اَلسَّلاَ مُ عَلَيْكُمْ وَرَحْمَةُ اللهِ وَبَرَكَا تُهُ
WHAT HAVE I LEARNED TODAY
1.0 DEFINITION
STRATEGIC MANAGEMENT
1 → What is strategic management????????
😼 Drafting, implementing and evaluating cross-functional decisions that will enable an organization to achieve its long-term objectives.
⇒ Strategic Managment process is made up of THREE MAIN COMPONENTS:
😁 Strategy Formulation
😉 Strategy Implementation
😊 Stategy Evaluation
STRATEGY
👉 Refer to the action taken by manger to ensure that an organization is better off that its competitors or is able to fend off competitive actions from competitors.
👉 A business strategy is based on the assumption of competition and the main purpose of the business strategy is to gain competitive advantage.
PLANNING
😸 Is a process of preparing ways to use resources more economically and efficiently, so that the purpose of the company is achieved.
CORPORATE PLANNING
✋ The terminology "corporate planning" is often used interchangeably with " long-term planning" and " strategic-planning"
✋Ringbakk (1969) defined it is a process of obtaining objectives and its components followed by a process of finding and evaluating various available alternatives.
CORPORATE STRATEGY
👌 As a gudline setting the scope where the company should be involved in and can be aligned in such a way to ensure that business objectives are met.
THE STRATEGIC MANAGMENT PROCESS
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