Search results
Results from the WOW.Com Content Network
The second major process of strategic management is implementation, which involves decisions regarding how the organization's resources (i.e., people, process and IT systems) will be aligned and mobilized towards the objectives. Implementation results in how the organization's resources are structured (such as by product or service or geography ...
Strategic planning's role is "to realise and to support strategies developed through the strategic thinking process and to integrate these back into the business". [14] Henry Mintzberg wrote in 1994 that strategic thinking is more about synthesis (i.e., "connecting the dots") than analysis (i.e., "finding the dots"). It is about "capturing what ...
The first step to develop a competitive strategy is to understand the nature of the uncertainty the firm is facing and some of its most important characteristics. As established by Birger Wernerfelt and Aneel Karnani in their article "Competitive Strategy Under Uncertainty", [ 8 ] there are four different kinds of sources: demand structure ...
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.
SWOT has been described as a "tried-and-true" tool of strategic analysis, [3] but has also been criticized for limitations such as the static nature of the analysis, the influence of personal biases in identifying key factors, and the overemphasis on external factors, leading to reactive strategies. Consequently, alternative approaches to SWOT ...
Any strategic plan or decision is only as good as the strategic assumptions upon which it is based. Strategic assumptions surface and are usually identified when scenario planning is undertaken during a strategic planning process. The strategic assumptions surfacing and testing method is one rigorous method of identifying strategic assumptions.
Strategic thinking, as Batty and Quinn state, involves gathering, making connections, and filtering information or “form ideas and strategies that are focused, relevant, and sound.” (Beatty and Quinn, 2010, p. 5). The significance of strategic leadership “is making decisions about whether and when to act” (Beatty and Quinn, 2010, p. 6).
A strategic group is a concept used in strategic management that groups companies within an industry that have similar business models or similar combinations of strategies. For example, the restaurant industry can be divided into several strategic groups including fast-food and fine-dining based on variables such as preparation time, pricing ...