Strategic management is about the strategies that managers carry to achieve better performance. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Basic concepts of strategic management effective managers live in the present but. It involves creating organizations which generate value even in turbulent environment over a sustained period of time.
Strategic management is a continuous process that appraises the business and industries in which the organization is involved. Concepts of strategic management presented by fred r. Written by extremely revered specialists and prestigious instructors hitt, eire and hoskisson, strategic management. In most organizations, structure will be illustrated in the form of a chart. Structure, culture, resources missions, objectives, strategies, policies programs. Strategic management process has following four steps. Introduction to management and leadership concepts.
That publication provided a basic introduction to the concepts of risk management that proved very popular as a. Basic concepts of health care human resource management is an independent publication and has not been authorized, sponsored, or otherwise approved by the owners of the trademarks or service marks referenced in this product. Learning objectives i knowledge and understanding concepts, paradigms and processes of marketing strategic marketing theories, models and concepts organisationwide nature of marketing strategic marketing planning process and techniques in the context of globalisation information technology. According to the strategic management model, a number of steps are taken to achieve the objectives of a company. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. This procedure is everchanging which changes with the growth of the organizational goals and objectives. Basic concepts of innovation and innovation mgmt m. Cs addresses fundamental questions such as what is the purpose of the org. Structure, culture, resources missions, objectives, strategies, policies programs, budgets. Basic concepts of strategic management strategic management. David francis marion university florence, south carolina prentice hall boston columbus indianapolis new york san francisco upper saddle river. Explain how globalization and electronic commerce have influenced strategic management. These will help sharpen your focus for using strategic management for farm businesses.
Strategic management process meaning, its steps and components. Becoming an effective strategic leader involves developing your skills and knowledge to cope with competition and respond quickly to opportunities. Concepts in strategic management and business policy 14th. Key elements of a strategic vision delineates management s aspirations for the business provides a panoramic view of where we are going charts a strategic path is distinctive and specific to a particular organization avoids use of generic language that is dull and boring and that could apply to most any company. Strategic management involves deciding what is important for the longrange success of your business and focusing on it. Strategic management theories by richard scroggins capella university, united states. The formulation phase is the cognitive phase of the strategic management process. Strategic management concepts iowa state university. One important strategic leadership basic concept is not starting a plan until your leaders have a clear understanding of the organizations mission. Chelte western new england college strategic management defined. David hunger, and david wicks, to post this material online only if the use of the website is restricted by access codes to students in the instructors class that is using the textbook and provided the reproduced material bears this notice. A project is a temporary effort to create a unique product, service or result. Study in detail about strategic management concepts, strategic decisions, strategy statement etc. 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.
The foundation for the strategic management is laid by the hierarchy of strategic intent. Businesses get involved in strategic management to cope with the technological. Thirteenth edition strategic management concepts and cases fred r. Understand the benefits of strategic thinking to a variety of organizations. Strategic management department of higher education. The literature on strategy is now voluminous and strategic management texts grow ever. Its characteristics, formulation, types and other details. A free powerpoint ppt presentation displayed as a flash slide show on id. Below are concepts to help expand your understanding of strategic management for a business. Strategic management involves the related concepts of strategic planning and strategic thinking. Strategic management model refers to the pattern or mode of strategic management.
In the frame of this plan, there must be included also human. A project management plan is created by a project manager. Strategic management meaning and important concepts. Structure, culture, resources missions, objectives, strategies, policies. Computer science centre university of indonesia informationmanagementr e s e a r c h g r o u p chapter 1 basic concepts of strategic management dari buku wheelen. Key concepts for strategic management and organizational goals. Every manager must have a clear understanding of the relevant concepts as well as the basic issues of strategic management. Strategic management theories global journals incorporation. Us 26 global journal of c omp uter s cience and t echnology volume xv issue i version i y ear h 201 from person to person or from task to task. An exact definition of strategy may not actually be fundamental, however, within the context of organizational knowledge management, specifically the knowledge. Basic strategy concepts learning objectives after reading and studying this chapter, you should be able to. Concepts in strategic management and business policy 14th edition by wheelen hunger hoffman bamford test bank 97803126129 03126129. The basic vertical structure of an organisation is a relatively static framework within which processes.
Planning and controlling basic concept of planning pathways to higher education 3 the nature of planning acontribution to purpose and objectives, bprimacy of planning, courses of actions for the organization as a whole and for every department or section within it. It is management that regulates mans productive activities through coordinated use of material resources. Strategic management meaning and important concepts strategic management an introduction 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. Introduction to management and leadership concepts, principles, and practices ing. Present businesses that have already created a strategic management plan will revert to these steps as per the situations requirement, so as to make essential changes. Chandler1962strategy is the determinator of the basic longterm goals of. 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. Qualitydriven services although key management concepts are impor tant, those concepts must be integrated and applied. Management theorists and practitioners may chose one or two of the five functions as most important, but this is not borne out normatively.
Concept of strategy implementation in a simple way, strategy implementation can be defined as a process through which a chosen strategy is put into action. The theory and practice of strategy in business organizations s. Strategy the word strategy has so many meanings itself and all these meanings are useful, important and relevant to the people who. Competitiveness and globalization, concepts, 10e is the one book that integrates the basic industrial group mannequin with a useful resourcebased mostly view of the agency to provide college students an entire understanding of. Evaluation and control management scans both the external environment for opportunities and threats and the internal environmental for strengths and weakness. Competitiveness and globalization, concepts, 10e is the only book that integrates. Concept of goals, objective, mission, vision, strategic intent, core. Pdf strategic management basic concepts researchgate. Aug 04, 2012 key elements of a strategic vision delineates managements aspirations for the business provides a panoramic view of where we are going charts a strategic path is distinctive and specific to a particular organization avoids use of generic language that is dull and boring and that could apply to most any company. In 2001 treasury produced management of risk a strategic overview which rapidly became known as the orange book. Kachru upendra 2005, strategic management concepts and cases, excel. Pdf nature and concept of strategy and strategic management. Explain the difference between the strategic initiatives and operating activities of a health care organization.
