“The art and science of planning and marshalling resources for the most efficient and effective use. The term is derived from the Greek word for generalship or leading an army. (BusinessDirector.com)Definition
“The ideas, decisions, and actions that enable a firm to succeed.” (Dess et al, 2009)
What is Strategic Management?
“The set of managerial decisions and actions that determines the long run performance of
a corporation.” (Wheelen and Hunger, 2000)
Analysis, decisions, and actions organization undertakes to create and sustain competitive advantages. (Dess, et all, 2009)
Strategic Management Cont.
Why some firms outperform others.
How to compete in order to create competitive advantages in the marketplace.
How to create competitive advantages in the market place : Unique, Valuable, Difficult for competitors to copy or substitute
Strategic Management Perspective
Key driving forces increasing the need for strategic perspective and involvement: Globalization , Technology, Innovation, Intellectual Capital
These forces are: Interrelated
and Accelerating the rate of change of uncertainty