UNIT – 1 Strategy: It is derived from the Greek word “Strategos” which is used in military terms. Definition: Strategy is a course of action through which an organisation relates itself with…Full description
The aim of this paper is to provide a summary of those models from Management literature most often used in student assignments, management activities & business consultancy.
The Executive Guide to Strategy
Download full file at https://testbanku.eu/Test-Bank-for-Concepts-in-Strategic-Management-and-Business-Policy-14th-Edition-by-Wheelen
business PolicyFull description
Honeywell company description
Business Policy
business policy and stratigic management
BASIC APTITUDE PRACTICE PAPERS, if any doubts in any questions ....u can contact me on whatsapp ...my whatsapp number is 9397626169
Basic Concepts of Air Compressor
basic ecological concepts 1
Various cost concepts, it's elements with Solved examples.
Strategic Management and Business Policy -MBA Book
Chapter 1 BASIC CONCEPTS IN BUSINESS POLICY AND STRATEGY STRATEGIC MANAGEMENT PROCESS
SITUATION ANALYSIS – This includes environmental scanning. It is also provide the information necessary to formualte the company’s vision/mission statement. It involves scanning and evaluating the organization, which also include the internal environment.
Strategy Formulation- this involves the development of company strategies. Strategy formulation is composed of three organizational level: operational, competitive, and corporate.
Level of Strategy Operational strategies- are short term and are associated with the various operational departments of the company such as human resources, finance, marketing and production. Competitive strategiesstrategies- are those related to the techniques in competing in a certain industry. Corporate- involved in providing decision for he organization.
Strategy Impelmentation – this involves the development of procedures, programs and activities to put the strategies into practice.
STRATEGY EVALUATION- it includes appraising the company’s performance. All employees are involved in strategy evaluation. There is always a need to modify strategies because the environment is constantly changing.
STRATEGIC MANAGEMENT: PLANNING PHASES
PHASE 1. PLANNING FINANCIAL ASPECTS – this usually the phase when financial data such as next year’s budget is planned. Usually these data come from the sales people.,
PHASE 2. FORECASTING- For long term planning, five years plan are made. Since managers have different project to propose, they have a tendency to outdo each other in terms of getting a larger share of the funds.
PHASE 3. EXTERNAL PLANNING- This usually the task of the top management. Members of top management gather and formulate strategies for the company on a five year period.
PHASE 4. STRATEGIC MANAGEMENT- the strategies formulated will be worthless without the commitment of all employees.
GLOBALIZATION
-
Has changed the way people do business. As the name implies, globalizations is the internationalizations of markets an corporations.
-
-to be competitive means a paradigm shift from looking at a global market instead of a local market.
THE ELECTRONIC AGE Electronic transaction refers to the various uses of the internet conducting business transactions. 1. The internet has become a force for companies to improve and enhance the way they transact business. 2. Distribution channels have changed drastically through the years. 3. Customers have more power than ever. 4. 4. Firms are now exploring endless possibilities to inovate. 5. 5. Business pacing is increasing. 6. 6. The internet is putting corporation out of their traditional boundaries. 7. 7. Knowledge is a very important asset. Organizational Adaption
Aside from globalization and electronic commerce, a company should always be updated on what is in store facets of the business environment.
Population Ecology – explains that when a company is able to take hold of a formidable position in the industry.
Institution Theory – focuses on the more obvious and important aspects of the social structure which include norms, rules and policies which form the basis for social behavior.
Strategic Choice Perspective – theorizes that an organization not only adapts environment but also tries to reshape environment.
Organizational Learning Theory – uses knowledge as an important component for the company to respond in a changing c hanging environment.
2 VIEWS OF ORGANIZATIONAL LEARNING THEORY
Technical View- focus on the processing and preparation and interpretationof these process to respond to both external and internal forces in the organizations.
Social View – experiences of people including people at work and their relevance to organizational performance.
Review questions: 1. 2. 3. 4.
What do you need for a good strategy? How to implement different strategies? How does globalization affect your business? How to improve your strategy strategy for the successful successful of your business?
