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Activity 1 (Chap. 1) - Coggle Diagram
Activity 1 (Chap. 1)
Benefits Strategic Management
for a company
Enhanced Communication
Dialogue
Participation
Improved Understanding
Of others' view
Of firms' doing or planning
and why
Greater Commitment
to achieve objectives
to implement strategies
to work hard
The Result
all managers &
employees on a
mission
to help firm succeed
Stages of Strategic Management
Fomulation
develop vision & mission
identify external opportunities and threats
determine internal strength and weaknesses
establish long term objectives
generate alternative strategies
choosing strategies to pursue
Implementation
requires firm:
establish annual objectives
devise policies
motivate employees
allocate resources
Evaluation
review external & internal factors
that are the bases for
current strategies
measure performance
take corrective actions
Strategic Management
Art & Science
Formulate,
Evaluate,
Implement
cross-functional
decision
which enable organization
achieve its goals and objectives