...Strategic Management Process Erica Valadez MGT/ 498 February, 12, 2014 Mr. Bernal Abstract There are several components of a strategic management process that are imperative for a company’s success. The most important components are environmental planning, strategy formulation, strategy implementation and strategy evaluation. Understanding each of them is essential when implementing them in the company. Strategic Management Process The primary components of a strategic management process are environmental planning, strategy formulation, strategy implementation and strategy evaluation. Environmental scanning is a process of collecting, examining and providing information for strategic purposes. This information assists in the internal and external factors influencing an organization. Following the analysis process, there should be an evaluation on it to improve the analysis (Management Study Guide, n.d.) Strategy formulation is the method of deciding the best course of action for accomplishing organizational objectives for this reason achieving organizational purpose. After conducting environment scanning, managers formulate corporate, business and functional strategies (Management Study Guide, n.d.). Strategy implementation entails producing the strategy work as intended or putting the organization’s chosen strategy into action. This includes designing the organization’s structure, distributing resources, developing decision making process and managing human resouces...
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...Approaches to Change Management for Flexible Learning Australian Flexible Learning Framework Quick Guides series Based on the knowledge generated from the Australian Flexible Learning Framework projects and selected external literature, the Quick Guides series provides an introduction to key issues related to flexible and online delivery of Vocational Education and Training (VET). Reference as: Backroad Connections Pty Ltd 2003, Approaches to Change Management for Flexible Learning (Version 1.01), Australian Flexible Learning Framework Quick Guides series, Australian National Training Authority. Version 1.02, July 2004 This document can be accessed at: http://flexiblelearning.net.au/guides/change.pdf For a list of other Quick Guides see: http://flexiblelearning.net.au/projects/sharingknowledge.htm#guides / © 2003 Australian National Training Authority This work has been produced by the Sharing Knowledge project with the assistance of funding provided by the Commonwealth Government through the Australian National Training Authority. Copyright for this document vests in ANTA. ANTA will allow free use of the material so long as ANTA’s interest is acknowledged and the use is not for profit. The views and opinions expressed in this document are those of the authors and do not necessarily reflect the views of ANTA. ANTA does not give any warranty...
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...Strategic management can be defined as the systematic analysis of the factors associated with customers and competitors. Strategic management allows organizations to strategically align policies to ensure efficient management is consistently obtained (Business Dictionary, 2011). Through strategic management, organizational leaders are able to assess their strengths and weaknesses and leverage them in order to monitor, evaluate, and plan accordingly. In this paper, the author will describe the primary components of a strategic management process and explain the importance of a company having a strategic management process. The author will also describe the strategic management process used at FedEx Corporation that makes them a leading force in their industry. The concepts and techniques of strategic management are widely used by organizations to help their companies remain competitive and decrease the likelihood of costly errors (Wheelen & Hunger, 2010). Strategic management is a continuous process that has four phases that outline the set of strategies an organization should use to achieve better performance (Management Study Guide, 2010). The first phase of the process refers to the financial planning managers use to develop a budget to be used for company activities during the year. The second phase involves forecast-based planning which allows managers to review the budgets and determine their feasibility on a long-term basis. Externally oriented planning in phase three...
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...Association for Institutional Research.] Editor's Note: The Readers' Guide to Periodical Literature, published by the H.W.Wilson Company, is an index to English language periodicals of general interest available in most libraries. We consider a periodical to be readily accessible if it is indexed in the Readers' Guide. For those periodicals not included in the Readers' Guide, we provide the address and, in most cases, the phone number to guide you in your scanning. The Encyclopedia of Associations, published by Gale Research, Inc., is a guide to over 22,000 national and international organizations. Information about how to contact the organizations mentioned in this chapter is from the 1992 edition of The Encyclopedia of Associations and is available in most libraries. Publications of U.S. government agencies are indexed in the Monthly Catalog of United States Government Publications. Most publications included in the Monthly Catalog are available from The Superintendent of Documents, U.S. Government Printing Office, 732 N. Capitol St., NW, Washington, DC 20401. Information: 202/275-3648, orders and inquiries: 202/783-3238. -------------------------------------------------------------------------------- For overviews of environmental scanning, see: Aguilar, F. (1967). Scanning the business environment. New York: Macmillan. Cope, R. G. (1981). Environmental assessments for strategic planning. In N.L. Poulton, (Ed.), Evaluation of management and...
