The Strategic Management Process
Contents Page
1. Introduction……………………………………………………………4
2. Key definitions……………..…………………………………..……..5
3. Strategic Management Process Model………………………………...6
4. Conclusion……………………………………………………………10
5. Bibliography………………………………………………………….11
Introduction
In the modern economy, competitiveness means information and know-how rather than capital and physical assets. Therefore, the key process for any competitive organization is to strategically use their information resources and knowledge assets by remembering and applying experience. An organization’s ability to compete on the market is increasingly seen as depending on the skills and knowledge of its managers and employees, regarded as intellectual capital, and put to good use while formulating, implementing and adjusting strategies. In the current business environment, knowledge evolves rapidly and the useful life span of organizational skills is decreasing, which means survival and competiveness of an organization is linked to its ability to learn and include its findings in their strategic management process.
Having cited the criticality of strategic management on the survival of today’s business, it is of paramount importance that in this week’s issue I deal on the subject of Strategic Management Process.
Key Definitions
I would like to start by defining some key words and phrases that are associated with the strategic management process.
A Strategy is a company’s long-term plan for how it will balance its internal strengths and weaknesses with its external opportunities and threats to maintain a competitive advantage.
Strategic management is the process of identifying and executing the organization’s mission by matching its capabilities with the demands of its environment. Strategic planning is the
1. Introduction……………………………………………………………4
2. Key definitions……………..…………………………………..……..5
3. Strategic Management Process Model………………………………...6
4. Conclusion……………………………………………………………10
5. Bibliography………………………………………………………….11
Introduction
In the modern economy, competitiveness means information and know-how rather than capital and physical assets. Therefore, the key process for any competitive organization is to strategically use their information resources and knowledge assets by remembering and applying experience. An organization’s ability to compete on the market is increasingly seen as depending on the skills and knowledge of its managers and employees, regarded as intellectual capital, and put to good use while formulating, implementing and adjusting strategies. In the current business environment, knowledge evolves rapidly and the useful life span of organizational skills is decreasing, which means survival and competiveness of an organization is linked to its ability to learn and include its findings in their strategic management process.
Having cited the criticality of strategic management on the survival of today’s business, it is of paramount importance that in this week’s issue I deal on the subject of Strategic Management Process.
Key Definitions
I would like to start by defining some key words and phrases that are associated with the strategic management process.
A Strategy is a company’s long-term plan for how it will balance its internal strengths and weaknesses with its external opportunities and threats to maintain a competitive advantage.
Strategic management is the process of identifying and executing the organization’s mission by matching its capabilities with the demands of its environment. Strategic planning is the
Bibliography: 1. Lecture notes 2. Strategic management for Senior Leaders. Denis Lindsey Wells 3. Strategic Managemet