STRATEGIC MANEGEMENT:

Managerial decision and actions that determines long term performance of the company

PHASES OF STRATEGIC MANGEMENT:

BASIC MODEL OF STRATEGIC MANEGEMENT:

1. ENVIROMENTAL SCANNING:

INTERNAL ANALYSIS:

Environment composed of elements within the organization includes resources ie current employees, management and especially corporate culture which defines employee behavior.

EXTERNAL ENVIRONMENT:
o Natural environment o Societal environment o Task environment

2. STRATEGIC FORMULATION:

3. STRATEGIC IMPLEMENTATION:

4. EVALUATION & CONTROL:

Examine the underlying bases of firms strategy Coparing expected to actual result and identifying the corrective actions to ensure that performance conforms to plans