Prelim Flashcards
Is the ongoing planning, monitoring, Analysis, and assessment of all necessities an organization needs to meet it’s goals and objectives.
Strategic management
3 Goals of Strategic management
Planning and Budgeting
Human resource alignment
Knowledge management
Benefits of Strategic management
Competitive Advantage
Achieving goals
Sustainable Growth
Cohesive organization
Increased managerial awareness
Strategic management gives business an advantage of over competitors because it’s proactive in nature means your company will always be aware of the changing market
Competitive Advantage
Helps keep goals achievable by using a clear and dynamic process for formulating steps and implementation.
Achieving goals
Has been shown to lead to more efficient organizational performance, which leads to manageable growth
Sustainable Growth
Necessitates communication and goal implementation company-wide
Cohesive organization
Means looking toward the company’s future. If managers do this consistently, they will be more aware of the industry trends and challenges
Increased managerial awareness
Strategic management can either be:
Prescriptive
Descriptive
It means developing strategies in advance of an
organizational issue.
means
Prescriptive Strategic management
means putting strategies into practice when needed.
Descriptive Strategic management
Types of Strategic management :
Interpretive
Linear
Adaptive
Transcendent
Expressive
Simplest form of Strategic management
Linear Strategic management
Scans internal and external environment for threat and opportunities
Adaptive strategic management
Focuses in understanding and implementing the mission vision seeking to evaluate itself
Interpretive strategic management
