Strategic Management

Strategy

A Strategy is a unified ,comprehensive ,and

integrated
plan
relating
the
strategic
advantages of the firm to challenges of the
environment .
It is designed to ensure that the basic
objectives of the enterprise are achieved.

Glueck

Strategic Management

A Continuous process of relating the

Organisation with its environment by suitable
courses
of
action
involving
strategy
formulation and ensuring that the strategy
has been implemented effectively.

Features

A Process
Top Management Function
A Systematic Approach

Aspects
Relating Organisation to Environment
Formulating Strategies
Implementing Strategies
Ensuring desired Results through Control

Benefits of SM
Clarity in Objectives

Limitations of SM
Rigidity

Schools of Strategy Formulation

School

View

Design

Process of Conception

Planning

Formal Process

Positioning

Analytical Process

Entrepreneurial

Visionary Process

Cognitive

Mental process

Learning

Emergent Process

Power

Negotiation Process

Cultural

Collective Process

Environmental

Reactive Process

Configuration

Transformation Process

Dynamic Strategy

Mintzber 5 Ps

Process

Strategic Intent