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STRATEGIC MANAGEMENT ESSENTIAL - Coggle Diagram
STRATEGIC MANAGEMENT ESSENTIAL
The art and science of formulating, implementing, and evaluating cross functional decisions that enable an organization to achieve its p\objectives
Stages of strategic management
strategy formulation
developing vision and mission, identifying an organization's external opportunities and threats, determining internal strengths and wekanesses, establishing long term objectives
strategy implementation
requires firm to establish annual objectives, devise policies , motivate employee, and allocate resources
strategy evaluation
reviewing external and internal that are the bases for current strategies
measuring performance
taking corrective actions
Key Terms
competitive advantage
strategists
externla oppportunity
vision and mission statements
internal strenghts and weaknesses
long term objectives
strategies
annual objectives
policies
Benefits of engaging in strategic management
Financial Benefits
Non financial benefits
Pitfalls in strategic planning
using strategic planning to gain control over decisions and resources
doing it only to satisfy accreditation or regulatory requirements
too hastly moving from miison development to strategy formulation
faliing to communicate the plan to employees
top manager making any intuitive decision that conflict with the formal plan