Principles of Management Learning Session # 25 Dr. A. Rashid Kausar.

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Presentation transcript:

Principles of Management Learning Session # 25 Dr. A. Rashid Kausar

Re-cap of Session # 24

Strategic Management Large scale action plan for interacting with the environment to achieve long term goals.

Concepts of Strategic Management 1.Strategic management process 2.Importance of strategic management 3.Levels of strategy

Strategic Management Strategic Management Process: ‘Process through which managers Formulate and Implement strategies geared to optimising strategic goal achievement, given available external and internal environmental conditions.’

Strategic Management Strategy Formulation 1.Identify Mission & Goals 2.Competitive Situation Analysis (external & internal) 3.Develop / Formulate strategies to achieve identified goals

Strategic Management Strategy Implementation 1.Implement Plans 2.Control / Monitor execution of Plans

Importance of Strategic Management Important because: 1.Helps organisations to develop a competitive advantage (significant edge over competition in dealing with competitive forces).

Importance of Strategic Management Important because: 2.Provides a sense of long-term direction for organisation members. 3.Highlights need for innovation. 4.Process involves members and fosters understanding of goals/strategy.

Importance of Strategic Management Competitive Advantage Direction for the Organisation Supports Innovation Builds Manager Commitment