/Img175 312 0 R Is the sale of cigarettes by a company ethical? The following are some of the ethical questions in business: Nowadays it is widely believed that organizations should develop a written code of ethics to guide the employees in taking care of ethics in their activities. /Img128 265 0 R Strategy-focused objectivesetting is concerned with establishing long-range objectives for the organization to achieve the vision and mission. Designing an appropriate arrangement that fits the organization’s new or emerging plans and activities would also require developing new key managers. In most organizations, the guiding philosophy is formulated by the owner or founder of the Chief Executive Officer (CEO). Resource allocation, organization, design change, and technology adoption almost churn an organization. /Img256 393 0 R business, we can substitute ‘resources’ for troops. /Filter /FlateDecode Report "The nature of strategic management" Please fill this form, we will try to respond as soon as possible. /Img161 298 0 R /Img101 238 0 R /Img385 522 0 R To formulate strategies, one has to know the objectives that are to be pursued & ... achieve corporate objectives The Strategic Management process is the way in which strategists determine objectives & make strategic decisions” H.L. Strategy is the direction and scope of an organisation over the long term. /Img322 459 0 R Strategic management is the process through which managers undertake efforts to ensure long-term adaptation of their organization to its environment. /Img165 302 0 R A strategic plan outlines a long-term perspective for the organization. Because of the liberalization of trade and financial services, companies are becoming more and more globalized. /Img111 248 0 R /F5 593 0 R /Img107 244 0 R /Img301 438 0 R Specifically, we can say that the primary activities of a manufacturing company include inbound logistics, operations/production, outbound logistics, marketing, and service. Core competencies emerge from a company’s experience, learning skills, and focused efforts on performing one or more related value chain components. /Img395 532 0 R /Img73 210 0 R It may be pertinent to mention here that ‘strategic planning’ seeks increased responsiveness to markets and competition by trying to think strategically. /Img211 348 0 R /Img110 247 0 R >> Withdrawal from retail before any significant losses was reported was done. /Img38 175 0 R /Img397 534 0 R /Img321 458 0 R /Img105 242 0 R Every manager must have a clear understanding of the relevant concepts as well as the basic issues of strategic management. /Img433 570 0 R /Img116 253 0 R /Img166 303 0 R /Img425 562 0 R It establishes the values and beliefs of the organization about what is important in both life and business, how business should be conducted, its view of humanity, its role in society, the way the world works, and what is to be held inviolate. Providing managers with a rationale for evaluating competing budget requests for investment capital and new employees. It involves large-scale mobilization of resources across the organization to develop competencies and capabilities for the future while taking care of the risk such long term decisions entail. Basic concepts and issues such in Strategic Management are; Organizational philosophy establishes the relationship between the organization and its stakeholders. /Img414 551 0 R /Img350 487 0 R /Img198 335 0 R /Img378 515 0 R /Img108 245 0 R /Img136 273 0 R /Img373 510 0 R /Img138 275 0 R /Img127 264 0 R It is during this phase that deliberations and decisions about the broad scope of business (intent), the key areas of business (corporate strategy), and key drivers of business (core values and commitments) are taken. This strategy emphasizes the strengthening of a company’s competitive position of products or services. The mid-level managers play supporting roles and do some or most of the strategy-making for their units. %PDF-1.5 /Img250 387 0 R >> It includes environmental scanning, strategy formulation, strategy implementation, and evaluation and control. Having the best-made product on the market. The realization of such achievements marks the fulfillment of an organization’s mission statement. /Img334 471 0 R /Img214 351 0 R /Img391 528 0 R /Img343 480 0 R An individual manager is most often required to deal with problems of operational nature. Organizations operate in a dynamic environment. Strategic plan. Was our strategy based on a sound analysis of opportunities and threats? It is a central valuecreating capability of the organization. /Img309 446 0 R /Img341 478 0 R 1 0 obj /Img145 282 0 R Organizations should, therefore, build ethics into their cultures. << The process is driven by key managers. /Type /Catalog Such a mindset requires that management time is apportioned to identifying key tasks, setting standards of performance and designing reward/motivation systems. What kind of organization is it or does it like to be? Leveraging cross-functional and divisional competencies is done during implementation. /Img255 392 0 R /Img208 345 0 R /Img49 186 0 R It deems formulation and implementation to be equally critical.