SMO310 Lecture 5: Chapter 5 - Strategic Management
9 Mar 2017
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Document Summary
Strategic management process the process by which a firm manages the formulation and implementation of its strategy the coordinated means by which an organization achieves its goals and objectives. Strategy formulation: the set of processes involved in creating or determining the strategies of the organization. Strategy implementation: the methods by which strategies are operationalized or executed within the organization. Intended strategy emergent strategies realized strategy: plan is poorly realized, competitors undermine the advantages envisioned by the plan, plan was good, but poorly executed. Strategic focus is seen when an organization is very clear about its mission and vision, and has a coherent, well-articulated strategy for achieving those. **know who porter is and what his strategies/forces are. Dynamic: resources that can be readily seen, touched, and quantified. Physical assets such as a firm"s property, plant, and equipment are considered to be tangible, as is cash: resources that are difficult to see, touch, or quantify.
