Strategic Management Overview

Current
The course emphasizes the value and process of strategic management. In addition to
familiarizing students with new subject matter, students are expected to integrate and
apply their prior learning to strategic decision making in organizations. The Strategic
Management course is designed to explore an organization’s vision, mission, examine
principles, techniques and models of organizational and environmental analysis, discuss
the theory and practice of strategy formulation and implementation such as corporate
governance and business ethics for the development of effective strategic leadership.
The course is designed specifically not only to introduce students with key strategy
concepts but also aims to help students to integrate and apply their prior learning to
various business situations.
What is Strategic Management?
Strategic management is the ongoing planning, monitoring, analysis and assessment of all necessities an
organization needs to meet its goals and objectives. Changes in business environments will require
organizations to constantly assess their strategies for success. The strategic management process helps
organizations take stock of their present situation, chalk out strategies, deploy them and analyze the
effectiveness of the implemented management strategies. Strategic management strategies consist of five
basic strategies and can differ in implementation depending on the surrounding environment. Strategic
management applies both to on-premise and mobile platforms.
Benefits of Strategic Management
Strategic management is generally thought to have financial and nonfinancial benefits. A strategic
management process helps an organization and its leadership to think about and plan for its future
existence, fulfilling a chief responsibility of a board of directors. Strategic management sets a direction
for the organization and its employees. Unlike once-and-done strategic plans, effective strategic
management continuously plans, monitors and tests an organization's activities, resulting in greater
operational efficiency, market share and profitability.
Strategic Management Concepts
Strategic management is based around an organization's clear understanding of its mission; its vision for
where it wants to be in the future; and the values that will guide its actions. The process requires a
commitment to strategic planning, a subset of business management that involves an organization's ability
to set both short- and long-term goals. Strategic planning also includes the planning of strategic decisions,
activities and resource allocation needed to achieve those goals.
Having a defined process for managing an institution's strategies will help organizations make logical
decisions and develop new goals quickly in order to keep pace with evolving technology, market and
business conditions. Strategic management can, thus, help an organization gain competitive advantage,
improve market share and plan for its future.
Five Stages of Strategic Management Process
There are many schools of thought on how to do strategic management, and academics and managers
have developed numerous frameworks to guide the strategic management process. In general, the process
typically includes five phases:
 assessing the organization's current strategic direction;
 identifying and analyzing internal and external strengths and weaknesses;
 formulating action plans;
 executing action plans; and
 evaluating to what degree action plans have been successful and making changes when desired
results are not being produced.
Click the link below for further discussions:

https://youtu.be/icqu2Kl1Imc
Reference: https://searchcio.techtarget.com/definition/strategic-management
Prepare the following for Friday’s (July 09, 2021) meeting:
 What is strategic management?

 Why does an accountancy student like you needs to have background on strategic management?
 How does strategic management impacts businesses and/or corporations?
 What specific benefits could we gain in learning the course?
 In your own perspective, does it make any sense in your personal life? Why? Why not?
Prepared by:
Ms. April Rose T. Alea, LPT, MBA

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What is Strategic Management?

Benefits of Strategic Management

Five Stages of Strategic Management Process

 assessing the organization's current strategic direction;

 identifying and analyzing internal and external strengths and weaknesses;

 formulating action plans;

 executing action plans; and

Click the link below for further discussions:

Prepare the following for Friday’s (July 09, 2021) meeting:

 What is strategic management?

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