Strategic Management Essay

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STRATEGIC MANAGEMENT (20–30%)
Theory 1.1 Strategic Management Defined (a) Strategic Management Process (b) Grand Strategy (c) Strategy Formulation (Planning) (d) Strategy Implementation (e) Strategic Control 1.2 Strategic Planning Process (a) Organizational Mission (b) Organizational Objectives (c) Organizational Strategies (d) Organizational Portfolio Plan 1.3 Global Analytical Techniques (a) Structured Analysis of Industries (b) Porter’s Competitive Strategies (c) Competitive Analysis (d) Market Signals (e) Industry Evolution 1.4 Industry Environments (a) Competitive Strategies Related to Fragmented Industries (b) Competitive Strategies Related to Emerging Industries (c) Competitive Strategies Related to Declining Industries (d) Sources and Impediments to Global Competition (e) Evolution of Global Markets (f) Strategic Alternatives to Compete Globally 1 1 1 5 6 7 7 7 8 8 8 8 8 9 11 11 11 12 12 12 (g) Trends Affecting Global Competition 1.5 Strategic Decisions (a) Analysis of Integration Strategies (b) Capacity Expansion (c) Entry into New Business 15 16 16 17 18 19 19 21 21 21 22 24 25 27 27 28 29 32 32 34 34 36 37 39 39

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1.1 Strategic Management Defined (a) Strategic Management Process. Strategic management is the set of decisions and actions used to formulate and implement strategies that will provide a competitively superior fit between the organization and its environment so as to achieve organizational goals. Managers ask questions such as, “What changes and trends are occurring in the competitive environment? Who are our customers? What products or services should we offer? How can we offer those products and services most efficiently?” Answers to these questions help managers make choices about how to position their organization in the environment with respect to rival companies. Superior organizational performance is not a matter of luck. It is determined by the choices that managers make. Top executives use strategic...

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