Paper - Business Management

2

Basic Concepts of Strategic Management

C h a p t e r 1

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Putting Strategy into Action

Developing Long-range Plans

Monitoring Performance

Feedback/Learning: Make corrections as needed

Gathering Information

Strategy Implementation:

Strategy Formulation:

Evaluation and Control:

Environmental Scanning:

Societal Environment: General forces

Natural Environment: Resources and

climate

Task Environment:

Industry analysis

Structure: Chain of command

Culture: Beliefs, expectations,

values

Resources: Assets, skills, competencies,

knowledge

Activities needed to accomplish a plan Cost of the

programs

Sequence of steps needed to do the job

What results to accomplish by when Plan to

achieve the mission & objectives Broad

guidelines for decision making

Mission

Internal

External

Programs and Tactics

Budgets

Procedures

Performance

Objectives

Strategies

Policies

Actual results

Reason for existence

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