In this chapter students will be able to: Knowledge of the definitions of strategic planning and planning, insights regarding the main aspects of the strategic management process, knowledge of the key components of environmental analysis, an understanding of the role of organizational direction in strategic management, an appreciation for the primary aspects of strategy formulation,. | CSC350: Learning Management Systems COMSATS Institute of Information Technology (Virtual Campus) Lecture # 7 Strategic Planning: Strategies, Tactics, & Competitive Dynamics 2 Understanding the term decision Understanding rational decision-making process Role of intuition in decision making Various tools used to make decisions Understanding how groups make decisions Review of the Previous Lecture 3 3 Definitions of strategic planning Main aspects of the strategic management process Key components of environmental analysis Role of organizational direction in strategic management Primary aspects of strategy formulation Importance of strategic control Coordination of tactical planning & strategic planning Competitive dynamics & organization’s financial performance Topics of Discussion Long-range planning focused on the organization as a whole Management’s focus is on the organization's strategic goal and determining what must be done to attain organizational goals over the long term . | CSC350: Learning Management Systems COMSATS Institute of Information Technology (Virtual Campus) Lecture # 7 Strategic Planning: Strategies, Tactics, & Competitive Dynamics 2 Understanding the term decision Understanding rational decision-making process Role of intuition in decision making Various tools used to make decisions Understanding how groups make decisions Review of the Previous Lecture 3 3 Definitions of strategic planning Main aspects of the strategic management process Key components of environmental analysis Role of organizational direction in strategic management Primary aspects of strategy formulation Importance of strategic control Coordination of tactical planning & strategic planning Competitive dynamics & organization’s financial performance Topics of Discussion Long-range planning focused on the organization as a whole Management’s focus is on the organization's strategic goal and determining what must be done to attain organizational goals over the long term Defined in terms of 3-5 years STRATEGIC PLANNING & STRATEGY Broad, general plan for long-term objectives Focused on many different organizational areas Offers broad direction to the organization End result of strategic planning Consistent with organization’s purpose and firm’s organizational objectives Strategy Sample Strategies Process of ensuring the organization possesses and benefits from the use of an appropriate organizational strategy Appropriate strategy is the one best suited to the needs of the organization at a particular time STRATEGIC MANAGEMENT PROCESS Strategic Management Process Study of organization’s environment in an effort to pinpoint environmental factors having a significant influence on how the organization operates Helps to better understand what is happening both internally and externally as firm works toward identifying appropriate strategy ENVIRONMENTAL ANALYSIS Managerial Environment Economic Component Social Component Political Component Legal Component .
