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  • Results 1 to 6 of 6

    Thread: (overview) what is strategy and strategic management?

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    1. #1
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      Default (overview) what is strategy and strategic management?

      The concept of strategy and strategic management. Strategy in simple terms refer to the plans organization formulates to meet its end objectives. Strategies are advised to make ensure and market success and achieving competitive advantage.
      Strategy is a high level plan to achieve one or more goals under conditions of uncertainty. In the sense of the art of the general which included several subsets of skills including tactics , siegecraft.
      In the field of management strategic management
      Involves the formulation and implementation of major goal's and initiative taken by an organization top management in behalf of owners based on concentration of resources and and an assessment of the internal and external environment in the organization operates.

      Three principles underlying the strategies
      1. Creating a unique and valuable position
      2. Making trade-offs by choosing "what not to do".
      3. Creating fit by aligning company activities with one another to support the chosen strategy.

      Two types of strategies
      (a) corporate strategy
      (b) Business strategy

      Corporate strategy involve answering a key question from a portfolio perspective "what business we should be in"?

      Business strategy involves answering the question " how shall we compete in this business"?

      Management theory and practice often make a distinction between strategic management and operational management, with operational management concerned primarily with improving efficiency and controlling cost within the boundaries set by the organization's strategy.

    2. The following 2 users say Thank You to Nazishramzan for this useful post.

      Furqi999 (06-29-2019), Mootsi365 (06-23-2019)

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