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STRATEGIC
Definition of Management
Strategic
Art and science of formulating,
implementing, and evaluating
cross-functional decisions that
enable an organization to
achieve its objectives.
Purpose
Scopes of Management
Strategic
Management
Marketing
Accounting/Finance
Operation Management/Production
Research and Development
Computer Information System (CIS)
Strategic Formulation
Developing a business mission
Identifying external factors
Identifying internal factors
Establishing long-term objectives
Generating alternatives strategies
Choosing particular strategies to pursue
Strategic Implementation
Strategic Evaluation
Reviewing external and internal
factors based on currents strategies
Measuring Performance
Taking corrective actions
Strategists
Individuals who are most responsible for
the success or failure of an organization.
CEO, President, owner, Chair of Board,
Executive Director, Chancellor, Dean,
Entrepreneur, principal, etc.
MISSION STATEMENT
Enduring statements of purpose that distinguish
one business from other similar firm.
Mission statement identifies the scope of a firms
operations in product and market terms.
Mission statements describes the value and
priorities of an organization.
Mission statement broadly charts the future
direction of an organization.
Long-Term Objectives
Specific results that an organization seeks
to achieve in pursuing its basic mission
Objective should be challenging,
measurable, consistent, reasonable, and
clear.
Example: increasing the ROE up to 13%
Annual Objective
Short term milestones that organizations
must achieve to reach long-tem objectives.
Annual objective should be measurable,
quantitative, challenging, realistic,
consistent, and prioritized.
Annual objective represent the basis for
allocating resources.
Policies
Means by which annual objectives will be
achieve.
Policies include gudelines, rule, and
procedure established to support effort to
achive stated objectives.
Benefits of Management
Strategic
Proactive
Initate and influence
Control over its own destiny
More logic way
Understanding
80% of improving profitability