Basic Concepts of Strategic Management
Strategic Management a set of managerial decisions and actions that determines the long-run performance of a corporation Strategic management includes: Internal and external environmental scanning Strategy formulation Strategy implementation Evaluation and control strategy formulation (strategic or long-range planning) As managers attempt to better deal with their changing world, a firm generally evolves through the following four phases of strategic management Phase 1: Basic financial planning Phase 2: Forecast-based planning Phase 3: Externally oriented strategic planning Phase 4: Strategic management The attainment of an appropriate match, or "fit," between an organization's environment and its strategy, structure, and processes has positive effects on the organization's performance Strategic planning becomes increasingly important as the environment becomes more unstable.
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