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Activity-2-Strategic-Management-

The document outlines key concepts in strategic management, including definitions of strategic management, competitive advantage, and the roles of strategists. It details the stages of strategic management—formulation, implementation, and evaluation—and highlights the benefits such as improved performance and competitive advantage. Additionally, it discusses the importance of vision and mission statements, as well as internal and external factors affecting organizational performance.

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6 views

Activity-2-Strategic-Management-

The document outlines key concepts in strategic management, including definitions of strategic management, competitive advantage, and the roles of strategists. It details the stages of strategic management—formulation, implementation, and evaluation—and highlights the benefits such as improved performance and competitive advantage. Additionally, it discusses the importance of vision and mission statements, as well as internal and external factors affecting organizational performance.

Uploaded by

Nlmrzcv
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Cueva, Nelma A.

August 24, 2024

BSOA-3C STRATEGIC MANAGEMENT

Professor Richard Molano

Activity # 2: Strategic Management

1) Define the following:


 Strategic Management:
- It is a process that involves organizing, keeping track of, analyzing,
and evaluating everything needed for an organization to meet its
targets. It’s also a process of making choices that point the business
in the direction of sustained success.

 Competitive Advantage:
- The term “competitive advantage” describes what offers a business an
advantage over rivals. Typically, a unique set of capabilities or
strengths gives one company an edge over another in the market;
these could include cutting prices, having a powerful brand, or even
having creative items.

 The strategists:
- The strategists are the individuals or groups that are responsible for
mapping out the strategic directions of the organization. They usually
comprise top executives, managers, and consultants who do the
analysis of situations and making of decisions to ensure the success
of the organization.

 Vision and Mission Statements:


- Vision and Mission Statements are statements of what a company
wants to achieve and its values. The Vision Statement provides the
view of what the company wants to achieve in the long run, and the
Mission Statement explains the purpose of the company, its primary
activities.

 External Opportunities and Threats:


- Threats and opportunities are external factors that could affect an
organization’s performance. Threats are external factors that could
harm the corporation, whereas opportunities are favorable external
factors that the company can profit from.

 Internal Strengths and Weaknesses:


- An organization’s internal strengths and weaknesses are
characteristics that affect how well the organization performs.
Strengths are those beneficial internal parts that provide the business
an advantage, such as knowledgeable staff or solid finances. On the
other hand, weaknesses are internal restrictions or issues.

 Long-term Objectives:
- Long-term Objectives are specific objectives the company wishes to
achieve over a long time, usually more than a year. They lead a
company into its strategic planning and decision-making processes.

 Strategies:
- These are the strategies or tactics a business use to achieve its goals.
It involves deciding which platforms and methods the company will
use to compete.

 Annual Objectives:
- Annual Objectives are short-run goals which an organization aspires
to attain within a year. The objectives guarantee that the company is
on course toward its long-term goals.

 Policies:
- Policies are the rules or guidelines that a company puts in place to set
the boundaries for actions and the decisions that will be made. They
give a clear framework for constant decision-making and help make
sure everyone in the organization lives up to the same standards.

2) What are the stages of Strategic Management?


- The three stages of strategic management are formulation,
implementation, and evaluation. Formulation deals with the vision,
mission, and long-term objectives; implementation translates the
strategies into action through the distribution of resources and setting
up policies; and the stage of evaluation monitors progress, assesses
performance, and makes the required modifications to keep it aligned
with the goals.

3) What are the benefits of Strategic Management?


- It provides clear directions, enhances performance, and enables the
organization to have an advantage over competitors. Strategic
Management ensures better coordination, control over resources, and
enhanced motivation among employees by putting everybody on the
same page in terms of goals and objectives. Moreover, it also
promotes a proactive behavior toward changes within the market.

Thank you and God bless!

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