Strategic Management

Good Essays
Katherine Wilson
February 1, 2013
Dr. Kunze
Organization & Management

Chapter 5 Analysis: Strategizing

Main Purpose

The primary focus of this chapter was to place emphasis on strategic management and how to plan objectives in order to ensure all goals of the company are met. This relates directly with the previous chapter because the P-O-L-C framework is incorporated. The author begins by describing the term strategy. Strategy is a central part of the planning function in P-O-L-C framework. It is essential that during the development of a strategy that it includes choices that will help your organization gain a competitive advantage. The author emphasized the importance of incorporating strategy into management and planning. Strategic management reflects what a firm is doing to achieve its mission and vision.

Key Questions and Key Concepts

Strategic management processing gives a more specific definition of strategic management. It states that the strategic management process is the process by which a firm manages the formulation and implementation of its strategy. It’s also referred to as the coordinated means by which an organization achieves its goals and objectives. Planning and strategy formation sometimes is called business planning or strategic planning also. Strategy implementation tells managers how they should go about putting the desired strategy into action.

Strategically planning plays a very large role in the P-O-L-C framework. Strategy communicates how vision and mission will be achieved and which goals and objectives show that the organization is on the right to achieving them. There are two specific parts: corporate and the business strategy. The corporate strategy answers questions such as: What businesses should we be in? How does being in one business help us compete in our other businesses? The business strategy asks questions such as: How should we compete?

The two different types of strategies that were

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