Strategic management is a continuous process that evaluates and controls the business and the industries in which an organization is involved; evaluates its competitors and sets goals and strategies to meet all existing and potential competitors; and then reevaluates strategies on a regular basis to determine how it has been implemented and whether it was successful or does it needs replacement.
The employees become more trustworthy, more committed and more satisfied as they can co-relate themselves very well with each organizational task. Strategic Management gives a broader perspective to the employees of an organization and they can better understand how their job fits into the entire organizational plan and how it is co-related to other organizational members.
One of the major role of strategic management is to incorporate various functional areas of the organization completely, as well as, to ensure these functional areas harmonize and get together well. The managers and employees must do appropriate things in appropriate manner.
It deals with making and implementing decisions about future direction of an organization. An organization is said to have competitive advantage if its profitability is higher than the average profitability for all companies in its industry.
Strategic Management - Meaning and Important Concepts Strategic Management - Meaning and Important Concepts Strategic Management - An Introduction Strategic Management is all about identification and description of the strategies that managers can carry so as to achieve better performance and a competitive advantage for their organization.
They can understand the reaction of environmental changes on the organization and the probable response of the organization with the help of strategic management. Following are the important concepts of Strategic Management: It is applicable to both small as well as large organizations as even the smallest organization face competition and, by formulating and implementing appropriate strategies, they can attain sustainable competitive advantage.
Strategic management is nothing but planning for both predictable as well as unfeasible contingencies. The manager must have a thorough knowledge and analysis of the general and competitive organizational environment so as to take right decisions.
Another role of strategic management is to keep a continuous eye on the goals and objectives of the organization. Thus the employees can judge the impact of such changes on their own job and can effectively face the changes.
It is a way in which strategists set the objectives and proceed about attaining them.The Mid Term Exam for MAN Strategic Management will be at 5pm on Wednesday 5 April in room D Note: there is a sample exam.
Choose from different sets of mgt strategic flashcards on Quizlet. Log in Sign up. Options. 20 terms. farroutgirl. Business -- Strategic Management Mid-Term Study Guide.
What is operational effectiveness? The strategic management process is the full set of commitme.
View Test Prep - Managment Study Guide Mid-Term from MGMT at University Of Denver. Claire Hertel Management Mid-Term Study Guide October Lecture Notes DEFINITIONS Strategic Management: set.
Mid-Term Sept Importance of Strategic Management. It also has a late-mover advantage because it has had time to study the industry and develop a formidable strategy to compete against larger firms such as Plasco.
Why is it important to prevent core competencies from becoming core rigidities? Strategic Management Midterm 5/5(1).
Management-Behavior mid-term Study-guide 1) All of these are pitfalls an organization should avoid in strategic. planning EXCEPT Answer: Using plans as a standard for measuring performance.
Strategic Management is about the strategies that managers carry to achieve better performance. Study in detail about Strategic Management Concepts, Strategic Decisions, Strategy Statement etc.
MSG Management Study Guide.Download