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...BUSINESS MANAGEMENT MGT 790 STRATEGIC MANAGEMENT Course Outline 2011 Course Prescription Strategic Management is the process and practice of managerial decision making and implementation that seeks to create and maintain competitive advantage. In essence it determines the long term performance of a business and as such is the role of the senior executive members to refine but the responsibility of all to roll out. Included in the process is comprehensive environmental scanning, strategy formulation (strategic planning), strategy implementation, and monitoring. Students in this course will review how the strategic decision makers within an organisation first identify, define and analyse commercial problems and then develop practical and ethical solutions. It provides a practical guide for, and an initial experience in, strategy formulation and strategic management. Class time will be largely spent in lecture, discussion, case studies and experiential exercises. Students will learn from the theoretical literature, instructor, case studies, videos, research presentations, and from each other. The course materials explain and describe the different aspects, challenges, and stages of strategic management simply and clearly. Goals of the Course To examine and understand the nature and role of strategy, strategic management and strategic leadership within an organization. Learning Outcomes 1. To develop skills in strategic analysis, development and implementation...
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...3/27/13 Dashman Company WriteWork Essays & Writing Guides for Students Worried about plagiarism? Read this. Login | Help Essay Topics Area & Country Studies Essays (1,432) Art Essays (7,007) Businesss Research Papers (18,264) Humanities Essays (11,304) Literature Research Papers (31,867) History Term Papers (13,753) Law & Government Essays (5,824) Science Essays (9,902) Social Science Essays (16,816) Writing Guides How to write a book report How to write a research paper How to write an essay Search Search over 115,000 essays Go Worried about plagiarism? Get ideas & start writing References & research topics How to outline your essay Improve writing and grades Close Businesss Research Papers (18,264) › Management (5,798) › Management Planning & Decision Making (602) Dashman Company Essay by elgonzz, University, Master's, October 2008 www.writework.com/essay/dashman-company 1/6 3/27/13 Dashman Company download word file, 2 pages 5 1 reviews Downloaded 13 times Keywords plants, world war, case study, gap, bridging the gap 0 0Like 0Tweet This case study is based on the situation that prevailed in a company during the II world war. It was the period when America entered the war. The Dashman Company was one of the major suppliers of equipments to the US. Armed Forces. As a result of forecast in the purchase made by the20 units which worked as an autonomous body, Mr. Post was appointed to coordinate the purchasing activity by Mr. Mason, the president of...
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...engage in research practices with the motive of analyzing given problems in the society while others do it for study purposes. In the field of business and investment, researchers and scholars conduct studies with the aim of promoting investment and ensuring there is a favorable investing climate in the future. The paper will evaluate two pear reviewed articles conducted on the field of business. The first article is strategy written by David, Gary, and Amy in 1997 in Strategic Management Journal. The second one is strategic planning by Michael E Porter. It was published in 1996 in Harvard Business Review. The paper will analyze the research to evaluate the research process considering application of the literature review, ethical consideration and statistical analysis significance. The paper will also analyze the conclusion to determine the effectiveness of the study. When writing any research, there are some critical steps that an individual have to remember. The first critical step is to identify the objectives of the study. Each study has defined objectives that guide the researcher. The objectives enable the researcher to stick to the topic and avoid collecting irrelevant data. In the above articles, the researcher begins with outlining the objective of the studies before introducing the research question. It enables the reader to understand the aim of the study through knowing what the researcher want to find out. The articles named above have objectives that are closely...
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...MGT/498 Final Examination Study Guide This study guide will prepare you for the Final Examination you will complete in the final week. It contains practice questions, which are related to each week’s objectives. In addition, refer to each week’s readings and your student guide as study references for the Final Examination. Week One: Strategic Overview, Ethics, and Legal Environment Objective: Indicate why a strategic management process is needed. 1. Research of the planning practices of companies in the oil industry concludes that the real value of modern strategic planning is more a. in the planning b. in the strategic thinking and organizational learning c. in the resulting written strategic plan d. in the formality of the process e. in the improved communication within the organization Objective: Describe the primary components of the strategic management process. 2. The time horizon involved with regard to basic financial planning is usually a. one year b. one quarter c. more than five years d. less than one month e. more than three years 3. A difference between basic financial planning and forecast-based planning is a. the time horizon is shorter in forecast-based planning b. forecast-based planning incorporates internal and external information c. basic financial planning utilizes consultants with sophisticated techniques d. basic financial planning utilizes scenarios and contingency strategies ...
