STRATEGIC MANAGEMENT & BUSINESS POLICY

THOMAS L. WHEELEN J. DAVID HUNGER

 Strategic Management
is defined as a set of managerial decisions and actions that result in the
Formulation and Implementation of plans designed to Achieve a
company’s objectives.

1-2
 Strategic Management includes 9 critical tasks

1. Formulate the company’s mission.

2. Assess the company’s external environment.
3. Conduct an internal analysis.
4. Analyze the company’s options by matching its resources with the
external environment.
5. Identify the most desirable options.
6. Select a set of long-term objectives & grand strategies.
7. Develop annual objectives & short term strategies.
8. Implement the strategic choices.
9. Evaluate the success of the strategic process.

1-3
 Basic Elements of Strategic Management

1. Environmental scanning
2. Strategy formulation
3. Strategy implementation
4. Evaluation and control

1-4
1-5
1-6
1-7
 Environmental Scanning
is the monitoring, evaluating and disseminating of information from
the external and internal environments to key people within the
organization

1-8
 Strategy Formulation
the development of long-range plans for the effective management of
environmental opportunities and threats in light of organizational
strengths and weaknesses (SWOT)

1-9