Overview of Strategic Management

A Comprehensive Strategic-Management Model

Strategy Evaluation
Strategy Evaluation
Strategy Implementation
Strategy Implementation
Strategy Formulation
Strategy Formulation
Measure and Evaluate Performance
Measure and Evaluate Performance
Implement Strategies – Marketing, Finance, Accounting, R&D and MIS Issues

Implement Strategies – Marketing, Finance, Accounting, R&D and MIS Issues

Generate, Evaluate, and Select Strategies
Generate, Evaluate, and Select Strategies
Implement Strategies – Management Issues

Implement Strategies – Management Issues

Establish Long-Term Objectives
Establish Long-Term Objectives
Perform Internal Audit
Perform Internal Audit
Perform External Audit
Perform External Audit
Develop Vision and Mission Statements
Develop Vision and Mission Statements

Strategic Management can be defined as the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives.

Develop Vision and Mission Statements A vision statement should answer the basic question, “What do we want to become?”. A clear vision statement provides the foundation for developing a comprehensive mission statement. An enduring statement of purpose that distinguishes one organization from other similar enterprises, the mission statement is a declaration of an organization’s “reason for being”. It answers the pivotal question “What is our business.”
Perform External Audit
The purpose of an external audit is to develop a finite list of opportunities that could benefit a firm and threats that should be avoided.
Perform Internal Audit
Objectives and strategies are established with the intention of capitalizing upon internal strengths and overcoming weaknesses.
Establish Long-Term Objectives
Long term objectives represent he results