Business Strategy
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Details
Textbook:
Pages : 323;
Paperback;
210 X 275 mm approx.
Workbook:
Pages :
321; Paperback;
210 X 275 mm approx
Pricing
Textbook Price: Rs. 750 ;
Workbook Price: Rs. 700;
Available only in INDIA
Detail Table of Contents
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Strategic Management : Chapter 2
SUMMARY:
Strategic management can be defined as a rational and intuitive process through which a firm streamlines and leverages its resources on a continuous basis to position itself distinctly from its competitors. It involves evaluating and building upon the firm’s strengths, and minimizing or eliminating its weaknesses while taking advantage of the opportunities emerging in the environment and countering the threats effectively. Strategic thinking involves answering three basic questions: Where are we now? Where do we want to go in the future? How will we get there?
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Strategy formulation involves the interplay of interrelated components which enable a firm to compete effectively and survive in the dynamic business world. The components are: vision and mission, external environment, internal profile, long-term objectives and annual objectives, grand strategy, generic strategy, and functional/operational strategies.
Strategic decision-making can be classified into the following modes: entrepreneurial mode, adaptive mode, planning mode, and logical incrementalism. The distinguishing features of strategic management are: strategic management entails multiple time horizons; strategic management is concerned with both efficiency and effectiveness; strategic management integrates various functions; and strategic management considers a broad range of stakeholders.
