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By strategy, most managers mean large scale, future oriented master plans
for interacting with the competitive environment to optimize achievement of
organization objectives
1. Environmental
Scanning
2. Strategy
Formulation
Four Basic
Activities
of
4. Strategy
Strategic
Evaluation
Management 3. Strategy
Implementation
Strategic Management
Strategic Management is defined as the set of decisions
& actions resulting in formulation and implementation
of strategies designed to achieve the an organizations
objectives. It comprises of following critical tasks:
Company Mission
v ^
&Goals
External Environment Internal Analysis
Operating Possible ? (Company Profile)
<
Industry (Resources & Capa-
Remote bilities)
^ Desired ? ^
Strategic Management
Big picture view of organization
Highly influenced by its external environment
Interdisciplinary
Aspects that
set apart External focus
Strategic Internal focus
Management
Future direction
Goal of Business : THE DISTINCTION BETWEEN CORPORATE &
BUSINESS STRATEGY