LECTURE 1 - INTRODUCTION TO STRATEGIC MANAGEMENT
STRATEGIC MANAGEMENT MEANS : Drafting, implementing and evaluating cross-functional decisions that will be enable an organization to achieve its long-term objectives. THE STRATEGIC MANAGEMENT PROCESS IS MADE UP OF THREE MAIN STEP : Strategy formulation Strategy implementation Strategy evaluation STRATEGY : A strategy is concerned with integrating company activities and allocating resources, so that the present objectives can be met. PLANNING : A process of preparing ways to use resources more economically and efficiently so that the purpose of the company is achieved. CORPORATE PLANNING : A process of obtaining objectives and its components followed by a process of finding and evaluating various available alternatives. CORPORATE STRATEGY : A guideline setting the scope where the company should be involved in and can be aligned in such a a way to ensure that business objectives are met. THE STRATEGIC MANAGEMENT PROCESS : 1. 2...