Strategic Management Definition
Source: Wikipedia:
Strategic management is the process of specifying an organization's objectives, developing policies and plans to achieve these objectives, and allocating resources to implement the policies and plans to achieve the organization's objectives. It is the highest level of managerial activity, usually performed by an organization's Chief Executive Officer (CEO) and executive team. Strategic management provides overall direction to the enterprise.
“Strategic management is an ongoing process that assesses the business and the industries in which the company is involved; assesses its competitors and sets goals and strategies to meet all existing and potential competitors; and then reassesses each strategy annually or quarterly [i.e. regularly] to determine how it has been implemented and whether it has succeeded or needs replacement by a new strategy to meet changed circumstances, new technology, new competitors, a new economic environment., or a new social, financial, or political environment.” (Lamb, 1984:ix)
Dealing with uncertain future
What we have to learn, in order to deal with uncertain future ?
What we have to change, in order to deal with uncertain future ?
'The underlying principles of strategy were discussed by Homer, Euripides, and many other early strategos, "a general," which in tun comes from roots meaning "army" and "lead". The Greek verb stratego means to "plan the destruction of one' s enemies through effective use of resources." The concept of strategy in a military or political context has remained prominent throughout history....The need for a concept of strategy related to business became grater after World War ||, as business moved from a relativly stable environement into a more rapidly changing and competitive environemnt. Ansoff hass attributed thsis change to two significant factors:
- (1) the marked acceleration in the rate of change within firms, and
- (2) the accelerated application of science and technology to the process of management [1969,p.7].
The accelerated rate of change put a premium on the ability to anticipate change, to take advantage of new opportunities, and to take timely ogies spurred interest in and acceptance of analytic and explicit approaches to decision making that increased management' s ability to deal with the increasingly uncertain future.'
[The Historical Development of the Strategic Management Concept, Jeffrey Bracker, The Academy of Management Review, Vol. 5, No. 2 (Apr., 1980), pp. 219-224
doi:10.2307/257431]
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