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Strategic Management Process

Vision formulation which leads to the statement of the mission. 2. 3. 4. The mission is then converted into performance objectives measurable statements specified performance specified time short-range objectives long-range objectives top-down rather than bottom-up two types of performance yardsticks financial objectives strategic objectives to achieve objectives you develop strategies action steps the concepts of unified and consistent strategies the moves and approaches used to achieve objectives dynamic continual review and refinement.

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13 views5 pages

Strategic Management Process

Vision formulation which leads to the statement of the mission. 2. 3. 4. The mission is then converted into performance objectives measurable statements specified performance specified time short-range objectives long-range objectives top-down rather than bottom-up two types of performance yardsticks financial objectives strategic objectives to achieve objectives you develop strategies action steps the concepts of unified and consistent strategies the moves and approaches used to achieve objectives dynamic continual review and refinement.

Uploaded by

Trishaaat
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd

STRATEGIC MANAGEMENT

PROCESS

A five-component approach to promote


successful organizational performance

1. Vision formulation which leads to the statement of the

Mission.

2. The mission is then converted into performance Objectives

3. To achieve objectives you develop Strategies

4. mplementation
Strategy I
5. Evaluation of performance
[Link] vision formulation which leads to the statement of the Mission
Mission * what is business?
* what will be the business?
* it established long-term direction
* it needs to use simple terminology
* it needs to be inspirational buy in
* recognition of threats & opportunities
* entrepreneurial

Three Components of the mission


statement
* the needs to be served by the company
* the targeted customer group
* how the company will provide the product/service

2. The mission is then converted into performance objectives


* measurable statements
* specified performance
* specified time
* short-range objectives
* long-range objectives
* top-down rather than bottom-up

Two types of performance yardsticks


* financial objectives
* strategic objectives

3. To achieve objectives you develop Strategies


* action steps
* the concepts of unified and consistent strategies
* the moves and approaches used to achieve objectives
* dynamic
* continual review and refinement
* adjust to internal and external forces

Levels of strategies
* Corporate game plan for a diversified company
* Business game plan for single business
* Functional strategy initiatives of one part of a business
* Operating initiatives of key operating units
Factors affecting strategies
* society forces
* political and regulatory forces
* citizenship considerations
* the industry and competitive conditions
* opportunities and threats
* organizational strengths and weaknesses
* ethical considerations
* personal managerial ambitions
* company culture

Strategy making styles


* Master Strategist self- explanatory
* Delegate-to-Others bottom-up
* Collartorative middle approach
* Champion bottom up with manager interest

4. Strategy Implementation
* making it happen
* structuring an organization
* budgeting
* motivating
* creating reward structures
* creating work environment
* information & reporting systems

Who does the strategy making


and implementing?

ALL MANAGERS
5. Evaluation of performance
* review process
* adjust mission
* adjust objectives
* adjust strategies
* initiate corrective measures

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