Business Strategy
This resource will address the main phases of the strategy. Consider the tasks associated with each phase, since we will be addressing these in detail later in the course.
Introduction
Business (or Strategic) management is the art, science, and craft of formulating, implementing, and evaluating cross-functional decisions that will enable an organization to achieve its long-term objectives. It is the process of specifying the organization's mission, vision, and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs. Strategic management seeks to coordinate and integrate the activities of the various functional areas of a business in order to achieve long-term organizational objectives. A balanced scorecard is often used to evaluate the overall performance of the business and its progress towards objectives.
Strategic management is the highest level of managerial activity. Strategies are typically planned, crafted, or guided by the Chief Executive Officer, approved or authorized by the Board of directors, and then implemented under the supervision of the organization's top management team or senior executives. Strategic management provides overall direction to the enterprise and is closely related to the field of Organization Studies. In the field of business administration, it is useful to talk about "strategic alignment" between the organization and its environment or "strategic consistency". According to Arieu (2007), "there is strategic consistency when the actions of an organization are consistent with the expectations of management, and these, in turn, are with the market and the context".
Source: Wikibooks, https://en.wikibooks.org/wiki/Business_Strategy
This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 License.