Strategic Management Definition
1. “Strategic management can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives.” David, F.R. (2009). 2. “An integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage.” Rothaermel, F. T. (2012) 3. “Strategic management includes understanding the strategic position of an organisation, making strategic choices for the future and managing strategy in action.” Johnson, G, Scholes, K. Whittington, R. (2008) 4. “Strategic management is defined as the process by which managers of the firm analyze the internal and external environments for the purpose of formulating strategies and allocating resources to develop a competitive advantage in an industry that allows for the successful achievement of organizational goals.” Cox, M. Z., Daspit, J., McLaughlin, E. and Jones III, R.J. (2012) Various definitions are used to describe the subject, but the combination of all 4 definitions used previously gives us a much clearer view of what the subject is: Strategic management is a continuous process of strategic analysis, strategy creation, implementation and monitoring, used by organizations with the purpose to achieve and maintain a competitive advantage.
The difference between strategic management and strategic Planning: Both strategic management and strategic planning terms mean the same! The difference is that the latter one is more used in the business world while the former is used in the academic environment. (http://www.strategicmanagementinsight.com/)
A visual depiction of the strategic management process
The strategic management process never ends; the process restarts after a plan ends. The company takes the results and re-evaluates its position. Assessment involves performing a situation analysis, self-evaluation, and competitor analysis—both internal and external, and both micro-environmental and macro-environmental. Short- and long-term objectives and completion dates are set. Implementation plans detail how the objectives are to be achieved. (www.boundless.com) TOYOTA Overview
| Toyota Motor Corporation
President and Representative
| Akio Toyoda
| 1 Toyota-Cho, Toyota City, Aichi Prefecture 471-8571, Japan Phone: (0565) 28-2121
Tokyo Head Office
| 1-4-18 Koraku, Bunkyo-ku, Tokyo 112-8701, Japan Phone: (03) 3817-7111
| 4-7-1 Meieki, Nakamura-ku, Nagoya City, Aichi Prefecture 450-8711, Japan Phone: (052) 552-2111
| August 28, 1937
| 397.05 billion yen (as of March 31, 2012)
| From April 1 to March 31 of the following year
| Main Business Activities
| Motor Vehicle Production and Sales
| Number of employees (consolidated)
| 325,905 (as of March 31, 2012)
| Number of employees
| 69,148 (as of March 31, 2012)
Note: Information current as of June 2012.
"Toyota will lead the way to the future of mobility, enriching lives around the world with the safest and most responsible ways of moving people.
Through our commitment to quality, constant innovation and respect for the planet, we aim to exceed expectations and be rewarded with a smile. We will meet our challenging goals by engaging the talent and passion of people, who believe there is always a better way."
Toyota aims to achieve long-term, stable growth in harmony with the environment, the global economy, the local communities it serve, and its stakeholders.
Toyota Visionary Management
The image of a tree has been chosen to symbolize the Toyota Global Vision - its “roots to fruits”.
The roots of the tree are the shared values that have steered Toyota from the beginning and that have underlain our monozukuri1. They are expressed in the Toyoda Precepts, in the Guiding...
Please join StudyMode to read the full document