It involves the responsibility of ensuring that business operations are efficient in terms of using as few resources as needed and effective in terms of meeting customer requirements. The Scope Of Strategic Management J. Constable has defined the area addressed by strategic management as "the management processes and decisions which determine the long-term structure and activities of the organization". Strategic management is not a simple process; it is complex. Strategic Management as a Process: Strategic management is basically a process. Nature of strategic management can be described in following points: . Strategic management nature is different from other aspects of management. Established as a theory in the early 1990s, competence-based strategic management theory explains how organizations can develop sustainable competitive advantage in a systematic and structural way. There must be a translation of strategic thought into strategic … Strategic Planning – MBA Sharif – Dr. Sepehri – Spring 1385 Session 1 -3 Fred R. David, Ph.D. is an internationally recognized strategic planning scholar, author, and consultant This definition incorporates five key themes which are fundamental to a study of the strategic management field: Competence-based strategic management is a way of thinking about how organizations gain high performance for a significant period of time. An individual manager is most often required to deal with problems of operational nature. review the external environment (strategic management) A host of external factors influence a firm’s choice of direction and action, ultimately its organizational structure and internal factors. Nature of strategic management specifies its characteristics which are as follows: 1. Strategic management is the process through which managers undertake efforts to ensure long-term adaptation of their organization to its environment. Strategic management is a broader term than strategy and is a process that includes top management’s analysis of the environment in which the organization operates prior to formulat - ing a strategy, as well as the plan for implementation and control of the strategy. The theory of competence-based strategic management … Its complexity may be attributed mainly to 3 reasons: Strategic management involves making decisions about the future. Nature of Strategic Management The strategic-management process does not end when the firm decides what strategy or strategies to pursue. Strategic management involves the related concepts of strategic planning and strategic thinking. What goes into Strategy? Strategic planning is analytical in nature and refers to formalized procedures to produce the data and analyses used as inputs for strategic thinking, which synthesizes the data resulting in the strategy. It includes environmental scanning, strategy formulation, strategy implementation, and evaluation and control. • The term strategic management is used synonymously with strategic planning 3 Strategic Management – Defined • Strategic management is that set of managerial decisions and actions that determines the long-run performance of a corporation. It has emerged out of management in other fields where the concept of management is taken as a process for achieving certain objectives of the organization. These factors, which constitute the external environment, can be divided into three interrelated subcategories there are as follows: Operations management is an area of management concerned with designing and controlling the process of production and redesigning business operations in the production of goods or services. The Nature of Strategic Management What Is Strategy and Why Is It Important?

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