Strategic management is a multi-level process that is aimed mainly at the formulation of successful strategies for a company

The steps involved in the strategic management process are interdependent: any change is one particular step can significantly affect the other step/s

A realized strategy is the plan at the beginning, while a deliberate/intended strategy is how it worked out at the end

The ultimate authority to make strategic decisions lies with the senior-most executives, however the board of directors can object to their decisions or reject them

Stage 2 and 3 of the strategic management process must occur side-by-side rather than sequentially, because strategies are built on assumptions which, in the absence of perfect knowledge, will never be perfectly correct

A business unit is a self-contained division (with its own functions—for example, finance) that provides a product or service for a particular market

Following would be an example of stretch objective from Bahria University’s perspective: “By 2025, BU will be in the list of the best universities of Rawalpindi and Islamabad”

Front-line managers are responsible for supervising a particular functional area i.e. a task, activity, or operation like accounting, marketing, R&D, information technology, or logistics

A company’s mission refers to its overall goal: all company processes and activities should contribute towards its achievement

The CEO along with the auditors ensure that the company issues accurate financial reports and has adequate financial controls

It is the responsibility of the employees to evaluate the strategic leadership skills of the CEO

In a multi-business companies, the strategy-making task involves 3 distinct types or levels of strategy, whereas, in single business companies, there are 4 levels of strategy making

The strategy-making task is more bottom-up than top-down; with lower-level strategies serving as the guide for developing higher-level strategies

A balanced scorecard is the most reasonable tool for measuring company performance as it helps the corporate managers to find and maintain a balance between the accomplished and failed objectives

The first stage of strategic management process provides direction for the company, motivates and inspires company personnel, aligns and guides actions throughout the organization, and communicates to stakeholder’ management aspirations for the company’s future

The total strategy that emerges is really a collection of strategic actions and business approaches initiated partly by senior company executives, partly by the heads of major business divisions, partly by functional-area managers, and partly by operating managers on the front lines

Strategies are formulated in a strategic management process stage that occurs immediately after the control of the strategy stage

A corporate mission makes it easier for a company to make decisions, foster teamwork and help employees collaborate, quickly communicate principles to clients and customers, and hire employees with the right attitude

The first step of the strategic planning process is to establish a certain corporate culture and leadership style