Strategic management

A set of intended actions, usually mutually related, through which one expects to achieve a goal.

Developing Your Strategy

Will Mulcaster [] suggests that firms engage in a dialogue that centres around these questions:. Finding This Article Useful? The second component, uncertainties, involves indeterminable factors such as future interest rates, outcomes of political elections, rates of innovation, fads in markets, and so on.

In many industries, the internet has dramatically altered the competitive landscape. Overview of Inputs to Strategic Planning Strategic plans can take the form of business or marketing plans, and consultants and industry experts are used in their development. Porter described an industry as having multiple segments that can be targeted by a firm. It describes a business culture where technological change inhibits a long term focus.

To do this, Senge claimed that an organization would need to be structured such that: The manager works in an environment of stimulus-response, and he develops in his work a clear preference for live action.

Five Steps to a Strategic Plan

In , Gary Hamel coined the term strategic convergence to explain the limited scope of the strategies being used by rivals in greatly differing circumstances. A variety of aggressiveness strategies were developed.

Key Terms tactical planning: By using this site, you agree to the Terms of Use and Privacy Policy. Evans said: The idea of strategy targeting particular industries and customers i. When factors are explored together, certain combinations magnify the impact or likelihood of other factors.

Competitive Advantage.

ITIL Strategy Management

Resources in your library. Porter wrote in that formulation of competitive strategy includes consideration of four key elements:. The second group, consisting of six schools, is more concerned with how strategic management is actually done, rather than prescribing optimal plans or positions.

Views Read View source View history. To win at anything worthwhile, you need a game plan. The strategist must have a great capacity for both analysis and synthesis; analysis is necessary to assemble the data on which he makes his diagnosis, synthesis in order to produce from these data the diagnosis itself--and the diagnosis in fact amounts to a choice between alternative courses of action.

Namespaces Page Discussion. Over a month ago skyscraper wrote. I really like how some of the articles are from books, and I would like to recommend my favorite, one that helps me in my strategy skills in particular, it is "The Thinker's Toolkit" by Morgan D.

This supported the argument for achieving higher market share and economies of scale. General Andre Beaufre wrote in that strategic thinking "is a mental process, at once abstract and rational, which must be capable of synthesizing both psychological and material data.

Key Points Your strategy tells you how you'll achieve success, no matter how that success is defined. Waterman had used the term in their book In Search of Excellence: