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Summary Learning Unit 6: Strategic Management
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MNG2602 - Learning Unit 6: Strategic Management
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MNG2602 Learning Unit 6: [Strategic Management]Learning Unit 6: Strategic Management
Chapter 11 – Prescribed book
INDEX
DIFFERENTIATE BETWEEN A STRATEGY AND STRATEGIC MANAGEMENT……..
………………………………1
DISCUSS THE VARIOUS PHASES OF THE STRATEGIC MANAGEMENT
PROCESS………………………….……1
KEY
WORDS……………………………………………………………………………..........................
.................................9
0
, MNG2602 Learning Unit 6: [Strategic Management]
1. DIFFERENTIATE BETWEEN A STRATEGY AND STRATEGIC
MANAGEMENT
Strategy:
- Helps to explain the things that managers and organisations do in order to
fulfl the purpose of the organisation.
- The purpose of an organisation may (or may not) be articulated in the
form of a vision and mission statement.
- The vision statement is a statement of what the organisation wants to
become and where it wants to be in future.
- The mission statement aligns the organisation with its vision i.t.o. its
products and/or services, market and technology.
- Strategies relate to the pursuit of this purpose.
- To succeed and to ensure sustainability, organisations must compete
effectively and outperform their rivals in a dynamic and turbulent
environment.
- Mangers should thus formulate WINNING strategies to compete effectively
and to outperform rivals.
Identify the characteristics of a WINNING strategy
Links internal strengths and weaknesses with opportunities and threats
from its external environment.
Builds a sustainable competitive advantage for the organisation.
Continuously seeks ways to improve organisational performance.
Meets the expectations of external and internal stakeholders.
Aligns itself with environmental requirements in a global context.
Defne competitive advantage
- It is the ability of an organisation to add more value for its customers
than its rivals, and thereby attain a position of relative advantage.
What does performance relate to?
- It refers to aspects such as profts, job creation, organisational goals and
objectives.
Strategic management
- It entails strategic analysis, strategy formulation, strategy implementation
and strategic control.
2. DISCUSS THE VARIOUS PHASES OF THE STRATEGIC MANAGEMENT
PROCESS (SMP)
The SMP normally consists of four phases:
Phase 1: Strategic analysis (answers the question: What is the current
position of the organisation?)
1
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