Strategic Management in the 21st Century: Key Concepts and Importance
Explore the fundamental concepts of strategic management in the modern business landscape, focusing on the definition, characteristics, and importance of strategies for organizations. Understand how strategic thinking is essential for companies to achieve competitive advantage and adapt to dynamic challenges.
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Presentation Transcript
Introduction to Strategic Management I B.com
Introduction to strategies Organizations are facing exciting and dynamic challenges in the 21st century. In the globalized business, companies requires strategic thinking and only by evolving good corporate strategies can they become strategically competitive. Management is often throught of as the process of decision making.
Definition of strategy Definition of strategy Michael E. Porter defined Strategy as Strategy is a central vehicle for attaining certain competitive advantage . Prahlad defined as Strategy is more then just fit and allocation of resources. It is stretch and leveraging of resources Robert C. Chandler defines strategy as the determination of the long-term goals and objectives of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals .
Characteristics of Strategy Strategy is forward looking Strategy is a systematic phenomenon By its nature, its is multidisciplinary By its influence, it is multidimensional By its structure, it is hierarchical By relationship, it is dynamic Strategy requires searching for new sources of advantage
Importance of Strategy Broad Improvement Change Ready Conflict Reduction Consistency Customer Focus Efficient Resource Allocation Identification of Competitive Advantage Identification of Opportunities and Threats Improved communications
