Goal Setting, Analysis, Strategy Formation, Strategy Implementation, and Strategy Monitoring

1.
Define the following terms: Strategic Management; Management; Policy; Strategy;

Procedure.
Strategic Management is the management of an organization’s resources to achieve its goals
and objectives. Strategic management involves setting objectives, analyzing the competitive
environment, analyzing the internal organization, evaluating strategies, and ensuring that
management rolls out the strategies across the organization.
Strategic Policy is a set of ideas or a plan of what to do in particular situations that has
been agreed to officially by a group of people, a business organization, a government, or
a political party. A strategic policy example is a written statement of an organization's choices
in its operating environment. For example, a public or nonprofit agency chooses which of
society's problems to address through public services. In a small business, a policy might
describe senior leadership's official position on organizational or employee behavior. Most
organizations rely on employees to follow policies, or official decisions, to accomplish
strategic goals.
Strategic Strategy is an action that managers take to attain one or more of the organization’s
goals. Strategy can also be defined as “A general direction set for the company and its various
components to achieve a desired state in the future. Strategy results from the detailed strategic
planning process.
Strategic Procedure is an established method of accomplishing a task, usually with steps that
are performed in a prescribed order. Procedure means a group of tasks typically done in a
standard order to achieve a task. It includes goal setting, analysis, strategy formation, strategy
implementation, and strategy monitoring.
2. Strategic Management Formation Process.

Setting Organizations’ objectives - The key component of any strategy statement is to set the
long-term objectives of the organization. It is known that strategy is generally a medium for
realization of organizational objectives. Objectives stress the state of being there whereas
Strategy stresses upon the process of reaching there. Strategy includes both the fixation of
objectives as well the medium to be used to realize those objectives. Thus, strategy is a wider
term which believes in the manner of deployment of resources so as to achieve the objectives.
Evaluating the Organizational Environment - The next step is to evaluate the general economic
and industrial environment in which the organization operates. This includes a review of the
organizations competitive position. It is essential to conduct a qualitative and quantitative
review of an organizations existing product line. The purpose of such a review is to make sure
that the factors important for competitive success in the market can be discovered so that the
management can identify their own strengths and weaknesses as well as their competitors’
strengths and weaknesses.
Setting Quantitative Targets - In this step, an organization must practically fix the quantitative
target values for some of the organizational objectives. The idea behind this is to compare with
long term customers, so as to evaluate the contribution that might be made by various product
zones or operating departments.
Aiming in context with the divisional plans - In this step, the contributions made by each
department or division or product category within the organization is identified and accordingly
strategic planning is done for each sub-unit. This requires a careful analysis of macroeconomic
trends.
Performance Analysis - Performance analysis includes discovering and analyzing the gap
between the planned or desired performance. A critical evaluation of the organizations past
performance, present condition and the desired future conditions must be done by the
organization. This critical evaluation identifies the degree of gap that persists between the
actual reality and the long-term aspirations of the organization. An attempt is made by the
organization to estimate its probable future condition if the current trends persist.
Choice of Strategy - This is the ultimate step in Strategy Formulation. The best course of action
is actually chosen after considering organizational goals, organizational strengths, potential and
limitations as well as the external opportunities.
3. Strategic Leadership.
Strategic leadership refers to a manager’s potential to express a strategic vision for the
organization, or a part of the organization, and to motivate and persuade others to acquire that
vision. Strategic leadership can also be defined as utilizing strategy in the management of
employees.
4. Environmental Scanning - S.W.O.T. Analysis.
SWOT (strengths, weaknesses, opportunities, and threats) analysis is a framework used to

evaluate a company's competitive position and to develop strategic planning. SWOT analysis
assesses internal and external factors, as well as current and future potential.
A SWOT analysis is designed to facilitate a realistic, fact-based, data-driven look at the strengths
and weaknesses of an organization, its initiatives, or an industry. The organization needs to
keep the analysis accurate by avoiding pre-conceived beliefs or gray areas and instead focusing
on real-life contexts. Companies should use it as a guide and not necessarily as a prescription.

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1.

Define the following terms: Strategic Management; Management; Policy; Strategy;

2. Strategic Management Formation Process.

4. Environmental Scanning - S.W.O.T. Analysis.

SWOT (strengths, weaknesses, opportunities, and threats) analysis is a framework used to

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