Strategic Management Overview:
Strategic management comprises three main processes (A.K.A. – determine: where you are now; where
you want to go; how to get there):
1) Strategy Formulation - assess situation and create a plan of action to guide future activities.
A) Perform situation analysis:
Competitor and Organizational Self-evaluation
Multi-level Platform
Internal/External
Micro/Macro Environment
1) S.W.O.T. Analysis:
Determine internal and external Strengths, Weaknesses, Opportunities, and Threats
2) Determine Competitive Advantage:
Resource Base View—measurement of strategic resources available to firm
Economic Impact—measure the cost/benefit of external factors
B) Establish objectives (create and strategic plan for organization)
o Vision Statement (long term view of future)
o Mission Statement (societal role of organization)
o Overall Organizational Objectives (financial and strategic)
o Strategic Business Objectives (financial and strategic)
o Tactical Objectives
2) Strategy Implementation—establishment and placement for plan of action activities within
operational procedures.
Implementation of specific programs:
· Acquire required resources
· Develop Process:
· Training
· Process Testing
· Documentation
· Integration with (and/or from) legacy process
Allocate and Manage—sufficient resources (financial, personnel, time, and technological support)
Establish a decision making structure—chain of command or alternative (cross functional)
Assign direct responsibility to individual or group for specific tasks or processes
o Manage Process:
o Monitor results
o Compare benchmarks and best practices
o Evaluate the efficacy and efficiency of process
o Control for variances
o Make necessary adjustments to process
3) Strategy Evaluation – analysis of (plan of action activity) results
Strategic management comprises three main processes (A.K.A. – determine: where you are now; where
you want to go; how to get there):
1) Strategy Formulation - assess situation and create a plan of action to guide future activities.
A) Perform situation analysis:
Competitor and Organizational Self-evaluation
Multi-level Platform
Internal/External
Micro/Macro Environment
1) S.W.O.T. Analysis:
Determine internal and external Strengths, Weaknesses, Opportunities, and Threats
2) Determine Competitive Advantage:
Resource Base View—measurement of strategic resources available to firm
Economic Impact—measure the cost/benefit of external factors
B) Establish objectives (create and strategic plan for organization)
o Vision Statement (long term view of future)
o Mission Statement (societal role of organization)
o Overall Organizational Objectives (financial and strategic)
o Strategic Business Objectives (financial and strategic)
o Tactical Objectives
2) Strategy Implementation—establishment and placement for plan of action activities within
operational procedures.
Implementation of specific programs:
· Acquire required resources
· Develop Process:
· Training
· Process Testing
· Documentation
· Integration with (and/or from) legacy process
Allocate and Manage—sufficient resources (financial, personnel, time, and technological support)
Establish a decision making structure—chain of command or alternative (cross functional)
Assign direct responsibility to individual or group for specific tasks or processes
o Manage Process:
o Monitor results
o Compare benchmarks and best practices
o Evaluate the efficacy and efficiency of process
o Control for variances
o Make necessary adjustments to process
3) Strategy Evaluation – analysis of (plan of action activity) results
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