Introduction

The Five Tasks of Strategic Management

1. Defining business, stating a mission, &

forming a strategic vision 2. Setting measurable objectives 3. Crafting a strategy to achieve objectives 4. Implementing & executing strategy 5. Evaluating performance, reviewing new developments, & initiating corrective adjustments

Strategy Formulation?
The task of strategy-making concerns how to Out-compete rivals & win a competitive advantage Achieve desired strategic & financial objectives Respond to changing industry & competitive conditions Grow the business Defend against threats to firms well-being

How to craft a strategy?

The strategy making is a dynamic process which is the combination of proactive strategy and reactive strategy

How to craft a strategy?

How to craft a strategy?

How to craft a strategy?

Typically a firms strategy consists of: How to satisfy customers How to grow the business How to respond to changing industry & market conditions How to best capitalize on new opportunities How to manage each functional piece of business How to achieve strategic & financial objectives

How to craft a strategy?

Strategy examples

Mcdonalds
Continued growth Providing exceptional customer care Remaining an efficient & quality producer Offering high value Effectively marketing McDonalds brand on a

global scale

How to craft a strategy?

Strategy examples

Mcdonalds Key elements of strategy Adding 700-900 restaurants annually Using new menu items, low price specials, Extra Value Meals to promote frequent customer visits Being highly selective in granting franchises Choosing sites convenient to customers

How to craft a strategy?

Strategy examples

Mcdonalds Key elements of strategy Focusing on limited product line & consistent quality Careful attention to store efficiency Extensive advertising & use of Mc prefix Hiring courteous personnel; paying an equitable wage; & providing good training

How to implement a strategy?

Implementing strategy involves Creating fits between way things are done & what it takes for effective strategy execution Executing strategy proficiently & efficiently Producing excellent results in timely manner

Strategic management principle

Strategy implementation is an internal, operations-driven activity involving organizing, budgeting, motivating, culture-building, supervising, and leading to make the strategy work as intended!

Evaluating Performance
None of the tasks of strategic management

are a one-time only exercise. Times & conditions change. Events unfold. Better ways to do things become evident. New managers with different ideas take over. Therefore managers must constantly evaluate performance.

Conclusions
The task of strategy making concerns how

to achieve desired strategic & financial objectives Implementing strategy involves executing crafted strategy proficiently & efficiently. None of the tasks of strategic management are a one-time only exercise. Therefore managers must constantly evaluate performance.