Strategic Business Management
SEMINAR 1
TOPICS COVERED:
• Seminar Introduction
o Syllabus Coverage
o Assessment and Exam Format
o Discussions on How to Prepare a Group project
• Introduction to Strategic Management
o Defining Strategic Management
o Stages in Strategic Management
▪ Strategy Formulation;
▪ Strategy Implementation; and
▪ Strategy Evaluation.
o Adapting to Change
o Key Terms in Strategic Management
▪ Strategist;
▪ Vision and Mission Statements;
▪ External Opportunities and Threats;
▪ Internal Strengths and Weaknesses;
▪ Long-term Objectives;
▪ Strategies;
▪ Annual Objectives; and
▪ Policies
o Benefits of Strategic Management
o The Strategic Management Model
A) DEFINITION OF STRATEGIC MANAGEMENT
“The art and science of formulating, implementing and evaluating cross functional decisions that enable organization to achieve its objectives”
Purpose:
i) To exploit and create new and different opportunities for the future
B) STAGES OF STRATEGIC MANAGEMENT
The stages in the strategic management process consist of three stages as below:
i) Strategy Formulation
• Developing a vision and mission
• Identifying an organization’s external opportunities and threats
• Determining internal strengths and weaknesses
• Establish long term objectives
• Generating alternative strategies
• Choosing particular strategies to pursue
ii) Strategy Implementation
• Establish annual objectives, devise policies, motivate employees and allocate resources so that formulated strategies can be implemented.
• Strategy implementation also involve developing a strategy supportive culture, creating an effective...
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