cbm

• Strategic management is the long-term aim of an organization
• Strategic management


  Handling the entirety of an enterprise, requiring the degree to which activities meet the strategic needs of the policy of the organization
• Strategy


  The overall method of a company in managing activities to achieve the long-term objective
• Strategic planning


  The practice of organizing scheduling tasks concerning roles and resources within a given timeline to achieve the organization's goals
• Strategic change


  A phase of fundamental transition that takes a company to a new sustainable competitive position, which is likely to entail changes to the current strategy
• Continuous improvement


  Organizational learning, which promotes and incrementally increases the efficiency and satisfaction of the customer in everyday management, according to the organization's strategic requirements
• Competitive strategy


  A method at the company level intended to retain a competitive edge over rivals and future rivals
• Purpose


  The primary reason for an organization's long-term existence, and it is the starting point for understanding an organization in its entirety
• Strategic management process


  1. Purpose statements of vision, mission, and values

  2. Situation analysis of external and internal environments

  3. Developing strategic objectives

  4. Choosing strategy based on scale and nature of organization

  5. Implementation involving change management and strategic performance management

  6. Effectiveness depends on strategic leadership of top management
• The sole responsibility for handling the elements of strategic management lies with the top management of an organization
• Strategic goals and strategies of a top-level to achieve them need to be broken down into departmental strategic goals and strategies and translated into operational goals and daily management strategies
• Strategic planning


  For an executive or senior management to schedule strategic management decisions in advance, a structured, systematic method that offers a sequenced structure or organizational template for an organization to move towards a long-term goal
• Strategic planning is equated to POST at its purest: purpose, objectives, strategy, and tactics
• Strategic planning is known at its most dynamic, as long-range planning, exploring patterns for predicting things to come, often well into the future
• The formulation of strategy (the design of priorities and strategy by top management) followed by its execution (by the rest of the organization) is an iterative mechanism for the development of a strategy
• Strategic planning


  A structured, systematic method that offers a sequenced structure or organizational template for an organization to move towards a long-term goal
• Strategic planning


  Equated to POST: purpose, objectives, strategy, and tactics
• Strategic planning


  Known as long-range planning, explores patterns for predicting things to come, often well into the future
• Formulation of strategy


  1. Design of priorities and strategy by top management

  2. Execution by the rest of the organization
• Strategic planning is an iterative mechanism for the development of a strategy
• Strategic planning facilitates decentralized strategy-making, enabling lower-level managers to exit repetitive stresses to question thought and to redirect the energy and resources of their people to a shared goal
• Baldrige Excellence Framework principles for strategic planning


  • All tasks must be planned properly
  • Plans must be implemented so that people are working on these plans
  • Work must monitor, and progress must review
  • Necessary action must take to account for any deviation from the plan
  • Organizations must have structures and management systems to ensure the above work in practice
  • Everybody must be involved in these structures and systems
• Elements a strategic plan should have


  • A defined strategy
  • Action plans derived from this strategy
  • Awareness and recognition of the differences between short- and longer-term plans
  • An approach for developing strategy based on an organization's external environment and internal strategic resources
  • An approach for implementing action plans that consider an organization's key processes and performance measures
  • An approach for monitoring and evaluating organizational performance concerning the strategic plan
• Strategic change


  A structural transition, aimed at bringing an organization to a new success role
• Strategic change


  Works by concentrating time and money on a few critical success drivers or strategic goals to bring a company to a new desired state and marketplace
• A strategy is a provisional course of action often revisited and redefined by the leadership according to changing market conditions
• Strategic change is episodic to make major strategic adjustments when external and often internal challenges and opportunities call for immediate, dramatic improvements to the current strategy and business model
• When circumstances are stable, strategic change takes place through progress
• Continuous change


  Gradual and focused on progress, motivated by a need for day-to-day management to maintain and boost efficiency and consumer satisfaction
• Continuous change remains within the core value-creating areas of an organization's stable business model
• Competitive strategy


  Gives a company an edge in achieving above-average profits in its industry by generating unique value relative to that provided by its rivals
• Sustainable competitive advantage is not merely doing similar activities better than rivals: it is making those activities impossible for competitors to replicate at an equal price
• Strategy


  An approach to managing the activities of an entity in order to ensure its mission and function are maintained over time
• Strategic management


  Includes strategy as a fundamental principle, but is a broader concept that encompasses strategic planning and other elements
• Two perspectives on strategy


  • Positioning of the external market
  • Internal strategic resources
• Big-picture strategists are perhaps more likely to take an outside view of the strategy, while hands-on strategists may be inclined to begin by thinking inside out
• Purpose


  The reason for the organization and its overall goals
• Vision statement


  The organization's statement of its desired future state or ideal
• Mission


  The organization's statement of its overriding purpose, such as the value it creates for its stakeholders and other responsibilities
• Values


  The organization's statement of its expected collective norms and behaviors, including its overall core business methodologies and management philosophies