Introduction to Strategic Management

What is strategic management?

• Strategic management is solely about financial planning.
• Strategic management focuses only on day-to-day operations.
• Strategic management is the process of hiring new employees.
• Strategic management is the process of defining an organization's strategy and making decisions on allocating resources to pursue this strategy.

Give me example of strategy that you know.

• Market segmentation
• SWOT analysis
• Cost-benefit analysis
• Porter's Five Forces

What is the mission of an organization?

• To describe the organizational structure and hierarchy.
• To list the products and services offered by the organization.
• To outline the organization's financial goals.
• The mission of an organization is to define its core purpose and values.

What is the vision of an organization?

• The vision of an organization is its long-term goal or aspiration.
• The vision of an organization is its current market position.
• The vision of an organization is its daily operations.
• The vision of an organization is its financial report.

What are the characteristics of a strong vision?

• Vagueness and ambiguity
• Lack of direction and purpose
• Inflexibility and rigidity
• Characteristics of a strong vision include clarity, inspiration, achievability, alignment with values, direction, motivation, and adaptability.

What is the strategic management process?

• A method for increasing employee productivity
• The strategic management process is a systematic approach to planning and executing an organization's strategy.
• A financial analysis tool for budgeting
• A marketing strategy for brand awareness

Strategic management process include....

• Implementing financial audits
• Conducting market research
• Defining mission and vision, SWOT analysis, setting objectives, formulating strategies, implementing strategies, evaluating and controlling.
• Analyzing customer feedback