Strategic Management Process

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STRATEGIC MANAGEMENT PROCESSS

Strategic or institutional management is the conduct of drafting, implementing and evaluating cross-functional decisions that will enable an organization to achieve its long-term objectives[1]. It is the process of specifying the organization 's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs. A balanced scorecard is often used to evaluate the overall performance of the business and its progress towards objectives.
Strategic management is a level of managerial activity under setting goals and over Tactics. Strategic
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An organization, with a effective management, should try to implement its plans without signaling the fact to its competitors.[3]
In order for a policy to work, there must be a level of consistency from every person in an organization, including from the management. This is what needs to occur on the tactical level of management as well as strategic.
Strategy evaluation
• Measuring the effectiveness of the organizational strategy, it 's extremely important to conduct a SWOT analysis to figure out the strengths, weaknesses, opportunities and threats (both internal and external) of the entity in question. This may require to take certain precautionary measures or even to change the entire strategy.
In corporate strategy, Johnson and Scholes present a model in which strategic options are evaluated against three key success criteria:
• Suitability (would it work?)
• Feasibility (can it be made to work?)
• Acceptability (will they work it?)
[Suitability
Suitability deals with the overall rationale of the strategy. The key point to consider is whether the strategy would address the key strategic issues underlined by the organisation 's strategic position.
• Does it make economic sense?
• Would the organisation obtain economies of scale, economies of scope or experience economy?
• Would it be suitable in terms of environment and capabilities?
Tools that can be used to evaluate suitability include:
• Ranking strategic
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