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    Bus 5a - Strategic Management

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    Jerah Torrejos
    The document summarizes key concepts in strategic management including vision statements, mission statements, value statements, and strategic management processes. It defines vision and mission statements as the top-level purpose communicated through statements of vision, vision, and values. It also describes strategic analysis, decision-making, formulation, implementation, and control as the core strategic management process, with the responsibility lying primarily with top management. Implementation involves change management and performance monitoring to achieve strategic objectives.

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    Bus 5a - Strategic Management

    Uploaded by

    Jerah Torrejos
    79 views16 pages
    The document summarizes key concepts in strategic management including vision statements, mission statements, value statements, and strategic management processes. It defines vision and mission statements as the top-level purpose communicated through statements of vision, vision, and values. It also describes strategic analysis, decision-making, formulation, implementation, and control as the core strategic management process, with the responsibility lying primarily with top management. Implementation involves change management and performance monitoring to achieve strategic objectives.

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    Bus 5a – Strategic Management

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    The document summarizes key concepts in strategic management including vision statements, mission statements, value statements, and strategic management processes. It defines vision and mission statements as the top-level purpose communicated through statements of vision, vision, and values. It also describes strategic analysis, decision-making, formulation, implementation, and control as the core strategic management process, with the responsibility lying primarily with top management. Implementation involves change management and performance monitoring to achieve strategic objectives.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    79 views16 pages

    Bus 5a - Strategic Management

    Uploaded by

    Jerah Torrejos
    The document summarizes key concepts in strategic management including vision statements, mission statements, value statements, and strategic management processes. It defines vision and mission statements as the top-level purpose communicated through statements of vision, vision, and values. It also describes strategic analysis, decision-making, formulation, implementation, and control as the core strategic management process, with the responsibility lying primarily with top management. Implementation involves change management and performance monitoring to achieve strategic objectives.

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    © All Rights Reserved
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    of 16

    Bus 5a – Strategic Management

    Lesson 1
    Objectives
    To describe the strategic management process.
    Purpose

    • The Vision statements

    • The Mission statements

    • The value statements


    Vision Statement
    • Vision statements
    • Visions are drawn up in document form as a statement
    of intent.
    • They are typically short and memorably ambitious but
    not overblown. A vision will provide the basic rationale
    for change to ensure that the reasons and the broad
    implications for action are obvious.
    • Its inspirational qualities should excite and motivate
    enough to encourage people to stretch possibilities and
    • rethink their work.
    Mission Statement
    • A mission statement explains why an
    organization exists.
    • It explains the scope of what an organization
    does and typically will have a rationale to
    explain how it adds stakeholder value.
    • The style and the form of statements vary
    considerably in practice since organizations
    use them in different ways.
    Value Statement
    • A values statement documents the expected collective
    norms and standards of behaviour for an organization’s
    managers and workforce.
    • It may also be expressed in terms of a set of principles
    setting out the way that managers and other
    employees should do and conduct their work.
    • Note that values are different from stakeholder value:
    values are the standards by which people
    work, while value is an outcome produced by that
    work.
    Strategic management is the overall long-term
    goal of the management of the organization. It
    differs from strategy, the overall method of a
    company in managing activities to achieve the
    long-term objective. The organization's
    strategy must used to guide and align sub-
    strategy formation at different parts of the
    organization.
    Strategic planning is the practice of organizing scheduling
    tasks concerning roles and resources within a given
    timeline to achieve the organization's goals.
    Strategic change is a phase of fundamental transition that
    takes a company to a new sustainable competitive
    position, which is likely to entail changes to the current
    strategy.
    Continuous improvement is organizational learning, which
    promotes and incrementally increases the efficiency and
    satisfaction of the customer in everyday management,
    according to the organization's strategic requirements.
    The purpose is the primary reason for an organization's long-term
    existence, and it is the starting point for understanding an
    organization in its entirety.
    The purpose is Vision and Mission top level and communicated from
    there through purpose statements of vision, mission, and values.
    A situation analysis evaluates an organization's current external and
    internal situations; these used to develop strategic objectives.
    The strategy used to achieve strategic objectives is conditioned by
    the scale and nature of an organization's activities, whether single
    business, multi-business, or global in orientation.
    Implementation involves coordinating change management and
    strategic monitoring through strategic performance management,
    including feedback and learning.
    The effectiveness of strategic management of an organization
    ultimately depends on nature and commitment to top management,
    strategic leadership.
    Strategic Management Model

    Organizational Strategic Organizational


    Input Management process Success
    • Management/ • Strategic Analysis • Strategic
    Employee • Strategic Decision- Intelligence
    • Financial resources making • Strategic Thinking
    • Facilities/ • Strategy • Organizational
    Equipment Formulation Competitiveness
    • Infrastructures • Strategy • Comparative
    • Processes Implementation Advantage
    • Strategic Control • Strategic
    Performance
    • The sole responsibility for handling the
    elements of strategic management lies with
    the top management of an organization. At
    some degree, of course, everybody needs to
    participate. Senior-level, however, is the one
    that spends most of its time on strategic
    management.
    Level of Strategic Management
    Corporate Level
    • CEO, BOD, Corporate staff
    Business Level
    • Division manager and staff
    Functional Level
    • Functional Manager,
    Accounting, marketing, R&D, IT, logistics
    Strategic planning is now understood to be a part of strategic
    management. The Baldrige Excellence Framework defines
    good practice in terms of a set of management principles
    (NIST):
    1 All tasks must be planned properly.
    2 Plans must be implemented so that people are working to
    these plans.
    3 Work must be monitored and progress must be reviewed.
    4 Necessary action must be taken to account for any deviation
    from the plan.
    5 Organizations must have structures and management systems
    to ensure the above work in practice.
    6 Everybody must be involved in these structures and systems.
    The first four principles correspond to the order of the Deming
    Cycle –plan, do, check, act (see chapter 4), while the other two
    cover the necessary provisions of organizational support and a
    favourable corporate culture. In addition to these management
    principles, Baldrige specifies that a strategic plan should have
    1 A defined strategy,
    2 Action plans derived from this strategy,
    3 An awareness and recognition of the differences between
    short- and longer-term plans,
    4. An approach for developing strategy based on an
    organization’s external environment and internal strategic
    resources,
    5. An approach for implementing action plans that considers an
    organization’s key processes and performance measures, and
    6. An approach for monitoring and evaluating organizational
    performance in relation to the strategic plan.
    End of slides

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