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...Home TAYLOR SAMSEL Share ... 183 Home Classroom Library Program Account PhoenixConnect Careers MKT/421 » Syllabus US/Arizona Time: Jul 29, 2014, 2:38 PM MKT/421 (BSDS1DBAM2) Class Home Week1 Week2 Week3 Week4 Week5 Full Syllabus Week2. Strategic Planning and Positioning. Jul 22 - Jul 28Week2 Strategic Planning and Positioning Jul 22 - Jul 28 / 13 points Tasks Complete the Learning Team Charter. Objectives/Competencies 2.1Identify the components of an effective marketing plan. 2.2Conduct a SWOT and competitive analysis. 2.3Apply the market research process in discovering and answering business questions. 2.4Apply a segmentation model to create a target market and develop a positioning statement. Learning Activities Required Reading Basic Marketing, Ch. 2 43 Reading Basic Marketing, Ch. 3 14 Reading Basic Marketing, Ch. 4 11 Reading Basic Marketing, Ch. 7 10 Reading Basic Marketing, Ch. 18 7 Discussion Favorite Brand Discussion 24 Discussion Product and Organization Selection and Approval 6 Discussion Research and Discussion 3 Video The Five Competitive Forces That Shape Strategy 1 Video Target: Inside the Bullseye 2 Video Positioning 11 Video Marketing Research and Segmentation 4 ERR Week 2 Electronic Reserve Readings Assignments ASSIGNMENT STATUS FRIENDLY NAME TITLE DUE DATE POINTS UNREAD COMMENTS Participation Week 2 Participation Due Jul 28, 11:59 PM /3 Presentation Marketing...
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...strategy, and how they differ from one another Identify the strategy process and describe the purpose of each step Explain the concepts of strategic thinking and analysis Describe the various levels of strategy and the links between them Explain the drivers, challenges and benefits of globalisation Discuss the role of the accountant in the strategy process PRACTICE • • • Have you completed the questions in the Study Guide? Have you completed the Learning Examples in the Student Notes? Have you completed the knowledge check questions from this module? Key revision areas: • The different approaches to strategy: rational, processual, evolutionary, systemic • The levels of corporate strategy and the scope/content of each • The drivers, challenges and benefits of globalisation • Evolution of corporate strategy as a concept – Porter, Mintzberg • Operational effectiveness v. strategic positioning • Developing the strategy – see Focus slide • Ethics in leadership: classical and socioeconomic views Strategy and leadership Approaches to strategy Strategy process • Rational – Ansoff, Chandler, Porter’s five forces • Processual – emergent strategies • Others – evolutionary, systemic • External environment – PESTEL (opportunities; threats) • Internal environment – strategic and operational drivers, people/organisational drivers (strengths; weaknesses) • Evaluating and selecting growth options –...
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...STUDENT NAME: FRANKLIN K. MURIITHI REG. NO. 16J03DMBA039 PROGRAMME: MASTER OF BUSINESS ADMINSTRATION COURSE: MKT 619- MARKETING MANAGEMENT ASSIGNMENT 1: CASE STUDY 1 TOPIC: A CASE STUDY TO SHOW EQUITY BANK LIMITED COMPETITIVE STRATEGIES This assignment is submitted as partial fulfilment for the award of Master of Business Administration of Africa Nazarene University MONTH: February, 2016 LECTURER: DR. ISAIAH IMAITA A CASE STUDY TO SHOW COMPETITIVE STRATEGIES OF EQUITY BANK LIMITED This case study shows the products development strategies adopted by Equity Bank Limited (EBL) so as to have a competitive advantage over the other players in the banking sector. Primary data was collected through an in-depth interview with the senior management of Equity Bank Limited –Embu Branch using an interview guide, while secondary data was obtained from the National Bank library as well as other studies carried out in the banking sector e.g. Wandate, (2012), Gatome (2012), Njagi, L. & Kombo, H. (2014), Githagui, (2014), Mutua, (2013). Banking Industry in Kenya Competition among commercial banks in Kenya is quite stiff and most players have attained competitive advantages through product and service differentiation in terms of cost and customer experiences Banks have also invested heavily in technological products, processes and institutional changes. Banks have invested in training programmes and employee empowerment practices. Commercial...