Recognize the importance of strategic flexibility and organizational learning in todays highly competitive. The strategic management process entails several concepts and issues that need clarification for your better understanding. Understand basic management principles applying to individuals, small and large organizations grasp the basics of management functions appreciate the ideal characteristics of a good manager see the importance of knowledge of self when viewing management skills recognize professional skills required of managers. 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. Konsep dasar manajemen strategi basic concepts of strategic management 1. Ch 1 basic concepts in strategic management strategic. Chapter 1 basic concepts of strategic management powerpoint slides anthony f. A free powerpoint ppt presentation displayed as a flash slide show on. Management is the integrating force in all organized activity. Basic model of strategic management strategic management consists of four basic elements 1. A brief history of the concept 8 a multiplicity of meanings assumptions and metatheories 20 strategists and stakeholders 26 the social web and the political process of strategy making 33 2 thinking and acting strategically 43 case study scenariothe ikea way 44 the distinction between strategic thinking, strategic management and. Chp001 basic concepts of strategic management free download as powerpoint presentation. Chp001 basic concepts of strategic management strategic. Strategic management theories 2015 global journa1ls inc.
Though this definition is very simple but does not specify what. Little that managers at all levels in an organization do falls outside the purview of the five management functions. Aug 03, 2008 concepts of strategic management presented by fred r. Chapter 1 nature and concept of strategy and strategic management dr. The basic vertical structure of an organisation is a relatively static framework within which processes such as communication, leadership and decisionmaking take place. Implement strategic risk take a chance, think outside the box try something other than the traditional way questions 3. Without the leadership provided by management, the resources of production remain resources and never become production. Different strategic management models are chosen by various companies according to their conveniences. Chapter 1 basic concepts of strategic management chapter outlines. Strategic management process meaning, its steps and. Businesses get involved in strategic management to cope with the technological advancements and globalization. It is during this phase that deliberations and decisions about the broad scope of business intent, the key areas of business corporate strategy, and key drivers of business core values and commitments are taken.
Strategic management is the set of managerial decision and action that determines the longrun performance of a corporation. 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. Studi manajemen strategis manajemen strategis adalah serangkaian keputusan dan tindakan menejerial yang menentukan kinerja perusahaan dalam jangka panjang. Ppt chapter 1 basic concepts of strategic management. Ch 1 basic concepts in strategic management free download as powerpoint presentation. Strategic planning is very much a management activity, carried out at all levels of the. If you continue browsing the site, you agree to the use of cookies on this website. Strategic management is a concept that, although or iginally crafted for individual competitive firms, is finding its place into more broadly defined organizations within agriculture. Written by highly respected experts and prestigious instructors hitt, ireland and hoskisson, strategic management. Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage. Innovation is typically understood as the introduction of something new and useful innovation is the embodiment, combination, or synthesis of knowledge in. List the numerous benefits that an organization receives from the practice of strategic planning and management. A concept that bridges internal and external analyses is that. It provides a theoretical foundation for the research.
Basic concept of strategic management, mission, vision and. Pdf 2 business policy and strategic management basic. Concepts in strategic management, canadian edition, by thomas l. Summary organizational activities and cost drivers basic concepts key.
Strategic planning is analytical in nature and refers to formalized procedures to produce the data and analyses used as inputs for strategic thinking, which synthesizes the data resulting in. Lorenzo 2010032526 innovation systems must be designed and tuned in order to execute the innovation strategy, leveraging and expanding the innovation culture. Strategic management basic concepts free download as powerpoint presentation. Basic concepts of strategic management free download as powerpoint presentation. Strategic management basic concepts strategic management. Additionally, the secondary goal is to evaluate the implications for strategic information technology management. Strategic leaders also influence subordinates to recognize and take actions that enable the companys longterm. Wiggins environmental scanning strategy formulation strategy implementation evaluation and control external. Learn basic concepts of strategic management with free interactive flashcards. Basic concepts and issues such in strategic management are. The vision for the project must be known and described, and the values and ethics among the key players should be well defined. The report focuses on three relevant issues regarding. Hence a corporation organized under the basic principles of strategic management will find a smooth sailing due to effective decisionmaking. Basic concepts of strategic cost management by joshua b on prezi.
The strategic management is also a key role played by analytical and technical skills required to acquire and implement competitive advantage, it. Under strategic management, the first step to be taken is to identify the objectives of the business concern. Concept of strategy implementation in strategic management. Scribd is the worlds largest social reading and publishing site. Strategy implementation after long periods of short improvements and fundemental change, a shock to the system is needed to motivate management to. Wiggins basic model of strategic management mgmt 4710 professor robert r. Strategic management is an approach to leadership that involves clearly articulating a companys overall mission, and then setting a series of strategic objectives, or quantifiable goals, to chart progress. Basic concepts of innovation and innovation management. 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. Basic concepts of health care human resource management. Therefore, it must be realized that each component interacts with the other components. The central focal point or core of the concept of strategic management procedure is setting goals, developing a mission statement, organizational values, and objectives. Basic concepts of strategic management professor robert r. Considering the impact of strategic management, today all companies of all sectors must have a strategic plan compiled in details.
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