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Strategy
Formulation
Strategy
Implementation
1. Establish annual
objectives
2. Device policies
Strategy
Evaluation
3. Motivate Employees
4. Allocate resources
5. Developing supportive
culture
6. Creating effective Org.
Structure
7. Redirecting marketing
efforts
8. Preparing budgets
9. Developing and utilizing
MIS
internal factors
2. Measuring performance
3. Taking corrective actions
Strategists
Mission Statement
Opportunities and Threats
Strengths and Weaknesses
Long Term Objectives
Strategies
Annual Objectives
Policies
Strategists
Strategists are individuals who are most responsible for the success or
failures of an organisation.
Strategists have various job titles such as Chief executive officer,
President, Owner, Chair of the Board, Executive Director or Entreprenur
* Fortune Magazine Columbia University Survey of 1500 Senior Executives including 870 CEOs
Mission Statement
Enduring statements of purpose that distinguishes one business
from other similar firms.
A mission statement identifies the scope of firms operations in
product and market terms.
It addresses the basic question that faces all strategists What is
our Business?
A clear mission statement describes the values and priorities of an
organisation.
A mission statement broadly charts the future direction of an
organisation.
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Strategies
Strategies are the means by which long term objectives will be achieved.
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Annual Objectives
1. Annual objectives are short term milestones that organisations
must achieve to reach long term objectives.
2. Annual objectives should be measurable, quantitative,
challenging, realistic, consistent, and prioritised.
3. They should be established at the corporate, divisional and
functional levels in a large organisation.
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Policies
Policies are the means by which annual objectives will be
achieved.
Policies include guidelines, rules and procedures established to
support efforts to achieve stated objectives.
Policies are guides to decision-making and address repetitive or
recurring situations.
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Adapting to change
The strategic management process is based on the
belief
Feedback
A comprehensive Strategic Management Model
Perform
External
Audit
Develop
Mission
Statement
Establish
Long- term
Objectives
Generate,
Evaluate and
Select
Strategies
Establish
policies
And
Annual
Objectives
Allocate
Resources
Measure
and
Evaluate
Performance
Perform
Internal
Audit
Strategy Formulation
Strategy Implementation
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Strategy evaluation
I. Organization
Small one plant companies
Large companies
II. Management styles
Policy maker
Democratic
Authoritarian
Day-to-day-operational thinker
Intuitive thinker
Experienced in planning
Inexperienced in planning
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Stable environment
Turbulent environment
Little competition
Many markets and customers
Single market and customer
Competition severe
IV. Complexity of production processes
Long production lead time
Short production lead times
Capital intensive
Labour intensive
Integrated manufacturing processes
Simple manufacturing processes
High technology
Low technology
Market reaction time for new product is short
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V. Nature of problems
Facing new, complex, tough problems
having Long range aspects
Facing tough short range problems
VI. Purpose of planning system
Coordinate division activities
Train managers
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