chapter 1&2 Flashcards
(48 cards)
Capstone course of all management and business subjects
Strategic Management
Gives preferential attention to planning
Strategic Management
Sets and defines the overall direction of a company
Top level management
Defines and directs the achievement of short and long term company goals and objectives
Strategic Management
Define their plans and directions according to the overall direction of the top level management
Middle and lower level managers
Forerunner of strategic management
Business Policy
Refers to the process of defining the long term goals of a company as determined by the members of the top level management
Business Policy
Performs planning, analysing, staffing, directing and controlling with equal importance
Manager
Determines the long run performance of a company.
Strategic Management
Includes environmental scanning, strategy formulation, strategy implementation, and evaluation and control
Strategic Management
David (2013) art and science of formulating, implementing and evaluation cross functional decisions
Strategic Management
Operationally refers to a management’s continuous rational process of defining long term direction of a company.
Strategic Management
Exploit and create new and different opportunities for tomorrow
Strategic Management
Refers to the development of long term goals and objectives of a company after conducting a thorough analysis of the various forces comprising its environment
Strategy Formulation
Wherein different strategic plans are put into action and are aligned with defines business programs, procedures, and budgets.
Strategy Implementation
Covers the structuring of organizational programs, assignment of monetary values.
Strategy Implementation
Wherein the operating performance of a company is monitored and evaluated, remedial action is made
Strategy Evaluation and Control
Top level managers simply require different departments and functional areas to prepare budgets and targets based on information generated within the company
Short Term Financial Planning Phase
the top-level management merely extends the time period of the planning process from one year to five years. Info and data used are still coming from within the company.
Medium Term Planning Phase
planning process is done by the top-level management who prepare strategic plans with little participation and inputs from the lower levels.
Strategic Planning Phase
Various inputs and participation from different levels of management, units, and departments should be considered. Planning has to be decentralized.
Strategic Management Phase
Known as environmental scanning, involves the gathering of relevant and reliable information and a thorough evaluation of the different forces comprising the external and internal environments of a company.
Strategy Analysis
Determines sustainability issues that will reduce the impact of physical resources on a business
Physical Environment
the critical surveillance and evaluation of events happening in the external environment that may influence the current position and future plans of a company.
Environmental Scanning
