STRATEGIC MANAGEMENT

TITLE- MAIN OBJECTIVES OF STRATEGIC MANAGEMENT

GROUP – 1

• SHORYA KUMAR
• SHRESHTA RATHORE
• ASHI SINHA
• SHOBHA SINGH
• YUVRAJ SINGH SAJWAN
• KESHAV SYAL

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 INTRODUCTION TO STRATEGIC MANAGEMENT

• Strategic management is the process of formulating, implementing, and evaluating strategies to

achieve an organization's long-term goals and objectives.

• It involves setting a clear direction for the organization and making decisions to allocate resources
effectively.

• Strategic management is crucial for organizations to navigate in a dynamic and competitive

business environment.

• Strategic management involves a comprehensive analysis of an organization's internal strengths

and weaknesses as well as external opportunities and threats.

• Strategic management is concerned with where the organization wants to be in the future and how
to get there, typically spanning several years or even decades.

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 MAIN OBJECTIVES OF STRATEGIC MANAGEMENT
OBJECTIVE 1: SETTING CLEAR DIRECTION
• Begin by creating a concise and meaningful mission statement that outlines the fundamental purpose
and core values of your organization.

• Develop a compelling vision statement that describes the desired future state or long-term goals of
the organization.

• Establish specific, measurable, achievable, relevant, and time-bound (SMART) goals and objectives.

• Conduct a comprehensive analysis of both internal and external factors that may impact the
organization's direction.

• Develop a strategic plan that outlines the strategies and action steps necessary to achieve the set
goals and objectives.

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 MAIN OBJECTIVES OF STRATEGIC MANAGEMENT
OBJECTIVE 2: ACHIEVING COMPETITIVE ADVANTAGE

• Offering products or services that provide unique value to customers, making them choose
your company

• Lowering costs can lead to a competitive advantage by enabling you to offer lower prices
or higher margins.

• Concentrating on specific customer segments can allow a company to excel in the unique
needs of that target audience.

• Staying at the forefront of innovation and technology can provide a competitive edge

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 MAIN OBJECTIVES OF STRATEGIC MANAGEMENT
OBJECTIVE 3: RESOURCE ALLOCATION

• It involves aligning the allocation of financial, human, and other resources with the organization's
strategic goals and objectives.

• It ensures that resources are directed towards activities and initiatives that contribute to the
organization's long-term success.

• Resource allocation should be flexible to adapt to changing circumstances and priorities.

• Key performance indicators (KPIs) are used to measure the outcomes of resource allocation
decisions, allowing for adjustments and improvements over time.

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 MAIN OBJECTIVES OF STRATEGIC MANAGEMENT
OBJECTIVE 4: ADAPTATION AND FLEXIBILITY

• Adaptation is essential in response to changes in the business environment, such as shifts in market
trends, technology advancements, and regulatory developments

• Being flexible enables a company to respond to competitive threats and opportunities effectively

• Flexibility involves scenario planning and considering various potential outcomes and responses to
future uncertainties

• A flexible organizational culture that encourages innovation and learning is vital

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 MAIN OBJECTIVES OF STRATEGIC MANAGEMENT
OBJECTIVE 5: LONG TERM SUSTAINABILITY

• Long-term sustainability involves addressing environmental concerns, promoting ethical business

practices, and contributing positively to the community

• Efficiently managing and conserving resources, including financial, human, and natural resources, is
essential for long-term sustainability

• Long-term sustainability is achieved through strategic planning that considers future challenges and
opportunities

• Encouraging a culture of innovation and adaptability helps organizations stay relevant over the long
term

• Building strong relationships with stakeholders, including employees, customers, suppliers, and
shareholders, is vital for long-term sustainability

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 MAIN OBJECTIVES OF STRATEGIC MANAGEMENT
OBJECTIVE 6: MONITORING AND EVALUATION

• Monitoring involves the continuous tracking of performance indicators and key metrics to assess how
well the organization is progressing

• It relies on data collection and analysis to provide insights into the effectiveness of strategies.

• Evaluation serves as a critical feedback mechanism, enabling organizations to learn from their
experiences

• The insights gained from evaluation often lead to strategic adjustments

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STRATEGIC MANAGEMENT

THANK YOU

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