Strategic management syllabus city university of new york. Strategic management is a broader term than strategy and is a process that includes top managements analysis of the environment in which the organization operates prior to formulat ing a strategy, as well as the plan for implementation and control of the strategy. Critical approaches to strategic management david l. Strategic management is the management of an organizations resources in order to achieve its goals and objectives. Essays on strategic management and quality assurance. Strategic management, linking the rigor of formal planning to vigorous operational execution, may prove to be the answer.
Create an organizational vision, mission statement, strategy, and structure. The theory and practice of strategy in business organizations. The mai n approaches gather around the separation of substandard ship. Strategy the word strategy has so many meanings itself and all these meanings are useful, important and relevant to the people who. The concept of strategic management appeared officially in the management vocabulary in 1973, at the.
Its goal is only to broaden and stimulate the discussion regarding a fruitful. Styles of strategic management, a contingency approach to strategic management, research on the evolution of strategic management from longrange planning, description of strategic management, with illustrations of a planning process. Traditional approaches to strategic management bizfluent. The history is filled with the examples where the strategic management of offensives and counter offensives paved the path for decisive victories. Department of strategic management and business environment. An organization is said to have competitive advantage if its profitability is higher than the average profitability for all companies in its industry. Once longterm goals and objectives have been set, management continues with an eye toward allocating existing resources to specific tasks that will. Its goal is only to broaden and stimulate the discussion regarding a fruitful application of strategic management in the public sector.
Management, strategic management theories and the linkage. Characteristics of strategic management in innovation in. A firm also needs an approach to management itself that will harness the internal energies of the organization. Department of strategic management and globalization. Keywords fault tree analysis, strategic management, memorandum of. These concepts are clearly explained by citing various examples. In the absence of a clear strategic focus you run the risk of making decisions based purely on immediate or pressing concerns and this will generally result in a lack of direction. A handbook for implementation continues this process, offering suggestions on these steps.
Elements of a business plan much of this chapter is original to the. The subject is situational and so a script will never be enough but is meant to imbibe in student a sense and direction of tact of management. It also does not aim to be comprehensive nor to provide a template. Where a managerialist perspective employs an instrumental rationality to help managers improve organizational effec tiveness and corporate profitability, a critical. Introduction definition structure is the allocation and control of.
Such a sense of mission defines the firms strategy. In other words, strategic management can be seen as a combination. Strategic planning if done poorly results in more harm than good and this is the reason why the pitfalls of strategic planning and strategic management must be avoided. The importance of the strategic management process in the. Strategic management department of higher education. It introduces a practical, integrative model of the strategicmanagement process and defines basic activities and terms in strategic management and discusses the importance of business ethics.
After reading this lecture you will be able to know that. It is a rigorous explanation of many topics and concerns in strategic management. Within the history of strategic management research there has been an unbalance between the internal and the external perspective. Strategic management process strategic management process dr i. This lecture provides an overview of strategic management. Strategic management meaning and important concepts. Ltasks of strategic management lstrategic management is an ongoing process lwho performs the tasks of strategy lbenefits of managing strategically strategic management the art and science of formulating, implementing, and evaluating crossfunctional decisions that. Strategic management chapter 4 ppt organizational culture. Strategic management is a tool for introducing concepts and approaches, but, the introduction of strategic thinking by its definition is difficult because of the conceptual complexity in this approach. The distinction between strategic thinking, strategic management and strategic planning 45 strategy in actionquick strategic thinking in unfavourable circumstances45 strategy in actionsony the disruptive innovator 50 principles for the successful use of strategy 61 finding the right strategic mix of entrepreneurial creativity and. The report focuses on three relevant issues regarding. Understanding strategic management this guide is designed to help demystify the issue of strategic management, and in conjunction with other guides in the business tools web page will help you to improve your levels of strategic focus.
Iv kettunen j 2006 strategic planning of regional development in higher education, baltic journal of management, 259269. Pdf strategic management approach for port state control. The book is organised in 3 parts, publication of which in electronic form. Defining the organizations business and developing a strategic mission as a basis for establishing what the organization does or doesnt do and where its headed. This article discusses some of the common pitfalls of strategic management and suggests some approaches to actualize strategies that make the firms market leaders. Iii kettunen j 2007 the strategic evaluation of academic libraries, library hi tech, 253, 409421.
In the corporate sector, its emergence started after. V kettunen j 2009 the collective process and memory of strategic management. Inductive derivation of a consensus definition of the field abstract it is commonly asserted that the field of strategic management is fragmented and lacks a coherent identity. Therefore, this research aims to assess the acquired knowledge of university management students relating to strategy and strategic management concepts with the purpose of answering the following question.
At the conclusion of the course, students should be able to. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. This graduate level strategic management course requires students to a create, b evaluate, c analyze, d apply, e understand, and f remember information regarding strategic management. Building performance over time, rather than seeking better ratios. Strategic management the main objective of strategic management is to provide a framework which guides all your business activities over the medium and longer term. Special thanks is extended to those who participated in the case studies by sharing the details of their strategies. Also published in 1980, was top management strategy, by benjamin b. Defining strategic management, planning outline l why strategic management.
