1. Strategic Management

2. What is Strategic Management? The set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives.

3. Critical Tasks of Strategic Management we will cover these topics in relation to the business simulation …. 1.Formulate the company’s mission and vision 2.Conduct internal analysis 3.Assess the company’s external environment 4.Analyze & Identify most desirable options 5.Select long-term objectives and grand strategies 6.Develop annual objectives and short-term strategies 7.Implement the strategic choices 8.Evaluate success of the strategic process

4. What is a Strategy? Large-scale, future-oriented plan for interacting with the competitive environment to achieve objectives Company’s “game plan” Framework for managerial decisions

5. At Least Two Levels of Strategy 1.Corporate level 2.Functional level

6. Characteristics of Strategic Management Decisions Corporate-level decisions Performed by Board of Directors, CEO, etc. Longer time horizons, so Greater need for flexibility Responsible for financial performance, what businesses to be in, social responsibility etc.

7. Characteristics of Strategic Management Decisions Functional- level decisions Functional- level decisions Done by mangers of product, geographic, or functional areas short term strategies in areas as production, operations, marketing, accounting, R&D, etc ….. But principal responsibility is to implement the strategic plans