M1S2 Strategic Management of Stakeholder Relationship🤝 Flashcards
defined as a plan of action taken to achieve.
Strategy
Acording to David, 2017 strategic management involves three steps:
formulation, implementation and evaluation
A process of creating a competitive advantage over its competitors and sustaining this advantage in the long term.
Strategic Management
____________________ creating/clarifying vision-mission and identifying goals-objectives.
Establish Goals
what the company envisions itself to be in the future or to become
Vision
describes what the company is all about, who they are, what and how they do things, and for whom
Mission
desired outcomes of planning, broader that objectives
Goals
aimed targets that are needed to achieve goals
Objectives
____________________ analysis and assessment of the internal and external environment of the company.
Scan the environment
external opportunities and threats, given the dynamics of a particular industry.
External Environment
company’s strengths and weaknesses by assessing its resources.
Internal Environment
Develop top-level strategies that can be cascaded down to the rest of the organization.
Formulation
Execute developed plans by providing detailed objectives and action plans.
Implementation
Measure and assess results, and recommend changes for improvement if necessary.
Evaluation
Individuals or groups affected by a company’s activities.
Stakeholders
