) creativity is now the single most important leadership competency. IBM said that it is needed in all aspects of leadership, including strategic thinking and planning

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25 Dec 12

Stephen Miller

Alfred Chandler recognized the importance of coordinating management activity under an all-encompassing strategy
In his 1962 ground breaking work Strategy and Structure,
Companies continued to diversify until the 1980s when it was realized that in many cases a portfolio of operating divisions was worth more as separate completely independent companies.
He says it concisely, “structure follows strategy.
In 1957, Philip Selznick formalized the idea of matching the organization's internal factors with external environmental circumstances.
what we now call SWOT analysis
He stressed the value of managing by targeting well-defined objectives
Peter Drucker
his theory of management by objectives (MBO). According to Drucker, the procedure of setting objectives and monitoring progress towards them should permeate the entire organization.
Strategy theorist Michael Porter argued that strategy target either cost leadership, differentiation, or focus.
In 1985, Ellen-Earle Chaffee summarized what she thought were the main elements of strategic management theory by the 1970s
- Strategic management involves adapting the organization to its business environment.
- Strategic management is fluid and complex. Change creates novel combinations of circumstances requiring unstructured non-repetitive responses.
- Strategic management affects the entire organization by providing direction.
- Strategic management involves both strategy formation (she called it content) and also strategy implementation (she called it process).
- Strategic management is partially planned and partially unplanned.
- Strategic management is done at several levels: overall corporate strategy, and individual business strategies.
- Strategic management involves both conceptual and analytical thought processes.
portfolio theory. In the previous decade Harry Markowitz and other financial theorists developed modern portfolio theory. They concluded that a broad portfolio of financial assets could reduce specific risk. In the 1970s marketers extended the theory to product portfolio decisions and managerial strategists extended it to operating division portfolios. Each of a company’s operating divisions were seen as an element in the firm's portfolio. Each operating division was treated as a semi-independent profit center with its own revenues, costs, objectives and strategies.
In 1997, Clayton Christensen (1997) took the position that great companies can fail precisely because they do everything right since the capabilities of the organization also define its disabilities.^[58] Christensen's thesis is that outstanding companies lose their market leadership when confronted with disruptive technology. He called the approach to discovering the emerging markets for disruptive technologies agnostic marketing, i.e., marketing under the implicit assumption that no one – not the company, not the customers – can know how or in what quantities a disruptive product can or will be used without the experience of using it.

12 more annotations...

27 Nov 12

rabie altahan

17 Sep 12

Kenton Bryer

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