Name of Institution

Strategic Management Process

Coverage in session

Name of Institution

In this session , we will study about Strategic Management Process Strategic Choices/Approaches

Strategic Management Process

Name of Institution

Develop Vision and Mission statements

Establish Long Term Objectives

Generate, Evaluate and select strategies

Implement strategies Management Implementation

Formulation

Implement strategies Of function (HR/Fin/Opr.)

Measure and evaluate Evaluation

Characteristics of strategic Management Process

Name of Institution

Dynamic and continuous Process Change in any component will have affect on all other components. Strategy formulation and implementation are sequential. Practically the process is not clean as it appears, as constant evaluation are done More followed in formal organization, less in informal and small.
4

Strategic choices

Name of Institution

Part of Strategy Formulation process Its the centre of strategy formulation process Strategic choice is selection of the best strategic option that helps achieve organization's objectives The evaluated strategic options are ranked in order of their potential to achieve objective. Such options allow businesses to maintain or create sustainable strategic advantage. The strategic choice is made from among the ranked alternative.

Approach to strategic Choices

Name of Institution

Planned Approach-Ranking and selecting Enforced Approach-Stakeholders choice Experienced Approach-Past Experience of Managers Command Approach-Top Management command

Why some firms do no strategic Planning

Name of Institution

Poor Reward structures Fire-fighting Waste of time Too expensive Laziness Content with success Fear of failure Overconfidence Prior Bad Experience Self Interest Suspicion
7