Organizational Mission & Objectives: They have some specific mission towards which all efforts are directed. H.L. At first, the word was used in terms of Military Science to mean what a manager does to offset actual or potential actions of competitors. Managers at every level will turn to the strategic plan to guide their decisions. This plan is the foundational basis of the organization and will dictate decisions in the long-term. Its complexity may be attributed mainly to 3 reasons: Strategic management involves making decisions about the future. MBA in Strategic Management cultivates the capacity to factor the exceptional aspects of an association, construct and prescribe a technique to capitalize by them. A strategic plan is a high-level overview of the entire business, its vision, objectives, and value. Ansoff defines, “strategic Management is a systematic approach to a major & increasingly important responsibility of general management to position & relate the firm to its environment in a way which will assure its continued success & make it secure from surprises. It involves 7 steps. 5. MBA - Strategic Management - Today organizations are working in an extremely driving marketplace. Strategic Management The term strategy is derived from a Greek word “strategos” which means generalship-the actual direction of military force, as distinct from the policy governing its development. Process/ Elements of Strategic Management Accordingly, it is essential to consider business projects as well as organizations vision and policies. Name the strategic management process. Strategic management is not a simple process; it is complex. Strategic management is a broader term than strategy and is a process that includes top management’s analysis of the environment in which the organization operates prior to formulat - ing a strategy, as well as the plan for implementation and control of the strategy. The scope of the plan can be two, three, five, or even ten years. Strategic management is the process through which managers undertake efforts to ensure long-term adaptation of their organization to its environment. Strategic management is defined as the set of decisions & actions in formulation and implementation of strategies designed to achieve the objectives of an organization.
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