Strategic Management Concept And Cases Mcqs 13th Edition By Fred R David

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Strategic Management Concept And Cases Mcqs 13th Edition By Fred R David

strategic management management, also referred to as strategic management, is the process of making decisions about what to do and how to do it. an organization’s strategy is its planned long-term course of action. it is implemented through a mix of execution and change management.

strategic management is the art of developing a long-term strategy. it is an ongoing process of planning and decision-making. to achieve success, it requires constant attention to the environment and to the organization’s capability to achieve its goals.

strategic management is a process, not a product. it is about planning and decisions. it is a constant process. planning and decision-making involve choosing what to do and how to do it. to succeed, you must use management tools to keep this process manageable. you use these tools to manage the organizations activities (execution management) and to manage change (change management).

strategic management and planning are two different processes. in planning, you think about what you want to accomplish and how you will accomplish it. in strategic management, you must determine the best mix of internal and external resources to achieve your goals.

strategic management is about creating and managing the organization’s ability to make changes. it is about defining and developing capabilities and resources. in a strategic management business, the organization’s ability to achieve its goals depends on its ability to make changes. this is why strategic management requires continuous attention to the environment and to the organization’s ability to make changes.

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Strategy is the plan of action designed to obtain strategic objectives (Leavitt and Hamel 1991 1176 ). More general, the term strategy may describe any course of conduct or policy that has the purpose of influencing the structure and composition of an organizations long-term assets (Lundström and Edwardson 2014 1177 ). More specific, however, strategy refers to a well-coordinated course of action designed to achieve specific organisational goals, and to be communicated, usually formally, to existing and potential stakeholders (Leavitt and Hamel 1991 1178 ). Strategy is thus a purposeful set of actions chosen to bring about desired results (Becker and Ohly 2012 1179 ). Structured decisions about how people, assets, information, systems, and technology will be acquired, generated, used, and disposed of, given an organisation exists to make money (Neske and Martin 2015 1180 ). The strategic decision-making process is characterised by a sequential integration of the concepts of vision, goal, policy and mechanism, which organize the participants review of the environment, issues, issues, and alternatives (Broidy 1992 1181 ). Strategy maps the organisation s value proposition to the set of unmet markets and customer needs (Kotler and Armstrong 2003 1182 ). Strategy also contributes to organisational alignment and communication with stakeholders and customers by generating, distributing, and interpreting a common set of organisational messages (Gass and Rice 2004 1183 ). Strategic decision-making is based on the recognition that strategy is contextual and flexible, and requires constant assessment in response to ever-changing environments, but must be set long-term in order to achieve business objectives (Gass and Rice 2004 1184 ).
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