Definition Of Strategic Management Implementation

2117 WordsJul 29, 20169 Pages
1 Definition of Strategic Management Definition of Strategic Management Strategic management is the process where leaders establish an organization’s long-term direction, set the specific performance objectives, develop strategies to achieve these objectives in the light of all external and internal changes, and undertake effective strategies to manage these changes and execute action plans. Strategic management steps: • specifying an organization’s objectives: the objective of this strategic management process is to introduce the concept of strategic management to all leaders and staff of Community Memorial Medical Center (CMMC). • Together with the leadership team, we will develop policies and plans to achieve these objectives, • allocate resources to implement the policies Strategic management is a blend of strategy formulation and strategy implementation and together, they provide an overall direction of the organization. It is the highest level of managerial activity, usually performed by an organization’s Chief Executive Officer (CEO) and the leadership team. Strategy formulation involves: • doing a situation analysis: both internal and external; both micro-environmental and macro-environmental. • concurrent with this assessment, objectives are set. This involves crafting vision statements (long term view of a possible future), mission statements (the role that the organization gives itself in society), overall corporate objectives (both financial and
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