Strategic management - Students | IPCC #449817

Publish date: 2024-07-17
I have studied Strategic Management in detail.There are innumerable printing mistakes, paragraphs unorganized in our study text.Still,you have to write the same in exam if you want to clear the exams.

Let me give basic concept of Strategic Management.Note it down somewhere it will clear all your misunderstanding not doubts.Yes not doubts as for doubts you have got to have understanding first which our institute material deny.

BASIC MODEL OF STRATEGIC MANAGEMENT

Strategic Management consists of four basic elements:

1) Environmental scanning ( also called Environmental monitoring/Environmental appraisal not Environmental analysis)

Note: Environmental analysis is a subset of External analysis under Strategic analysis

Other names of Environmental scanning ate Strategic Analysis/Strategic Position/Establishing the hierarchy of Strategic intent

2) Strategy formulation (also called Strategic Planning)

Note: Corporate Planning can be divided into two parts-

a)Deciding corporate objectives and then determining corporate strategies.
b) Strategic Planning can be considered as the second part of Corporate Planning

3) Strategy Implementation ( sometimes referred to as Operational planning)

4) Evaluation and control ( also called Strategy Evaluation)

Coming to your question,SWOT analysis is the combination of External analysis and internal analysis.So we can say that Strategic Analysis is same as SWOT analysis (also called Corporate appraisal)

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