Contemporary Management Q&A Chapter 3: Strategic Management

1. What is organization strategy?

Plans for how the organization will compete to attract and satisfy customers in order to achieve its goals.
2. What is a business model and what it focuses on?
How a company is going to make money, it focuses on:
I. Will customers value our products/services?
i. PERSONA CANVAS
ii. Empathy map
iii. Value proposition Canvas
II. How can we make money doing providing those products/services?

N.B: Nice video to watch: https://www.youtube.com/watch?v=o7Ik1OB4TaE

3. Why strategic management is important?

I. Organizations that use strategic management do have higher levels of performance.
II. Guide their decisions in solving unstructured problems in continually changing situations.
III. Brings harmony between different organization parts to achieve its goals.
4. What is Strategic management process? (6-Steps; planning 4, implementation 1 & evaluation1)
I. Identifying the Organization’s Current Mission, Goals, and Strategies
i. Mission statement components
1. Customers 5. Concern for public image
2. Markets 6. Products or services
3. Concern for survival, growth, and profitability 7. Technology
4. Philosophy 8. Self-concept
ii. Vision Statement (what we want the future of the business to look like)
II. Doing an External Analysis (Opportunities & Threats)
III. Doing an Internal Analysis (Strengths & opportunities)
IV. Formulating Strategies
V. Implementing Strategies
VI. Evaluating Results
5. Matching stage of SWOT analysis is SO, WO, ST & WT.

Prepared by: Muhammed Afify