STRATEGIC MANAGEMENT 04/03/2013 SA641113 Lecture 3 • Strategic Management Process Strategic Management Process • Thompson – Chapter 2 LEARNING OBJECTIVES      Grasp why it is critical for company managers to have a clear strategic vision of where a company needs to head and why. Understand the importance of setting both strategic and financial objectives. Understand why the strategic initiatives taken at various organization levels must be tightly coordinated to achieve companywide performance targets. Become aware of what a company must do to achieve operating excellence and to excecute its strategy proficiently. Become aware of the role and responsibility of a company’s board of directors in overseeing the strategic management process. WHAT DOES THE STRATEGY-MAKING, STRATEGY-EXECUTING PROCESS ENTAIL? 1. Developing a strategic vision, a mission, and a set of values. 2. Setting objectives for measuring performance and progress. 3. Crafting a strategy to achieve those objectives. 4. Executing the chosen strategy efficiently and effectively. 5. Monitoring strategic developments, evaluating execution, and making adjustments in the vision and mission, objectives, strategy, or execution as necessary. STAGE 1: DEVELOPING A STRATEGIC VISION, A MISSION, AND A SET OF CORE VALUES  Developing a Strategic Vision:  Delineates management’s future aspirations for the business to its stakeholders.  Provides direction—“where we are g ...
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