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Summary MNG3701 - NOTES THAT WILL GUARANTEE PASS
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MNG3701-STRATEGIC
PLANNING
By: Melissa Vos
1
,
2
Clear separation of responsibility
Clear separation between thinking and doing
Characteristics of traditional perspective on strategic management:
• Ensures the formulated
Control
strategy remains valid and ic
implementation remains
on track
Strateg
properly
• The elements of strategy implementation are: strategies is executed
• Leadership and culture: ensure the culture of the business is applied to ensure the
aligned with the strategic choice nonhuman factors are
• Competencies: individuals have the right mix of knowledge,
skills and attitudes
Where human and
• Systems: put procedures in place to support strategic direction DOING
• Structure: Need an appropriate structure to successfully execute
the strategy
• Cascading: strategic objectives → short-term objectives,
Implementation
functional strategies & policies, company can ensure the policies
support strategic direction
Strategy
• The elements of strategy formulation are:
goals
• Establish strategic direction – vision & mission statement
strategies to help achieve
• Leads to more specifc strategic objectives – 3to5 years
goals, and choose the
with measurable outcomes environment, set strategic
• Purpose of external environmental analysis is to identify O internal and external
and T from the outside strategic direction, analyze
• Focus of internal analysis is to identify key strengths and Where top managers set
weaknesses
• Strategic choice is the selection of strategies that help achieve
THINKING
objectives Strategy formulation
The traditional strategic management process
①Introducing the practice of strategy
Strategic Planning
MNG3701 -
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