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Summary Learning Unit 6: Strategic Management

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MNG2602 - Learning Unit 6: Strategic Management

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  • July 11, 2018
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  • 2017/2018
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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




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, 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?)



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