CBM 121 (Week 1-3)

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Strategic management is the long-term aim of an organization.

Strategic planning is the practice of organizing scheduling tasks concerning roles and resources within a given timeline to achieve the organization's goals.

Strategic change is a phase of fundamental transition that takes a company to a new sustainable competitive position, which is likely to entail changes to the current strategy.

Continuous improvement is organizational learning, which promotes and incrementally increases the efficiency and satisfaction of the customer in everyday management.

Competitive strategy is a method at the company level intended to retain a competitive edge over rivals and future rivals.

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COMPONENTS OF STRATEGIC MANAGEMENT

The purpose is the primary reason for an organization's long-term existence, and it is the starting point for understanding an organization in its entirety.

The strategy used to achieve strategic objectives is conditioned by the scale and nature of an organization's activities, whether single business, multi-business, or global in orientation.

Senior-level, however, is the one that spends most of its time on strategic management.

TIME SPENT ON ORGANIZATIONAL ACTIVITIES

Other levels spend their time primarily on daily organizational and functional character management. Strategic management must, therefore, be a top-down oriented procedure, but this must be done in ways that promote bottom-up decision-making and input on the viability and success of strategically relevant research at both organizational and functional levels.

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STRATEGIC PLANNING

It is a structured, systematic method that offers a sequenced structure or organizational template for an organization to move towards a long-term goal. Strategic planning is known at its most dynamic, as long-range planning.

Strategic planning has become one of the most prominent approaches to management today. Nonetheless, it is usually used as a tool to facilitate decentralized strategy-making, enabling lower-level managers to exit repetitive stresses to question thought and to redirect the energy and resources of their people to a shared goal. Strategic planning is now understood to be a part of strategic management.

STRATEGIC CHANGE