• Understand the characteristics of strategic decisions • what is meant by strategy and strategic management, distinguishing them from operational management • Understand how strategic priorities vary by level: corporate, business, and operational • Understand the three key elements of the Exploring Corporate Strategy strategic management model. The Strategy Concept • Strategies: General • The science of planning and directing military operations (Webster’s New World Dictionary) Strategic management is… • Concerned with the long term direction and development of an organisation • The direction and scope of an organisation over time • Competitive advantage • The search for ‘strategic fit’ – trying to match the organisations activities to match the environment in which it operates • Organisation resources and competences • Influenced by the values and expectations of stakeholders. Involves decisions and processes at all levels of an organisation • Is distinguished from operational management by the complexity of its influences on decisions, with organisation wide implications • Can be seen as involving: Strategic analysis Strategic choice Strategic implementation
Fundamental questions for Strategic choice • How should individual business units compete? • Which businesses to include in the portfolio? • Where should the organisation compete internationally? • Is the organisation innovating appropriately? • Should the organisation buy other companies, form alliances or go it alone? Fundamental questions for Strategy in action • Which strategies are suitable, acceptable and feasible? • What kind of strategy-making processes are needed? • What are the required organisation structures and systems? • How should the organisation manage the change needed? • Who should do what in the strategy process? Which people and what activities.
BMM6422 Business and Management Strategy
Answer in Detail
Solved by qualified expert
Page 1 of 10
9 More Pages to Come in This Document. Get access to the complete answer.