This Presentation covers the critical analysis of the definition of Strategic Management. It also Discuss the Nature and Function of the strategic management

1. Lecture Outcome
• Understanding strategy through defination
• Features Of strategy
• Functions of Strategy

2. Strategy?
• Michael Porter
• Seeking a single ideal competitive position in an industry
• Benchmarking and adopting best practices
• Aggressive outsourcing and partnering to improve efficiencies
• Focusing on a few key success factors, critical resources, and
core competencies
• Rapidly responding to ever-evolving competitive and market
changes
https://hbr.org/2015/05/what-is-strategy-again

3. Strategy contd
• “Strategy is the direction and scope of an
organization over the long-term. It helps achieve an
advantage for the organization through its
configuration of resources within a challenging
environment, to meet the needs of markets and
fulfill stakeholder expectations.”

4. Johnson and Scholes
• "...the direction and scope of an organisation over
the long-term: which achieves advantage for the
organisation through its configuration
of resources within a challenging environment, to
meet the needs of markets and to
fulfil stakeholder expectations".
https://www.tutor2u.net/business/reference/what-is-strategy

5. Features of Strategy
• Strategy is Significant because it is not possible to foresee the
future. Without a perfect foresight, the firms must be ready to
deal with the uncertain events which constitute the business
environment.
• Strategy deals with long term developments rather than routine
operations, i.e. it deals with probability of innovations or new
products, new methods of productions, or new markets to be
developed in future.
• Strategy is created to take into account the probable behavior
of customers and competitors. Strategies dealing with
employees will predict the employee behavior.

6. Functions of strategic management
• Strategy is Significant because it is not possible to foresee the
future. Without a perfect foresight, the firms must be ready to
deal with the uncertain events which constitute the business
environment.
• Strategy deals with long term developments rather than routine
operations, i.e. it deals with probability of innovations or new
products, new methods of productions, or new markets to be
developed in future.
• Strategy is created to take into account the probable behavior
of customers and competitors. Strategies dealing with
employees will predict the employee behavior.

7. Functions of strategic management
• Development of company strategy and vision
• Identification of products and markets
• Focus on Company’s brand positioning
• Alignment across businesses or departments
• Planning and Correction

8. Features of Strategy
• Strategy is Significant because it is not possible to foresee the
future. Without a perfect foresight, the firms must be ready to
deal with the uncertain events which constitute the business
environment.
• Strategy deals with long term developments rather than routine
operations, i.e. it deals with probability of innovations or new
products, new methods of productions, or new markets to be
developed in future.
• Strategy is created to take into account the probable behavior
of customers and competitors. Strategies dealing with
employees will predict the employee behavior.

9. You Tube Video Link:
https://youtu.be/GlnJUFRABIg