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Strategic Management Process

Strategic Management Process

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Published by Richard Jazzi Addo

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Published by: Richard Jazzi Addo on Dec 01, 2010
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12/01/2010

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STRATEGIC MANAGEMENT PROCESS

A five-component approach to promote successful organizational performance
1. Vision formulation which leads to the statement of the Mission. 2. The mission is then converted into performance Objectives 3. To achieve objectives you develop Strategies 4. Strategy Implementation 5. Evaluation of performance

The vision formulation which leads to the statement of the Mission Mission y what is business? y what will be the business? y it established long-term direction y it needs to use simple terminology y it needs to be inspirational buy in y recognition of threats & opportunities y entrepreneurial Three y y y Components of the mission statement the needs to be served by the company the targeted customer group how the company will provide the product/service 2. To achieve objectives you develop Strategies y action steps y the concepts of unified and consistent strategies y the moves and approaches used to achieve objectives y dynamic y continual review and refinement y adjust to internal and external forces Levels of strategies y Corporate y Business y Functional y Operating game plan for a diversified company game plan for single business strategy initiatives of one part of a business initiatives of key operating units Factors affecting strategies y society forces y political and regulatory forces y citizenship considerations .1. The mission is then converted into performance objectives y measurable statements y specified performance y specified time y short-range objectives y long-range objectives y top-down rather than bottom-up Two types of performance yardsticks y financial objectives y strategic objectives 3.

explanatory bottom-up middle approach bottom up with manager interest Strategy Implementation making it happen structuring an organization budgeting motivating creating reward structures creating work environment information & reporting systems Who does the strategy making and implementing? y ALL MANAGERS 5. Evaluation of y y y y y performance review process adjust mission adjust objectives adjust strategies initiate corrective measures . y y y y y y y self.y y y y y y the industry and competitive conditions opportunities and threats organizational strengths and weaknesses ethical considerations personal managerial ambitions company culture Strategy-making styles y Master Strategist y Delegate-to-Others y Collaborative y Champion 4.

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