Summary Economics of Strategy notes (1st edition) November 2022
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Course
HRM 123
Institution
University Of South Africa
Book
Economics of Strategy
1. What is strategic management? Define in your own words.
Strategic management is the ongoing planning, monitoring, analysis and assessment of all
necessities an organization needs to meet its goals and objectives. Changes in business
environments will require organizations to constantly assess...
IBEB Organization and Strategy Summary (English). Grade: 9.7
Organisatie en omgeving samenvatting, BDK 1
Samenvatting Strategy
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1. What is strategic management? Define in your own words.
Strategic management is the ongoing planning, monitoring, analysis and assessment of all
necessities an organization needs to meet its goals and objectives. Changes in business
environments will require organizations to constantly assess their strategies for success. The
strategic management process helps organizations take stock of their present situation, chalk out
strategies, deploy them and analyze the effectiveness of the implemented management strategies.
Strategic management strategies consist of five basic strategies and can differ in implementation
depending on the surrounding environment. Strategic management applies both to on-premise
and mobile platforms.
2. Kindly discuss the different levels of strategy in strategic management process.
Corporate Level
Corporate level strategy defines the business areas in which your firm will operate. It deals
with aligning the resource deployments across a diverse set of business areas, related or
unrelated. Strategy formulation at this level involves integrating and managing the diverse
businesses and realizing synergy at the corporate level. The top management team is
responsible for formulating the corporate strategy. The corporate strategy reflects the path
toward attaining the vision of your organization. For example, your firm may have four
distinct lines of business operations, namely, automobiles, steel, tea, and telecom. The
corporate level strategy will outline whether the organization should compete in or withdraw
from each of these lines of businesses, and in which business unit, investments should be
increased, in line with the vision of your firm.
Business Level
Business level strategies are formulated for specific strategic business units and relate to a
distinct product-market area. It involves defining the competitive position of a strategic
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