Chapter One- Strategic Management Strategic Management Comprises of Two Words...

CHAPTER ONE- STRATEGIC MANAGEMENT Strategic management comprises of two words schema and Management. Simply put, Strategy is a high societys gamey plan. Strategy can be delineate as large-scale, futurity-oriented plans for inter-acting with the matched environment to happen upon conjunction objectives while management is defined as the act of stomachting activities completed efficiently and in effect with and through other peoples. Strategic Management can thus be defined as the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a companys objectives. This process therefore comprises of iii critical tasks and they argon as follows: * Design the companys mission, vision, purpose, philosophy and goals. * c atomic number 18 an analysis that reflects the companys internal conditions and capabilities. * Comparison of the companys resources with the external environment. * Identification of the most desirable options by evaluating each point in light of the companys mission. * Choose a set of long-term objectives and strategies that will achieve the most desired options.

* Develop annual objectives and short-term strategies that are relevant to the selected set of long term objectives and strategies * Implementation of these elect strategies with the allocations budgeted not forgetting the emphasis of tasks, people, structure, technology and rewards systems. * Evaluation of the success of the strategical process a s an input and reference for future use in decision making process. Looking at these nine tasks, strategic management involves: Planning, Organizing, Directing, Communicating and Controlling of a companys strategy-related decisions and actions. LEVELS OF STRATEGY In a firm, the decision-making hierarchy comprises of three levels: The Corporate Level: This is the level that tops the hierarchy of a firm. It is principally composed of the board of directors, chief executives and... If you want to get a full essay, order it on our website: Orderessay

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