Strategic Management in Modern Business Environment
In the era of liberalization, privatization, and globalization, companies must evolve and adapt to succeed. Strategic management plays a crucial role in helping organizations formulate effective strategies to achieve their objectives. This involves making informed decisions, optimizing profits, and enhancing employee motivation and efficiency. The process is driven by foresight, goal orientation, and conscious planning by top management to navigate the dynamic business landscape successfully.
- Strategic Management
- Business Environment
- Corporate Strategy
- Employee Motivation
- Profit Optimization
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. Download presentation by click this link. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
E N D
Presentation Transcript
STARTGIC MANAGEMENT I B.COM
Introduction The advent of Liberalisation, Privatisation and Globalisation, corporate can operate successfully by creating and delivering superior value to target customers and also learning how to adapt to a continuously changing environment. So to cope up with changing conditions in their industries, companies need to be farsighted and visionary, and must develop long term strategies.
Definition of Strategic Management William F. Glueck defines Strategic Management as a stream of decisions and actions, which leads to the development of an effective strategy or strategies to help achieve corporation objectives . According to F.R. David Strategic Management is a process of formulating, implementation, and evaluating cross-functional decisions that enable an organization to achieve its objectives .
Need for Strategic management Increasing Rate of Change Higher Motivation of Employees Strategic Decision-Making Optimization of Profits
Features of Strategic Management Responsibility of top management Conscious Process Organized and systemized method of managing Long range time span Requires Foresight Dependent on Personal Qualities Goal Oriented Process Primary Process
Importance of Strategic Management Alternative in Employees Increase in the Efficiency of the employees Incase in profitability Reduction in Fixed and Flexible Expense Motivation to Group Activity Reduction in cost of capital Acceptance of Organizational changes Increase in rate of return on investment
