Professional Documents
Culture Documents
MANAGEMENT [SHRM]
DEFINITION & MEANING OF
STRATEGY:-
The word ‘strategy’ is derived from the greek word ‘
Strategos’ meaning general.Strategy can be defined as-
SWOT ANALYSIS:
1.Enviornmental analysis.
2.Organisational analysis
STRATEGY FORMULATION:
1.Corporate strategy.
2.Business strategy.
3.Functional strategy.
STRATEGY IMPLEMENTATION: Operating
strategies,Budgeting,Management information system.
governmen
technology
t
EXTERNAL
competitor ENVIORNMENT
s OF ORGATION
Socio-
economic
factor
STRATEGY FORMULATION:-
It involves the formulation of strategies at three levels:
1. corporate level
2. business unit level
3. functional level
1.CORPORATE LEVEL:-
This is formulated by top management.Corporate level
strategies are most closely associated with translating organization mission
statement inti action.corporate strategies represent long-term direction for
organisation.
2.BUSINESS LEVEL STRATEGY:-
It represents a group of related business division.It is
concerned with how the SBU competes within a particular industry or market.
3.FUNCTIONAL LEVEL STRATEGY:-
The functional strategies are short-term game plans
developed for the key functional area to accomplish the corporate and
business level strategies & objectives.
IMPLEMENTATION &
EVALUATION:-
Strategy implementation,often described as the
action phase of the strategic management
process,covers strategy activation and evaluation and
control.The implementation step in strategic
management encompasses the operational details to
translate strategy into effective practice-
communicating & motivating;setting goals;formulating
policies and functional strategies,organisational
structuring;leadership implementation and resource
allocation.
Strategy evaluation is the last phase of SHRM
process.The objective is to examine whether the
strategy as implemented is meeting its objectives,if
not,to take corrective actions.