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Principles of Management

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Principles of Management ­ MGT503
VU
Lesson 9.25
STRATEGIC MANAGEMENT -1
INTRODUCTION
Today's business news is filled with reports of organizations making changes in their strategies for whatever
reasons. An underlying theme of discussing strategic management is that good strategies can lead to high
organizational performance.
THE IMPORTANCE OF STRATEGIC MANAGEMENT
The environmental shocks during the decades of the 1970s and 1980s forced managers to develop a
systematic means of analyzing the environment, assessing their organization's strengths and weaknesses,
identifying opportunities that would give the organization a competitive advantage, and incorporating these
findings into their planning. The value of thinking strategically was recognized.
The concept of strategic management
Strategic management is a process through which managers formulate and implement strategies geared to
optimizing goal achievement, given available environmental and internal conditions. Strategic
management is that set of managerial decisions and actions that determines the long-run performance of
an organization. It entails all of the basic management functions--planning, organizing, leading, and
controlling.
Purposes of strategic management
1.
One reason strategic management is important is because it's involved in many of the decisions that
managers make.
2.
Another reason is that studies of the effectiveness of strategic planning and management have
found that, in general, companies with formal strategic management systems had higher financial
returns than those companies with no such systems.
3.
Strategic management has moved beyond for-profit organizations to include all types of
organizations, including not-for-profit.
Strategic management is important to organizations because it
1.
Helps organizations identify and develop a competitive advantage, a significant
edge over the competition in dealing with competitive forces.
2.
Provides a sense of direction so that organization members know where to expend
their efforts.
Helps highlight the need for innovation and provides an organized approach for encouraging new ideas
related to strategies.
Strategies are large-scale action plans for interacting with the environment in order to achieve long-term
goals. Most well-run organizations attempt to develop and follow strategies.
The strategic management process is made up of several components.
1.
Strategy formulation is the part of the strategic management process that
includes.
a.
Identifying the mission and strategic goals.
b.
Conducting competitive analysis
c.
Developing specific strategies
2.
Strategy implementation is the part of the strategic management process that
focuses on.
a.
Carrying strategic plans.
b.
Maintaining control over how those plans are carried out.
Q.
Define strategic management and how it entails the four management functions.
A.
Strategic management is that set of managerial decisions and actions that determines the long-run
performance of an organization. It entails all of the basic management functions because the
organization's strategies must be planned, organized, put into effect, and controlled.
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Table of Contents:
  1. HISTORICAL OVERVIEW OF MANAGEMENT:The Egyptian Pyramid, Great China Wall
  2. MANAGEMENT AND MANAGERS:Why Study Management?
  3. MANAGERIAL ROLES IN ORGANIZATIONS:Informational roles, Decisional roles
  4. MANAGERIAL FUNCTIONS I.E. POLCA:Management Process, Mistakes Managers Make
  5. MANAGERIAL LEVELS AND SKILLS:Middle-level managers, Top managers
  6. MANAGEMENT IDEAS: YESTERDAY AND TODAY, Anthropology, Economics
  7. CLASSICAL VIEW OF MANAGEMENT:Scientific management
  8. ADMINISTRATIVE VIEW OF MANAGEMENT:Division of work, Authority
  9. BEHAVIORAL THEORIES OF MANAGEMENT:The Hawthorne Studies
  10. QUANTITATIVE, CONTEMPORARY AND EMERGING VIEWS OF MANAGEMENT
  11. SYSTEMíS VIEW OF MANAGEMENT AND ORGANIZATION:Managing Systems
  12. ANALYZING ORGANIZATIONAL ENVIRONMENT AND UNDERSTANDING ORGANIZATIONAL CULTURE
  13. 21ST CENTURY MANAGEMENT TRENDS:Organizational social Responsibility
  14. UNDERSTANDING GLOBAL ENVIRONMENT WTO AND SAARC
  15. DECISION MAKING AND DECISION TAKING
  16. RATIONAL DECISION MAKING:Models of Decision Making
  17. NATURE AND TYPES OF MANAGERIAL DECISIONS:Decision-Making Styles
  18. NON RATIONAL DECISION MAKING:Group Decision making
  19. GROUP DECISION MAKING AND CREATIVITY:Delphi Method, Scenario Analysis
  20. PLANNING AND DECISION AIDS-I:Methods of Forecasting, Benchmarking
  21. PLANNING AND DECISION AIDS-II:Budgeting, Scheduling, Project Management
  22. PLANNING: FUNCTIONS & BENEFITS:HOW DO MANAGERS PLAN?
  23. PLANNING PROCESS AND GOAL LEVELS:Types of Plans
  24. MANAGEMENT BY OBJECTIVE (MBO):Developing Plans
  25. STRATEGIC MANAGEMENT -1:THE IMPORTANCE OF STRATEGIC MANAGEMENT
  26. STRATEGIC MANAGEMENT - 2:THE STRATEGIC MANAGEMENT PROCESS
  27. LEVELS OF STRATEGIES, PORTERíS MODEL AND STRATEGY DEVELOPMENT (BCG) AND IMPLEMENTATION
  28. ENTREPRENEURSHIP MANAGEMENT:Why Is Entrepreneurship Important?
  29. ORGANIZING
  30. JOB DESIGN/SPECIALIZATION AND DEPARTMENTALIZATION
  31. SPAN OF COMMAND, CENTRALIZATION VS DE-CENTRALIZATION AND LINE VS STAFF AUTHORITY
  32. ORGANIZATIONAL DESIGN AND ORGANIC VS MECHANISTIC VS VIRTUAL STRUCTURES
  33. LEADING AND LEADERSHIP MOTIVATING SELF AND OTHERS
  34. MASLOWíS NEEDS THEORY AND ITS ANALYSIS
  35. OTHER NEED AND COGNITIVE THEORIES OF MOTIVATION
  36. EXPECTANCY, GOAL SETTING AND RE-ENFORCEMENT THEORIES
  37. MOTIVATING KNOWLEDGE PROFESSIONALS LEADERSHIP TRAIT THEORIES
  38. BEHAVIORAL AND SITUATIONAL MODELS OF LEADERSHIP
  39. STRATEGIC LEADERSHIP MODELS
  40. UNDERSTANDING GROUP DYNAMICS IN ORGANIZATIONS
  41. GROUP CONCEPTS, STAGES OF GROUP DEVELOPMENT AND TEAM EFFECTIVENESS
  42. UNDERSTANDING MANAGERIAL COMMUNICATION
  43. COMMUNICATION NETWORKS AND CHANNELS EFFECT OF ICT ON MANAGERIAL COMMUNICATION
  44. CONTROLLING AS A MANAGEMENT FUNCTION:The control process
  45. CONTROLLING ORGANIZATIONAL PERFORMANCE THROUGH PRODUCTIVITY AND QUALITY