DCOM506 Lecture Notes - Lecture 1: Strategic Management, Igor Ansoff, Signify
Document Summary
After studying this unit, you will be able to: State the meaning, nature and importance of strategic management. Explain the dimensions and benefits of strategic management. It makes fundamental decisions about the future direction of a firm its purpose, its resources and how it interacts with the environment in which it operates. Every aspect of the organisation plays a role in strategy its people, its finances, its production methods, its customers and so on. Strategic management can be described as the identification of the purpose of the organisation and the plans and actions to achieve that purpose. It is that set of managerial decisions and actions that determine the long-term performance of a business enterprise. It involves formulating and implementing strategies that will help in aligning the organisation and its environment to achieve organisational goals. Strategic management does not replace the traditional management activities such as planning, organising, leading or controlling.
