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Pratap Satpute Sunil Khot Bharat Sapkal Chetan Suryawanshi
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What is Strategic Management Process? The process by which managers make a choice of a set of strategies for the organization that will enable it to achieve better performance. Steps in Process Environmental Scanning Strategy Formulation Strategy Implementation Strategy Evaluation
Environmental scanning refers to possession and utilization of information about occasions, patterns, trends, and relationships within an organization’s internal and external environment. Internal Analysis External Analysis
Strategy formulation refers to the process of choosing the most appropriate course of action for the realization of organizational goals and objectives and thereby achieving the organizational vision.
Setting Organizations’ objectives Evaluating the Organizational Environment Setting Quantitative Targets Aiming in context with the divisional plans Performance Analysis Choice of Strategy
Strategy implementation is the translation of chosen strategy into organizational action so as to achieve strategic goals and objectives.
Developing an organization having potential of carrying out strategy successfully. Disbursement of abundant resources to strategyessential activities. Creating strategy-encouraging policies. Employing best policies and programs for constant improvement. Linking reward structure to accomplishment of results. Making use of strategic leadership.
The significance of strategy evaluation lies in its capacity to co-ordinate the task performed by managers, groups, departments etc, through control of performance.
Fixing benchmark of performance Measurement of performance Analyzing Variance Taking Corrective Action