Strategic Management

Question 1

What are the three steps of Strategic Management?

Answer 1

1. Definition of strategies
2. Strategic Planning
3. Strategic Management

Question 2

What contains the phase “Definition of strategies”?

Answer 2

• Preliminary Process: Statements about long term targets

- Downstream process: Definition if the degree of achirevement of objectives

Question 3

What contains the phase “Strategic planning”?

Answer 3

• Preliminary Process: Analysis and forecast of internal and external environmental conditions
• Downstream Process: Definition of precise activities (action plans)

Question 4

What contains the phase “Strategic Management”?

Answer 4

Add.on aspects of management (planning , decision-making, auditing, controlling, strategic thinking & involvement of the responsible persons, normative aspects, vision, corporate policy) and corporate culture

Question 5

Who are pioneers of strategic management?

Answer 5

Chandler (1962) - “Structure follows strategy”
Hall/Saias (1980) - “Strategy follows structure”
Mintzberg (1990) - “Structure follows strategy… as the left foot follows the right.”

Ansoff (1965) “Corporate Strategy” (Product market matrix)
Andrews (1971) “Concept of Corporate Strategy” (for strategic business areas)
Porter (1980) - Generic Competitive Strategies and five forces.