MGT603: Strategic Management
Strategic management is the continuous planning, monitoring, evaluation, and evaluation of all the needs of an organization to meet its goals and objectives. Changes in the business environment will require organizations to constantly evaluate their success strategies. MGT603 Handouts pdf
MGT603 Handouts pdf
Course Category: Management
The Nature of Strategic Management, Key Terms of Strategic Management, Internal Factors & Long Term Goals, Benefits of Strategic Management, Comprehensive Strategic Model, Characteristics of Mission Statement, External Assessment, Key External Factors, Technological Forces, Industry Analysis, IFE Matrix, EFE Matrix, Functions of Management, Functions of Marketing, Internal Assessment, Analytical Tools, IE Matrix, Types of Strategies, Strategy Formulation, Framework Threats, Opportunities,
Weaknesses and Strengths (TOWS) Matrix, Strategic Position and Action, Evaluation ( SPACE ) Matrix, Boston Consulting Group (BCG) Matrix, Grand Strategy Matrix, Nature of Strategy Implementation, Resource Allocation, Organizational Structure, Restructuring, Production/Operations, Concerns when Implementing Strategies, Market Segmentation, Finance/Accounting issues, Research and Development issues, Strategy Review, Evaluation and Control, Porter’s Supply Chain Model, Strategy Evaluation, Reviewing Bases of Strategy, Measuring Organizational Performance, Characteristics of an Effective Evaluation System. MG603 Handouts pdf
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MGT603: Strategic Management Notes
What is strategic management?
Strategic Management can be defined as “the art and science of design, implementation, and evaluation of decisions that integrate the various functions that enable an organization to achieve its purpose.”
Definition: “The continuous process of designing, implementing, and managing comprehensive systems directs the organization in acquiring strategic assets in terms of its internal and external environment”. Interpretation:
1. Sustainable process: Strategic management is an ongoing process that exists throughout the life of an organization.
2. Comprehensive planning: First, it is an ongoing process where comprehensive plans are made first rather than implemented and ultimately manageable.
3. Strategic objectives: Strategic objectives are those set by senior management. Comprehensive plans were made to achieve the goals.
4. Inner and Outdoor Environment: Indoor and outdoor spaces usually set goals. Did the external environment force the internal environment to set goals and guide them on how to achieve goals?
The importance of strategic management
Why do we need to put so much pressure on strategic management? Strategic management is important for the following reasons:
Business survival, First of all, global considerations affect almost every strategic decision! Boundaries will no longer be able to define the limits of our thinking. Seeing and appreciating the world from the perspective of others has become a matter of business survival. The principles of strategic management depend on managers’ acquisition of an understanding of competitors, markets, prices, suppliers, distributors, governments, debtors, shareholders, and customers worldwide.
A business tool The second theme is that e-commerce has become an important strategic management tool. A growing number of companies are getting the opportunity to compete through online marketing and direct contact with suppliers, customers, creditors, partners, shareholders, customers, and potential competitors around the world. E-commerce allows firms to sell products, advertise, buy resources, bypass consultants, track inventory, delete documents, and share information. Overall, e-commerce reduces costs and costs of time, distance, and space in doing business, which brings better customer service, greater efficiency, improved products, and higher profits.