Strategic
management can be used to determine mission, vision, values, goals,
objectives, roles and responsibilities, timelines, etc.
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A company’s
strategy consists of the set of competitive moves and business approaches that
that management is employing to run the company.
Strategy
management is “Game plan” to:
·
Attract
and please customers
·
Stake
out a market position
·
Conduct
operation
·
Complete
successfully
·
Achieve
organizational objectives
Strategic
management
·
It
is art of and science of formulating and implementing and evaluating cross
functional decision that will enable an organization to achieve its objectives.
·
It
is the process of specifying the organization’s objectives and allocating
resources to implement the policies and plans to achieve the organizational
objectives.
Strategy
and tactics
Definition
Strategy:- is any long term plan.
Tactics:- are purposeful procedure
Two are like twins. Companies need the twin skills – those of
the strategist , who can select the long-term objectives and will reach those
goals and those of the tactician, who will deploy those means in a series of maneuvering-
short medium and long term-term to achieve.
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Ø It is the statement about a company’s
long term direction.
Ø Vision defines a desire future and
helps guide all who accept and understand it.
Eg:
If we take soap manufacturing company have the vision
statement like;
·
Worldwide distribution
·
Luxury shop
·
Expand product range
·
Product innovation
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Mission
( doing now)
·
Defines
company’s business
1. Product / market
2. Territory
·
Working
with purpose and meaning that brings out purpose, motives, and interaction
Eg;
If we take soap manufacturing company have mission statement
like:
·
We offer hand made products
·
No chemicals used
·
No animal testing
·
Fresh vegetables and fruits.
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·
A strategic vision concern a firm’s concerns a firm’s future business
path- “where we are going”
·
Market to be pursued
·
Future technology product customer focus
·
Kind of company that management is trying to create
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·
A mission statement focuses on current business activities “who we are
and what we do”.
·
Current product and service offering.
·
Customer needs being served.
·
Technological and business capabilities.
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