Strategy Review, Evaluation and Control

STRATEGIC MANAGEMENT

Chapter 7

Strategy Review, Evaluation and Control

           STRATEGY EVALUATION is simply an appraisal of how well an organization has performed.

           Criteria for Evaluating Strategies:

· Consistency:

A strategy should not present inconsistent goals and policies. Organizational conflict and interdepartmental bickering are often symptoms of managerial disorder, but these may also be a sign of strategic inconsistency.

Strategy Implementation

STRATEGIC MANAGEMENT

Chapter 6

Strategy Implementation

Management and Operations Issues

MANAGEMENT ISSUES:

a. Establishing annual Objectives serve are guidelines for action, directing, and channeling efforts and activities of organization members and should be consistent across the hierarchy. Horizontal consistency of objectives is as important as vertical consistency.

Strategies in Action

STRATEGIC MANAGEMENT

Chapter 5

Strategies in Action

The Value of Establishing Long-Term Objectives

          Long-term objectives represent the results expected from pursuing certain strategies. Strategies represent the actions to be taken to accomplish long-term objectives. The time frame for objectives and strategies should be consistent, usually from to five years.

          Without long-term objectives, an organization would drift aimlessly toward some unknown end. It is hard to imagine an organization or individual being successful without clear objectives.

          Success rarely occurs by accident, rather, it is the result of hard work directed toward achieving certain objectives.

The Internal Assessment

STRATEGIC MANAGEMENT

Chapter 4

The Internal Assessment

          This chapter focuses on identifying and evaluating a firm’s strengths and weaknesses in the functional areas of business, including management, marketing, finance/accounting, production/operations, research and development, and management information systems.

The External Assessment

STRATEGIC MANAGEMENT

Chapter 3

The External Assessment

          This chapter examines the tools and concepts needed to conduct an external strategic management audit (sometimes called environmental scanning or industry analysis).

The Business Vision and Mission

STRATEGIC MANAGEMENT

Chapter 2

On Strategy Formulation

The Business Vision and Mission

The Vision Statement

“ What do we want to become?”

-           A strategist’s job is to see the company not as it is…. But as it can become.

-          A clear vision statement provides the foundation for developing a comprehensive mission statement.

-          It should be established first and foremost before the mission statement.

-          It should be short (preferably one sentence).

The Nature of Strategic Management

STRATEGIC MANAGEMENT

Chapter 1

The Nature of Strategic Management

Strategic Management

-          The art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objective.

-          It focuses on integrating management, marketing, finance/accounting, production/operations, research and development, and computer information systems to achieve organizational success.