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A2 Chapter 37 Strategic managementCase Study Siemens page 535
Strategy plans to achieve an objective.
Corporate strategy longterm plan of action for the entire
organisation, to achieve the corporate objective. Gives direction
to the whole organisation, provides focus and involves integration
of functions.
Strategic management refers to management's role in setting
longterm goals and taking and implementing longterm, cross
functional decisions to enable the firm to meet these goals.
Strategic management leads a firm to:
1. Plan for the future.
2. Respond appropriately to the changing business environment.
3. Make effective longterm decisions based on clear objectives.
Tactics shortterm policies or decisions aimed at achieving a
particular aspect of the overall strategy, or to solve a problem.
More on strategy & tactics later...
, Stages of strategic management
1. Strategic analysis
Assess current position (SWOT, PESTLE,competitor and market
share analyses).i.e. "Where are we now?" needs to be asked to
ensure appropriate and effective decisions to be made.
2. Strategic choice
a. Set corporate mission/vision and objectives.
b. Decide on longterm strategies to meet objectives. This may
include decisions about products and markets.
3. Strategic implementation
a. Integrate and coordinate activities (tactics) of all functional areas
as strategic decisions are crossfunctional.
b. Allocate sufficient resources. Strategic change is usually costly.
New capital, human and materials resources may be required.
4. Control & evaluation
Evaluate business performance and progress toward achieving the
set objectives.
Acknowledge weaknesses and grow from these as well as from
successes.
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