Strategic Management MBA Notes

Strategic Management

 The word Strategy is derived from a Greek word ''strategia''  it means general ship. Strategy means it is a long-term purpose which based on activities of an organisation. It works as a blue print of an organisation, it defined as vision and mission. In every organisation Strategy is used for to achieve current goals. It helps as an organisation to minimise the compettitors and also maximising its own strength. 

Strategy Formation Process

  It can be defined as a process about the long term plans of an organisation. The process of Strategy formulation includes the following components, that is

• Organisation Mission  and Objectives

Mission is a planning process, how the organisation is reaches the specific goal to entire business.

Stages for Strategic Management

In this Strategic Management there has five stages that is  

• Clarify Your Vision. 

  The purpose of goal-setting is to clarify the vision for your business. first we study what the vission is going on in particular organisation.

• Gather and Analyze Information.

   The second stage is to gather the information in each and every process in the organisation. Then only we target the business environment.

• Formulate a Strategy.

   First we gather the information, then we frame the strategy, as per-your wish. Then only we enter the implement process.

• Implement Your Strategy. 

    This stage it plays an important role in strategic Management, it means already we frame the strategy then it implement those strategies.

• Evaluate and Control.

    In this process we can control these above stages. it means if we follow that process, anywhere we can meet some problem that time we cam control that process by using this stage. 

These five stages are are goal-setting, analysis, strategy formation, strategy implementation and strategy monitoring in Strategic Management.