BU288 Lecture Notes - Lecture 6: Strategic Management
Document Summary
Framework for crucial decisions prepares for future. Provides information about mistakes helps take corrective action. Builds core competencies: it helps organization to be more proactive then reactive. It helps organization to avoid any costly mistake in product or in investment: it builds certain core competencies for the organization that help it in the path of survival and growth. The fundamental justification behind strategic management is to achieve persistent competitiveness for the business which is only possible by formulation and implementation of such strategies which would be valuable for the business. It lays stress on assessing the opportunities and threats, strengths and weaknesses of the firm and developing strategies for its long term growth and survival. 2. 4 types of strategies: it gives a specific direction to the company, defines its goals and sets realistic objectives, which are in sync with the company"s vision, corporate strategy 2. Every organization must address several levels, types, or areas of strategic management.
