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Strategic management tools. In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates.
Porter wrote in 1980 that strategy targets either cost leadership, differentiation, or focus. [1] These are known as Porter's three generic strategies and can be applied to any size or form of business. Porter claimed that a company must only choose one of the three or risk that the business would waste precious resources.
Larger organizations generally have three hierarchical levels of managers, [1] in a pyramid structure: Senior management roles include the board of directors and a chief executive officer (CEO) or a president of an organization. They set the strategic goals and policy of the organization and make decisions on how the overall organization will ...
Miles and Snow identify three types of competitive strategies, those adopted by defender, analyzer and prospector types of organization, and a fourth, non-strategic type of organization, whose competitive behaviour is reactive to the perceived environmental conditions within which it operates. [2]
Strategic planning is an organization's process of defining its strategy or direction, and making decisions on allocating its resources to attain strategic goals.. Furthermore, it may also extend to control mechanisms for guiding the implementation of the strategy.
Strategy (from Greek στρατηγία stratēgia, "art of troop leader; office of general, command, generalship" [1]) is a general plan to achieve one or more long-term or overall goals under conditions of uncertainty. [2]
The Three Levels of Leadership is a leadership model formulated in 2011 by James Scouller. [1] Designed as a practical tool for developing a person's leadership presence, knowhow and skill. It aims to summarize what leaders have to do, not only to bring leadership to their group or organization, but also to develop themselves technically and ...
At this level an organization can develop a single forecast of the future that is precise enough for strategy development. Even so, the prediction will not be exact, to the degree that all businesses deal with uncertainty, but it will be enough to shape the strategy into a single direction.