Questions

• What are the benefits of adopting strategic approach to management? (25 marks)

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• Why is a strategic vision important? (15 marks)

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• List the difference between mission and vision. (15 marks)

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• Highlight ethics in strategic management.  

Environmental scanning

Environmental scanning refers to possession and utilisation of information about occasions, patterns, trends, and relationships within an organization's internal and external environment. It helps the managers to decide the future path of the organization.

Objectives

Establishing objectives converts firm's mission into concrete performance outcomes.

Objectives need to be set for every key result area.

Objectives are required both for long term and short term

Strategic Management

Strategic Management is originated in the 1950s and 60s.

SM can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organisation to achieve its objectives.  

Steps

Strategic management

1.      Mission & vision
2.      Environment scanning
3.      Strategic objective
4.      Strategic choice
5.      Strategic implementation
6.      Evaluation

Read: Strategic Management: The Thompson And Strickland Model

LECTURE NOTES (LINK)

STRATEGIC MANAGEMENT (LECTURE NOTES) <== click