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    Nishant Sinha
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    Business policy and Strategic management provides a methodology and framework to guide firms, ensure timely decisions, and prepare for uncertainty. Strategic management originated in the 1950s and was revived in the 1990s, defined as formulating, implementing, and evaluating cross-functional decisions to achieve organizational objectives. It identifies opportunities, prioritizes resources, and minimizes risks through long-term vision, objectives, strategies, and policies. The stages of strategic management are formulation, implementation, and evaluation.

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    Business policy and Strategic management provides a methodology and framework to guide firms, ensure timely decisions, and prepare for uncertainty. Strategic management originated in the 1950s and was revived in the 1990s, defined as formulating, implementing, and evaluating cross-functional decisions to achieve organizational objectives. It identifies opportunities, prioritizes resources, and minimizes risks through long-term vision, objectives, strategies, and policies. The stages of strategic management are formulation, implementation, and evaluation.

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    3 views8 pages

    Business Policy and Strategic Management

    Uploaded by

    Nishant Sinha
    Business policy and Strategic management provides a methodology and framework to guide firms, ensure timely decisions, and prepare for uncertainty. Strategic management originated in the 1950s and was revived in the 1990s, defined as formulating, implementing, and evaluating cross-functional decisions to achieve organizational objectives. It identifies opportunities, prioritizes resources, and minimizes risks through long-term vision, objectives, strategies, and policies. The stages of strategic management are formulation, implementation, and evaluation.

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    of 8

    Business policy and Strategic management

    3rd Semester MBA

    Introduction

    Why Business policy & strategic management? It lends a Methodology and framework Provide route map to a firm Ensure speedy decision & direction Hedge against uncertainty To understand the external trends in advance To Ensure the best utilization of resources

    What is Strategy?

    A well thought out systematic plan of action to defend and to defeat competitors. Emergent Strategy ?

    Level of strategy

    Corporate Business Functional

    Corporate

    Business1

    Business 2

    Business3

    F1

    F2

    F3

    F4

    Strategic management (SM)

    Originated in 1950s and again revived after 1990s. S.M is defined as the art and science of formulation, implementing and evaluating cross-functional decisions that enable an organization to achieve its objective.

    Key terms in Strategic management


    Competitive advantage & Core competency Vision & Mission statement External opportunities and threats Internal strength and weaknesses Long term objectives Annual Objectives Strategies Strategists Policies

    Advantages of Strategic management


    Allows for identification, Prioritization and Exploration of opportunities. Provide an objective view of management problems Minimize the effect of adverse condition Allow effective allocation of resources Encourages forward thinking Gives degree of discipline and formality to the management of a business. Framework for internal communication.

    Stages of strategic management

    Formulation Implementation Evaluation

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