Rotterdam school of management, erasmus university. Strategic management is one of the modern leading forms istocescu, 2005, based on the changes and the alterations which need to be operated within an organisation and within its interactions with the environment where it functions. Mangi 2009 sought to establish the strategic management practices adopted and challenges of adopting the strategic management practices. Pdf the microfoundations movement in strategy and organization. Strategic management is all about identification and description of the strategies that managers can carry so as to achieve better performance and a competitive advantage for their organization. The existing literature on strategic management, whilst being difficult to reconcile in terms of the conflicting theories stated in the field, appears even further flawed in the sme context. Building a foundation for your future 4 customer characteristics and purchasing hot buttons provide the information needed to decide whether the firm can and should attempt to gain or maintain a sustainable competitive advantage for marketing to a particular market segment lehmann and winer 1994. The strategic management of projects1 expands this general concept to include aligning the direction of the organisations overall project delivery capability to the achievement of its strategic objectives. Extending the reform model in new zealand by alex matheson, gerald scanlan, and ross tanner. There exist many strategic management outlets with more economicquantitative perspective and. Strategic management process competitive advantage. A version of this article appeared in the july 1980 issue of harvard. Target setting for business performance and for public.
Pdf microfoundations have received increased attention in strategy and. The theory and practice of strategy in business organizations s. The management of projects describes the organisations ability to select, nurture and deliver projects and programs effectively. The essentials of strategic management the essentials of strategic management provides us with a short, concise explanation of the most important concepts and techniques in strategic management. Jofre foreword the present report is the result of an ongoing study on the patterns and trends on both the theory and practice in the field of strategic management. Traditional approaches to strategic management strategic management provides an overall direction to a company and starts with the executive team defining a clear vision and path for the business. Pdf purpose the purpose of this study is to fill the gap and apply a fault. Levy, mats alvesson and hugh willmott it is only comparatively recently that strategic management has been labelled, studied, and privileged as a field of managerial practice and schol arly attention knights and morgan, 1991. Pdf copy by arrangement with wiley this book is available as pdf, through. Strategic management process free download as powerpoint presentation.
This skepticism, however, is paradoxically at odds with the great success that strategic management has enjoyed. Therefore, given to these questions, the importance of strategic management should be further investigated. The strategic management subject is in effect since history but has been taught as a syllabus of recent, to win over the various limiting factors attached with the organisation. Unless a credit line states otherwise, content is the property of cengage learning. Strategic management articles management study guide.
Their input, advice, and lessons learned, both successes and failures, have been incorporated into this document so that we may all apply better strategic management processes in our organizations. Strategic management contents 1 introduction 7 2 the basis of strategy. Overview of strategic management theory strategic management is the process and approach of specifying an organizations objectives, developing policies and plans to achieve and attain these objectives, and allocating resources so as to implement the policies and plans. In recent years, all around the world fierce competition has emerged because of some concepts such as globalization, fast technological changes, new consisted markets and changing customer expectancies and the competition has become more and more. Strategic managementunit i strategy and process 9conceptual framework for strategic management, the concept of strategy and thestrategy formation process stakeholders in business vision, mission and purpose business definition, objectives and goals corporate governance and socialresponsibilitycase study. Hence a corporation organized under the basic principles of strategic management will find a smooth sailing due to effective decisionmaking. The numerous definitions which are presented for strategic thinking have paid attention to every aspect of this approach.
Strategic management is a key and top management activity, where all management functions meet it is one of the key pillars of management and it forms the skeleton of the overall management of each organization. It formulates operating rules, priorities and direction in the long term, including the direction the organization wants to go. Strategic management 2 a strategy is an action plan built to achieve a specific goal or set of goals within a definite time, while operating in an organizational framework. It is usually considered that strategic management has five critical components. Strategic management chapter 4 ppt free download as powerpoint presentation. Chaneta department of business studies faculty of commerce university of zimbabwe abstract wheelen and hunger 2002 say that strategic management is a set of managerial decisions and actions that determines the longrun performance of an organization. In the corporate sector, its emergence started after the culmination of second world war. Strategic surprisingly, here there is ready agreement. It is close to both fields and both have only small efforts to formulate to come together.
Furthermore, the field of strategic management may be the perfect framework to undertake the integration of economics and management methodologies. Strategic management full notes linkedin slideshare. The art of strategic management remained primarily associated with the military history. Under strategic management, the first step to be taken is to identify the objectives of the business concern. Pdf the importance of strategic management to business. Pdf strategies and strategic management in small business. Strategic management is a broader term than strategy and is a process that includes top management s analysis of the environment in which the organization operates prior to formulat ing a strategy, as well as the plan for implementation and control of the strategy. Strategic management tools and techniques and organizational. The subject is situational and so a script will never be enough but is meant to imbibe in student a. Additionally, the secondary goal is to evaluate the implications for strategic information technology management. Strategic management theories by richard scroggins capella university, united states.
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