Introduction

## Strategic management can be defined as : 1) The art and science of formulating, 2) Implementing and 3) Evaluating. Cross functional discussions that enable an organization to achieve its objective. Strategic Management focuses on integrating management, marketing, finance/accounting and production/operation. ## Strategic Management involves strategy development which is comprised of five stages: 1) 2) 3) 4) 5) Discovery Strategy thinking Strategy planning Strategy roll out Strategy tune up/ adjustment.

Good strategy +Good strategy execution= Good Management. ## Strategic Plan/game Plan. ## Capstone Course.

Strategic Management Models:

1) PEST Analysis. (Political, Economic, Social and Technological analysis). 2) STEER Analysis. (Systematically considers, Socio-cultural, Technological economic, Ecological, Regulators). 3) Five Forces Model. 4) Strategic Group Map. 5) SWOT Analysis. (Strength, Weakness, Opportunities, Threats). 6) Blue Ocean Strategies. 7) Open innovation. 8) Seven S models. (Strength, Shored values, Structure, Staff, System, Skills, Style).

Meaning Of Strategic Management :

Long Term, Unceptain, Complex. Selling Idea.

The 3 Questions of Strategic Management:

1) Where are we now? (Assessing the interest strengths and weakness) 2) What do you want to go? (Assessing the external opportunities and threats.) 3) How are we going to get there? (Linking between, objectives, priorities and resources). ***Strategic Management is all about Selling Ideas. ***Strategic Management is the peoples process.

Definitional Analysis of Strategic Management:

1) Alfred Chandler: Strategic Management concerns the determination of basic long term goals and objectives of an enterprise and the adoption of courses of actions and allocation of resources necessary for carrying out these goals. 2) James Quinn: Strategic Management concerns formulating the pattern or plan that integrates an organizations major goals, policies and action sequences into a cohesive whole. 3) Henry Mintzberg: Strategic Management involves determination of strategies that are often the emergent responses to unforce seem circumstance.

Levels of Strategic Management:

Level:1 The Corporate level Strategic Management The Initiator. This level of Strategic management deals with organizational activities which define the overall character and mission of the organization. Corporate level seeks to answer the following questions: 1) What are the purposes of the organizational? 2) What image should the organization project? 3) What we the ideals and philosophies that organization desires its members to possess? 4) What is the organizations business or businesses? 5) How can organizational resource best be utilized to fulfill corporate objectives?

Level:2 The Strategic Business unit Level (SBU) The interpreter. This level of Strategic management deals with such activity which help organizations corporate effectively in a particular line of business and to contribute to the overall organizational purposes. The main issuses under SBUs are: 1) What specific products or service does the SBU produce? 2) Who are the SBUs clients or customers? 3) How can the SBU best compete in a particular product service segment? 4) How can the SBU best conform to the total organizational ideals and philosophies? Level:3 The Funchonae Level (FL) This level Strategic management is referred to as the implementer of strategic plans. Funchon level adds relevant details to the overall business game plan. Its aims at establishing or strengthening specific components calculated to enhance the companys market position. This level of strategy and competitive approach. The following issues come under functional level: 1) Identifying action plans and short term objectives. 2) Initiating specific functional techniques. 3) Communicating policies empower people in the organization. 4) Committing to continuous improvement.

Strategic Management of the Environment Analysis:

1) 2) 3) 4) 5) Todays business environment is characterized by the following considerations: Vocal, informed and decision oriented stakeholders. (The Social Facet). Increased Governmental intervention. (The Political Facet). Keep competition within a world economy. (The Economic Facet). Rapidly advancing technology. (The Technological Facet). Increased impact of business on environment. ( The Ecological Facet).