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Business Policy Contents Strategic Management 4 From Competitive Advantage to Corporate Strategy 7 Strategic Mapping 8 Comparison of five generic competitive advantages and the link between them 9 Strategies 11 Diversification 12 Comparing processes 13 International and global competition strategies 14 Internet and e-commerce-driven competition and business models 15 Identifying the key steps in assessing and building internal organizational strengths and capabilities 16 References 16 Strategic Management Strategic Management is a process of making strategic decision…
Strategic management is a complex process which has the following steps: Establishing the strategic intent: Strategic intents include defining the ‘mission, vision and the objective’ of the organization. Vision is that broad spectrum where the organization wants to go. It signifies what the organization wants to achieve. It is the long term goal which the organization wants to achieve. It is the purpose of the business. The vision of the company should be very clear so that the company could identify where it is heading to. Good visions can inspire and exhilarate the employees as well as the management. Mission statement links the organization with the society. It states why the company exists. Mission statements comprises of a set of activities which are related not only with the individual but also with the global and national needs and priorities. Mission statements should be short but clear, feasible and distinctive and should motivate the employees as well as the customers. They must feel that working in that organization is worthwhile. The mission statement signifies how the company can achieve the objectives. ...
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