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.