1. Strategic management

2. strategic formulation
1. mission: Is the purpose for the organizational existence. 2. objectives: Are the end results of planned activity. 3. strategy: A master plan that states how the organization will achieve its mission and objectives. 4. A policy: Is a broad guidelines for decision making that link the information of strategy with its implementation.

3. Types of strategies: 1. (SO) strategies:
Are generated by thinking of ways in which a company uses its (S) to take advantage of (O).
Rapid growth strategies: where company expanding by growth of sales, assets, projects are some combination.
Penetration strategies: where company penetrates the market when a product is in demand, or the current market has not reached saturation.
Note: synergy: is the concept that the business will generate more profit together than could separately.

4. 2. (ST) strategies:
Are generated by thinking of ways which a company uses its (S) to avoid threats
Background integration strategies: where company try to control supplying sources by buying or owning.
Forward integration strategies: where company try to control distribution outlets by buying or owning also.
Horizontal integration strategies: where company try to control rival companies by buying or owning.
Note:
Acquisition: usually occurs between firms of different sizes.
Merger: usually occurs between firms of similar sizes.

5. 3. (WO) strategies:
Are generated by thinking of ways to generate strategies that take advantages of (O) by overcoming (W).
Concentrates diversification: where a firm invests in related industry.
Conglomerate diversification: where a firm invests in industry unrelated to its current one.
No change strategy ( is a decision to do nothing for now, a company following this strategy when it has found that the future is expected to continue as an extension of the present)– Stability strategies (is a decision to continuing its current activities without significant change in direction, they are very popular with small business)

6. 4. (WT) strategies:
Are generated by thinking of ways to generate strategies that minimize (W) and avoid (T)
Withdrawals strategies:
Turn around strategy: where the company excludes unnecessary and ineffective operations.
Captive strategies: where the firm search for an angle or agree to be a captive company to one of its larger consumers in order to guarantee its continued existence with a large contract.
Liquidation: where the firms’ products are sold out, and exit the market permanently.

7. Strategy implementation
Is the process by which strategies and policies are put into action.
(1) programs: is a statement of steps needed to achieve a single use plan.
(2) Budget: is a statement of a corporations’ program in term of LE used in planning and control.
(3) Procedures: are systems of sequential steps that describe in detail how a particular task or job is to be done.