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...A vision for excellence Planning has become an important part of developing good management skills and governing of an educational organization. The Strategic Planning in Higher Education “clearly articulates that a proven methodology will yield strategic thinking from groups and more organizations in a innovative direction” (Center for Organizational Development and Leadership). Planning assures organizations stay in touch with the needs of the community. Planning will ultimately contribute to the growth and organizational stability of a learning community. There are two Interstate School Leaders Licensure Consortium standards that educators must consider when developing a successful work plan. Interstate School Leaders Licensure Consortium standard one specifies that “a school administrator is an educational leader who promotes the success of all students by facilitating the development, articulation, implementation, and stewardship of a vision of learning that is shared and supported by the school community”. (GCU,2012 ISLLC pg. 18) Interstate School Leaders Licensure Consortium standard three specifies that “a school administrator is an educational leader who promotes the success of all students by ensuring management of the organization, operations, and resources for a safe, efficient, and effective learning environment”. (GCU,2012 ISLLC pg.18) These standards and their functions set the foundation for developing a strategic plan. Planning involves a base for monitoring...
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...MSTM- 6023 Strategic Planning & Policy Development Unit 2: Strategic Planning- Case Study Analysis 1 Drucker, P., 2008: Case # 13- What are “Results” in the Hospital? Table of Contents Overview ……………………………….………………………...……….. 2 Problem Statement ……………………….……………………...………… 2 Alternatives ………………………………….………………...…………... 3 Pros and cons ……………………………….………………………………4 Course of Action ……………………………..……………………………. 8 References ………………………………………………………………... 12 Overview Robert Armstrong, an ex-Navy sailor managed a successful family business for twenty years. During this time he also served as the chairman of the hospital board of directors. Healthcare had always been an interest if his. Armstrong had planned to become a physician before being drafted to the Navy while in college. After many years of business management he had begun to resent the time spent travelling and growing his business. He had secured what he described as an “over competent” team of managers within his family business and was ready for change. When the opportunity to become the hospitals administrator became available Armstrong accepted the challenge. However not being experienced in heath care management he was initially reluctant. Armstrong consulted with the hospital’s chief of medical services to inquire, “How do I measure performance?” Familiar with the definition of...
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...STRATEGIC ISSUE MANAGEMENT PRACTICES AT THE KENYA POWER & LIGHTING COMPANY LTD BY BETTY MWENDE KAUMBUTHU A RESEARCH PROJECT PRESENTED IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE AWARD OF MASTERS OF BUSINESS ADMINISTRATION DEGREE, SCHOOL OF BUSINESS, UNIVERSITY OF NAIROBI NOVEMBER 2013 DECLARATION This research project is my own original work and has not been presented for a degree in any other University or Institution of higher learning. SIGNED ………………………………………… DATE ………………….. BETTY MWENDE KAUMBUTHU D61/71576/2008 This research project has been submitted for Examination with my approval as University Supervisor. SIGNED: ………………………………………… DATE: ……………………. MR. JEREMIAH KAGWE Lecturer School of Business University of Nairobi ii DEDICATION This study is dedicated to my parents and friends who bring me immense source of joy and fulfilment. iii ACKNOWLEDGEMENTS I am deeply indebted to Mr. Jeremiah Kagwe for his guidance, patience and insightful input from the commencement of this project to its completion. I wish also to express my appreciation to the School of Business, MBA lecturers without whose enormous contribution in class sessions, this work would have not been possible. I am also grateful to my entire family members. Their encouragement, patience and understanding were attributes without which I would not have successfully completed the project. I have also received support and motivation from several fellow MBA students during class sessions, group discussions...
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...quality stakeholder engagement, research, insight, careful planning, implementation, and constant adjustments based on feedback. We approach all projects from a project lifecycle perspective, with most projects following a series of interdependent stages. Typically, these stages include understanding, planning, designing, implementing, and concluding. There is a time and place for each product and service. Within each stage, projects may require any combination of management, research, creativity, training, and technical services. When we approach each project, we assess which project lifecycle stages will be required, and then we combine the best combination of services, products, and people for that stage. Recognizing there are no “one size fits all” solutions, we tailor each project to suit our clients’ individual needs and unique operating environments. Since all our products and services are aligned with the lifecycle stages, we offer the right support, at the right time, focused on the right goals. Project lifecycle stages 1. Understanding Solid projects and campaigns begin with quality research and insight. This can include audience, product, competitor, and stakeholder research. The insights gleaned at this stage are used for the strategic planning, design, and implementation stages. Moreover, any baseline data may be used for pre/post comparisons within the final evaluation. 2. Planning The best strategic plans take place after conducting preliminary research,...
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