- Strategic Management Strategic Management. - z Implement the steps in the strategic management process.. - z Conduct an analysis of the firm’s strengths, weaknesses, opportunities, and threats.. - z Link external and internal environment data to determine a firm’s strategic intent and mission.. - The Strategic Management Process. - z It is the job of top level management to chart the course of the entire enterprise.. - ¾ Analysis of the internal and external environment of the firm.. - ¾ Definition of the firm’s mission.. - z Strategic management involves both long-range thinking and adaptation to changing conditions.. - z Competitors should be unable to duplicate what the firm has done or should find it too difficult or expensive.. - Components of the Strategic Management Components of the Strategic Management. - The External Environment. - Scope of the External Analysis. - The Segments of the General Environment. - z Company executives should identify the resources, capabilities, and knowledge the firm has that may be used to exploit market opportunities and avoid potential threats.. - z Resource-based view: Basing the strategy on what the firm is capable of doing. - Identify the firm’ Identify the firm ’ s s resources and locate resources and locate areas of strength and areas of strength and 2. - Identify the firm’ Identify the firm ’ s s. - competitive advantage.. - Select a strategy that best Select a strategy that best exploits the firm. - exploits the firm. - Invest in replenishing Invest in replenishing and augmenting the and augmenting the firm’ firm ’s resource base. - z Often provides the firm with a strong competitive advantage.. - Analyzing the Firm’s Capabilities. - Strategic Intent and Mission. - z The primary guides to strategic management are formal statements of strategic intent and mission.. - z Strategic intent is internally focused, defining how the firm uses its resources, capabilities, and core competencies.. - z The design of an approach to achieve the firm’s mission.. - z Two of the most widely applied include:. - z The firm should also consider the desires of other stakeholders affected by its performance.. - z Some of the standard measures of strategic success includes:. - ¾ Modify the firm’s strategic intent, mission, and formulated strategy when necessary.. - z The strategic management process generally. - involves teams of managers and employees from different areas who bring their perspectives and expertise to bear on issues facing the firm.. - z A key factor is how well the firm can mobilize and integrate the efforts of team members.. - greater contributions to the firm if they engage in activities that have strategic value.. - z Employee success depends on the ability to adapt to the firm’s strategic change.
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