Strategic Management Process and its Description

Strategic Management Process and its Description

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  A Presentation of Strategic Management ON StrategicManagement Process Submitted By: Lakshmi M.C om (Hons.) 9th semester Roll NO. - 05 Submitted To: Dr. Pinki Insan (Department of Commerce) IGU, Meerpur
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   Introduction toStrategic Management  Characteristics of Strategic management  Process of Strategic Management  Case Example  Conclusion Content  Meaning and Definition
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  The term strategicmanagement includes two words- strategy and management. Strategy: Management: Strategic Management: It is the systematic process of environmental scanning , formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its long-term objectives and maintain competitive advantage. WHAT IS STRATEGIC MANAGEMENT ? This word comes from the Greek word “strategos” meaning “generalship”; it means a plan of action designed to achieve long term objectives or overall aim. It means the process of planning, organizing, directing, and controlling resources and activities efficiently and effectively to achieve predetermined goals.
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  “Strategic management isthe determination of the basic long-term goals and objectives of an enterprise, and the adoption of courses of action and allocation of resources necessary for carrying out these goals .” “Strategic management is a stream of decisions and actions which leads to the development of an effective strategy to help achieve corporate objectives .” “Strategic management is the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives.” Author Definitions Alfred Chandler Glueck Pearce & Robinson
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  Goal-Oriented Focuses on achieving long-term objectives. TopManagement Function Formulated and implemented by top- level managers. Integrative in Nature Involves all functional areas. Dynamic & Flexible Quickly adapts to changing environment. Decision-Making Process Systematic formulation, implementation, and evaluation of strategies. Continuous Process Not a one-time activity; strategies are reviewed, modified, and updated regularly. Combination of Art and Science Involves logical analysis and managerial intuition. Competitive Advantage Aims to create and sustain an edge over competitors. Features of Strategic Management
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  Environmental Scanning Strategy Formulation Strategy Implementation Strategy Evaluation Perform External Audit Perform Internal Audit Develop Vision& Mission Establish Long- Term Objectives Generate strategies Measure & Evaluate Performance Implement Strategies What are external and internal conditions &expectations towards CSSR? How to perceive the company’s role and contribution for CSSR? What to achieve & how to operationalize CSSR goals? How to deal with expectations & achieve CSSR objectives? What are the different steps & initiatives for achieving CSSR? How to measure and review success in CSSR? STRATEGIC MANAGEMENT MODEL / PROCESS CSSR: Corporate Sustainability and Social Responsibility
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  1.Environmental Scanning Monitoring, evaluating& sharing information from internal & external environments. Purpose: Identify strategic factors (internal & external) that determine corporation’s future. Tool: SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats). Internal Environment External Environment Strengths & weaknesses inside organization. Opportunities & threats outside organization. Under management control. Beyond management control. E.g. Company’s Structure, Culture, Resources. E.g. Technological, Legal, Competitors, Social & Cultural factors.
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  Vision-Future position organizationaspires to achieve. Set by top management (CEO, MD, Chairman etc.). Mission-Reason for existence of the organization. Defines values, culture & guiding principles for activities. Objectives- Long-term results expected. Covers: Profitability, Competitive Position, ROI, Public Image, Productivity, Employee Growth. Strategies- Detailed plan to achieve objectives. Focus: Competitive advantage. Policies- Set of instructions for decision-making & resource allocation. Supports formulation & implementation of strategies. • Developing long-term organizational plans for optimum functioning. Helps in achieving vision, mission & objectives effectively. 2.Strategy Formulation
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  • Strategies areimplemented with help of: 3.Strategy Implementation  Ensuring effective execution of formulated strategies.  Focus: Resource allocation, structure, and change management. ⚡ Without implementation, even the best strategy has no value. Procedures Step-by-step task sequence. Budgets Monetary expression of programs. Programs Actions/steps to execute a plan.
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  • Final stepin strategic management. • Strategies must be evaluated regularly with feedback. • Corrective control applied if actual vs expected results differ.  Aim: Ensure intended outcomes & continuous improvement. 4.Evaluation & Control
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  2019– The Trigger Flipkartfaced government restrictions on single-use plastic and increasing customer demand for eco-friendly packaging. Vision & Objective The company aimed to become an eco-friendly e-commerce leader, with the goal of achieving 100% recyclable packaging. Action on Ground It introduced paper-based and recyclable packaging, trained suppliers and delivery partners, and launched awareness campaigns for customers. Result by 2021 Eliminated single use plastic in its supply chain, regular CSR reports were published, customer satisfaction improved, and Flipkart’s brand image strengthened. Case Example – Flipkart’s Plastic-Free Packaging Initiative
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  • Strategic managementprovides a roadmap for long-term success. • It is effective only when strategies are formulated, implemented, and evaluated continuously. • Organizations that adapt and innovate can achieve a sustainable competitive advantage. ✨ “Strategic management is not just about planning, but about executing, adapting, and sustaining success in a changing world.” Conclusion
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  Thank You