Strategic Mangement

Strategic Management – Module 1 (A)

Source : Strategic Management by Ireland , Hoskisson , Hitt

And

Crafting and Executing Strategy by Thompson Jr , Strickland , Gamble and Arun Jain

Scheme of Module 1 a

To cover theory in 2 sessions

To cover case examples in 1 session

To have presentation of Assignments 1 session

To have weekly test in 1 session

How do we define Strategic Management?

According to Peter Drucker “ Strategic Management is not a box of tricks or a bundle of techniques . It is analytical thinking and commitment of resources to action “

How do we define Strategic Management?

According to Lawrence R Jaunch and William F Glueck “ Strategic Management is a stream of decisions and actions which leads to the development of an effective strategy of strategies to help achieve corporate objectives . The strategic management process is the way in which strategists determine objectives and make strategic decisions “

According Thompson and Strickland

“ The tasks of crafting , implementing and executing company strategies are the heart and soul of managing a business enterprise “

As per Ireland , Hoskisson , Hitt

A strategy is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage .

A firm has a competitive advantage when it implements a strategy competitors are unable to duplicate or find too costly to try to imitate .

According Thompson and Strickland

In crafting a strategy , management is saying , in effect , “Among all the paths and actions we could have chosen , we have decided to move in this direction , focus on these markets and customer needs , compete in this fashion , allocate our resources and energies in these ways . And rely on these particular approaches to doing business . “

How Stakeholders relationship could be source of competitive advantage ?

Stakeholders are the...