Basic model of strategic management

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Alvin Niere

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Basic Model of Strategic Management Alvin G. Niere M.B.A.-1 Misamis University

4 Basic Elements of Strategic Management ,[object Object],[object Object],[object Object],[object Object]

Basic Elements of Strategic management process ,[object Object],[object Object],Environmental Scanning Strategy Implementation Evaluation And Control

Environmental Scanning ,[object Object],[object Object]

External Environment ,[object Object],[object Object]

Internal Environment ,[object Object],[object Object],[object Object]

Strategy Formulation ,[object Object],[object Object]

Mission ,[object Object],[object Object]

Objectives ,[object Object],[object Object]

Strategy Implementation ,[object Object],[object Object]

Programs ,[object Object],[object Object]

Budgets ,[object Object],[object Object]

Procedures ,[object Object],[object Object]

Performance ,[object Object],[object Object]

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Strategy is the action taken by strategists to achieve the goals of the organization. It deals with long term development rather than routine operations like: new product development, capturing new customers , occupying new geographic location, adaptability of technology & focusing on creativity & innovativeness. It ca be defined as a general direction set for the company & its various components to achieve a desirable state in future. Strategy plays a significant role in forecasting future uncertainties by scanning the environment. The main aim of Strategic Management (SM) is to help the organization to operate successfully in the dynamic environment which is complex by nature. It helps the business to be less bureaucratic & more flexible. It provides competitive advantage to the organization. It demands that the company should be a learning organization which creates, acquires and transfers knowledge. Strategic management process consists of four stages. These are Environmental scanning Formulation of Strategy Implementation of the Strategy Evaluation & Control of the Strategy. Environmental scanning is the systematic process of monitoring, evaluating and disseminating information from the external & internal environments to key people within the organization. The external environment consists of opportunities & threats that are outside of the organization whereas internal environment consists of strength & weakness that are within the organization itself. The internal environment includes the management, employees, structure, culture and resource of the organization. The environmental scanning is done through SWOT analysis. Strategy Formulation is the development of long-range plans for the effective management of environmental opportunities & threats in light of corporate strength & weaknesses. It includes defining the corporate mission, specifying achievable objectives, developing strategies & setting policy guidelines. In this step the organization must practically fix the quantitative target values for some of the organizational objectives. Strategy Implementation is the process by which strategies & policies are put into action through the development of programs, budgets & procedures. This process might involve changes within the culture, structure, system of the organization. Most of the times, strategy implementation is carried out by middle & lower level managers with the review by the top management. Sometimes referred to as operational planning, strategy implementation often involves day-to-days in resource allocation. It includes programs, budgets & procedures. Evaluation of Strategy is the process in which corporate activities & performance are monitored so that the actual performance can be compared with desired performance. Managers at all levels use the resulting information to take corrective action & resolve problems. A critical evaluation must be done on the basis of the organization’s past performance.

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