The document outlines the strategic management process including strategy formulation, implementation, and evaluation and control. It also describes the roles and responsibilities of various strategists involved in strategic planning such as the board of directors, general managers, corporate planners, and strategic management consultants. The strategic management process involves determining the vision, mission, and objectives of an organization and developing strategic alternatives to evaluate and choose the optimal strategy.
The document outlines the strategic management process including strategy formulation, implementation, and evaluation and control. It also describes the roles and responsibilities of various strategists involved in strategic planning such as the board of directors, general managers, corporate planners, and strategic management consultants. The strategic management process involves determining the vision, mission, and objectives of an organization and developing strategic alternatives to evaluate and choose the optimal strategy.
The document outlines the strategic management process including strategy formulation, implementation, and evaluation and control. It also describes the roles and responsibilities of various strategists involved in strategic planning such as the board of directors, general managers, corporate planners, and strategic management consultants. The strategic management process involves determining the vision, mission, and objectives of an organization and developing strategic alternatives to evaluate and choose the optimal strategy.
questions. Find the animals name in the sentence. 2. You’ll only get back in time if you go at full speed Find the animals name in the sentence. 2. You’ll only get back in time if you go at full speed Find the animals name in the sentence. 3. The flaming oven was too hot to touch! Find the animals name in the sentence. 3. The flaming oven was too hot to touch! Find the animals name in the sentence. 4. Ali once thought the world was flat! Find the animals name in the sentence. 4. Ali once thought the world was flat! Find the animals name in the sentence. 5. Johnny rattled his toy all day! Find the animals name in the sentence. 5. Johnny rattled his toy all day! Find the animals name in the sentence. 6. Tim loved to do good deeds! Find the animals name in the sentence. 6. Tim loved to do good deeds! Find the animals name in the sentence. 7. The helicopter was flying high above the traffic accident! Find the animals name in the sentence. 7. The helicopter was flying high above the traffic accident! Find the animals name in the sentence. 8. Kim iced the birthday cake she had made for her brother’s birthday! Find the animals name in the sentence. 8. Kim iced the birthday cake she had made for her brother’s birthday! STRATEGIC MANAGEMENT PROCESS AND ROLES OF DIFFERENT STRATEGISTS STRATEGIC MANAGEMENT PROCESS • Strategy Formulation • Strategy Implementation • Evaluation and control Strategy Formulation Strategy formulation involves four important steps: 1. Determination of • Vision • Mission and • Objectives 2. SWOT Analysis 3. Strategic Alternatives 4. Evaluation and Choice Strategic Implementation • Operationalizing the strategy requires transcending the various components of the strategy to different levels; mobilisation and allocation of resources; structuring authority, responsibility, tasks and information flows; and establishing policies. • Implementation of strategy involves a number of administrative and operational decisions. Evaluation and Control
• The objective is to examine whether the
strategy as implemented is meeting its objectives and if not to take corrective measures. • Continuous monitoring of the environment and implementation of the strategy is essential. ROLE OF STRATEGISTS BOD Responsibilities • ensuring the continuity of management (replacing or retiring managers), protecting the use of stockholders’ resources • ensuring that managers take prudent actions regarding corporate objectives • approving major financial and operational decisions of the managers • representing the company with other organisations and bodies in society General Manager
• The role of general managers (GMs)
in strategic management is clear from the fact that strategic management is a general management function. Corporate Planners • Large organisations may establish a corporate planning division. It is a staff function and these staff personnel are known as corporate planners. Strategic Management Consultants
• Some organisations, particularly
those which do not have a corporate planning staff, make use of the services of strategic management consultant. Questions? 6 FACETS of Understanding
Explanation – Why do we need to understand the significance of strategic management process? Interpretation – What do you think are the impacts of the roles of business strategist? Application – How does formulation of strategies becomes a critical factor to the success of an organization? Perspective –How do you think strategist adapt on the fast changing technology in the business? Empathy – How do you think strategic formulation affect the implementation of strategies on the entire organization? Self-Knowledge – What do you think are the key elements of a successful strategic process?