FOURTH WEEK – STRATEGIC MANAGEMENT

Bismillahirrahmanirrahim,

Assalamualakim,we meet again! This entry about the fourth week that I have learnt on Strategic Management Subject.For this week, we have learned the topic about on how to evaluate the company’s resources, capabilities and competitiveness. The main objective for this topic is how to assess how well a company’s strategy is working.

In evaluating how well a company’s present strategy is working, a manager has to start with what the strategy is.  This involves evaluating the strategy from a qualitative standpoint (completeness, internal consistency, rationale, and suitability to the situation) and also from a quantitative standpoint (the strategic and financial results the strategy is producing). The stronger a company’s current overall performance, the less likely the need for radical strategy changes. The weaker a company’s performance and/or the faster the changes in its external situation (which can be gleaned from industry and competitive analysis), the more its current strategy must be questioned.To trace or identify the things that could drive the firm success, we use the SWOT analysis. This kind of analysis is a powerful tool for sizing up a firm’s. SWOT analysis is stand for Internal strength (S), Internal weaknesses (W), Market opportunities (O) and external threats (T).

THIRD WEEK – STRATEGIC MANAGEMENT

Assalamualaikum,

Today Miss Ummi giving explanation about Evaluating a company’s external environment which is in topic 3. Its quite challenging for this topic. But this topic is interesting to study.This topic consist about the basic concepts and analytical tools widely used to diagnose the competitive conditions in a company’s industry, study about market positions of key groups of industry rivals, and how to use multiple frameworks to determine whether an industry’s outlook presents a company with sufficiently attractive opportunity for growth and profitability.We will learn how to create business strategy in this topic.

In this topic i learned about th PESTEL analysis which is focuses on the six principal components of strategic significance in the macro-environment.

Finally, Miss Ummi has teaching us about the five competitive forces in industry which are, competition from rivals sellers, competition from potential new entrants, competition from producers of substitute products, supplier bargaining power and customer bargaining power.

SECOND WEEK : STRATEGIC MANAGEMENT

Bismillahirrahmanirrahim....

Alhamdulillah...for this week lecture we have learned two topic. The first topic is The Nature of Strategic Management and the second topic is The Business Vision and Mission.In the first topic we have learn about the strategic management process, the need for integrating analysis and intuition in strategic management, the key terms in strategic management, the nature of strategy formulation, implementation, and evaluation activities. We also learn about the benefits of good strategic management and how a firm may achieve sustained competitive advantage.

Nature of Strategic Management have three stages that is strategy formulation, strategy implementation and strategy evaluation.

1. strategy formulation  - develop vision and mission, identify an organization external and internal (SWOT).
2. strategy implementation - also called ‘action stage’, establish annual objectives.
3. strategy evaluation - review external and internal (SWOT).

Next, for the next topic Miss Ummi has teaching us about the business vision and mission. This topic is about the nature and role of vision and mission statements in strategic management, why the process of developing a mission statement is important, the components of mission statements, how clear vision and mission statements can benefits other strategic – management activities, and how to write a good vision and mission statements.

The organization must have a vision and mission to be more successful and develop towards on their business and the global world today. It is become the organization strategy to achieve their goals.