The Nature of Strategic Management & The Business Vision and Mission

Assalamualaikum warahmatullahi wabarakatuh...

For the second lecture of strategic management we have learn about The Nature Of Strategic Management.  Strategic Management is the art and science of formulating, implementing, and evaluating cross- functional decisions that enable an organization to achieve its objective. 

Stages of Strategic Managment 

For the first stage of strategic management is strategy formulation. Strategy formulation is developing a vision and mission, identifying an organization’s external opportunities and threats, determining internal strengths and weaknesses, establishing long-term objectives, generating alternative strategies, and choosing particular strategies to pursue. What I understand about the strategy vision is a view of an organizations future direction and business course; a guiding for what the organization is trying to do and to become.The example question for vision is what do we want become?  Otherwise, a  mission statement broadly outlines the organizations future direction and serves as aquiding concept for what the organization is to do and to become. Overriding premise in line with the values or expectations of stakeholders. The question that for the mission is what is our business?

Besides that,strategy implementation is  a firm to establish annual objectives, devise policies, motivate employees, and allocate resources so that formulated strategies can be executed and is often called the action stage. Lastly, for the strategy evaluation is reviewing external and internal factors that are the bases for current strategies, measuring performance, and taking corrective actions. 

Otherwise, external opportunities and external treats refer to economic, social, cultural, demographic, environmental, political, legal, governmental, technological, and competitive trends and events that could significantly benefit or harm an organization in the future. For internal strengths and internal weaknesses is  an organization’s controllable activities that are performed especially well or poorly and are determined relative to competitors.

Correct me if I wrong in posting this entry...