The Nature of Strategic Management

Bismillahirrahmanirrahim

Week 2 [First Topic: The Nature of Strategic Management]

The first topic for this subject is The Nature of Strategic Management. We start our lecture by definition of Strategic management. What is Strategic Management??? Strategic Management can be define as the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives.

This is the stage we can see through Strategic Management :

1) Strategy Formulation :
    develop vision and mission, identify an organization external and internal strength or weaknesses
2) Strategy Implementation :
    establish annual objectives, sometimes it also called 'action stage'
3) Strategy Evaluation :
    review external and internal factors that will give a good impact

There were several key terms that we always use in this subject, it is

• Competitive advantage
• Strategist
• Vision
• Mission
• External threats and external opportunities
• Internal strengths and internal weaknesses
• Objectives
• Strategies