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Strategic management: Concepts

Strategic management: Concepts. Strategy: Strategy provides a way to deal with changes and their accompanying uncertainty both inside and outside the organization. Strategy deals with a company’s competitive initiatives and business approaches. Strategic management:

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Strategic management: Concepts

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  1. Strategic management: Concepts • Strategy: Strategy provides a way to deal with changes and their accompanying uncertainty both inside and outside the organization. Strategy deals with a company’s competitive initiatives and business approaches. Strategic management: Strategic management can be defined as the set of decisions and actions in formulation of plans to achieve company’s objectives. www.AssignmentPoint.com

  2. Why Is Strategy Important? • A compelling need exists for managers to proactively shape how a firm’s business will be conducted • A strategy-focused firm is more likely to be a strong bottom-line performer than one that views strategy as secondary www.AssignmentPoint.com

  3. Continued.. • Strategy Vs policy: • Strategy expresses the intention of management about the way to achieve the objectives of the organizations. Strategy implies the commitment of resources in a given direction. Strategic plans aim at achieving strategic goals. • Policies are the general understanding or statements that guides managers’ thinking in decision making. Policies are also essential elements of major strategies. www.AssignmentPoint.com

  4. Rules Vs Policies • Policies provide guidelines as how to employee will carry out their jobs. Policies tell people how to think about decisions to be made about action. It is the standing plan. A policy is a broad guideline that lasts for a longer period of time • Rules spell out specifically what employees are supposed to do and not to do. e.g., non-smoking campaign launched by some organizations. www.AssignmentPoint.com

  5. Stakeholder A company’s stakeholders are individual or group who have an insert, claim, or stake in the company in what it does and how it well it performs. There are two types of stakeholders: Internal stakeholders: The are stock holders, employees, managers and board members. www.AssignmentPoint.com

  6. Continued.. • External stakeholders: They include customers, suppliers, government, union, local communities, general public etc. www.AssignmentPoint.com

  7. A Firm’s Ethical Responsibilitiesto Its Stakeholders Owners/shareholders– Rightfully expect some form of return on their investment Employees - Rightfully expect respect for their worth and devoting their energies to firm Customers - Rightfully expect a seller to provide them with a reliable, safe product or service Suppliers - Rightfully expect to have an equitable relationship with firms they supply Community - Rightfully expect businesses to be good citizens in their community www.AssignmentPoint.com

  8. Levels of Strategy-Makingin a Diversified Company Corporate-Level Managers Corporate Strategy Two-Way Influence Business-Level Managers Business Strategies Two-Way Influence Functional Managers Functional Strategies Two-Way Influence Operating Managers Operating Strategies www.AssignmentPoint.com

  9. Two-Way Influence Two-Way Influence Levels of Strategy-Making in a Single-Business Company Business-Level Managers Business Strategy Functional Managers Functional Strategies Operating Managers Operating Strategies www.AssignmentPoint.com

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