Strategic Management

- is all about identification and description of the strategies that managers can carry so as to achieve better
performance and a competitive advantage for their organization.

"better performance and competitive advantage"

Environmental Scanning
- process of collecting, scrutinizing and providing information for strategic purposes.
- if it is existing already, the next thing you do is strive

Strategy Formulation
- the process of deciding best course of action for accomplishing organizational objectives and hence
achieving organizational purpose.
- managers formulate Corporate, business, and functional strategies

Strategy Implementation
- making the strategy work as intended or putting the organization's chosen strategy into action.
- check the structure of the organization, then check the resources needed (distributing resources), then
put people who will make the decision (decision making process), the managing human resources

Strategy Evaluation
- key strategy evaluation activities: appraising internal and external factors that are the root of present
strategies, measuring performance, and taking remedial/corrective actions