Professional Documents
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Strategic MGT Proecss
Strategic MGT Proecss
Strategic MGT Proecss
Coverage in session
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In this session , we will study about Strategic Management Process Strategic Choices/Approaches
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Formulation
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Dynamic and continuous Process Change in any component will have affect on all other components. Strategy formulation and implementation are sequential. Practically the process is not clean as it appears, as constant evaluation are done More followed in formal organization, less in informal and small.
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Strategic choices
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Part of Strategy Formulation process Its the centre of strategy formulation process Strategic choice is selection of the best strategic option that helps achieve organization's objectives The evaluated strategic options are ranked in order of their potential to achieve objective. Such options allow businesses to maintain or create sustainable strategic advantage. The strategic choice is made from among the ranked alternative.
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Planned Approach-Ranking and selecting Enforced Approach-Stakeholders choice Experienced Approach-Past Experience of Managers Command Approach-Top Management command
Poor Reward structures Fire-fighting Waste of time Too expensive Laziness Content with success Fear of failure Overconfidence Prior Bad Experience Self Interest Suspicion
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