Tuesday, 17 Septenber 2013

THE NATURE OF STRATEGIC MANAGEMENT

Firstly, what I learn in second week of lecture, I learn chapter 1 and 2. What I understand in chapter 1 is about the nature of strategic management. The definition of strategic management is the art and science of three stages which are strategic formulating, implementing, and evaluating cross functional decisions that enable organization. In strategic implementing is also known as action stage. After that, strategic evaluating is the stage that includes the correction action to get a good result. The internal factors in our management are from strength and weaknessess. And the external factors are from the oppurtunity and threats of the company. In the strategic management have hierarchical levels. First level is corporate, second level is divisional or strategic business unit. And the third level is functional. There are seven key terms in strategic management, which are competitive advantages, strategists (long-term objective to achieve), vision statement, mission statement, external opportunities and external threats, internal strength and internal weaknessess and lastly are policies.

MISSION AND VISION

The second chapter what I learn is about The Business Vision and Mission. Firstly, mission and vision statements are included in key terms in strategic management. Secondly, vision statement must to be short. In easy sentences, vision is what do you want to become and mission is how we do to achieve the goals. Besides that, sense of belonging have motivate person to work. There are many mission statement components that are customers, products or services, markets, technology and many more.