What are the strategic management concepts?

The basic concept of strategic management consists of a continuous process of planning, monitoring, analysing and assessing everything that is necessary for an organization to meet its goals and objectives. In simple words, it is a management technique used to prepare the organization for the unforeseeable future.

What are the four basic elements of strategic management tools?

After goal setting, strategic management includes four basic elements:

• Environmental Scanning.
• Strategy Formulation.
• Strategy Implementation and.
• Evaluation and control.

Why are strategic management tools important?

The advantages of these tools include: increased awareness of the business environment, strategic issues, opportunities and threats which help to reduce the risks involved in making important decisions, prioritization of complex companies and providing a framework for assessing the relative importance of various …

Why are strategic tools important?

In effect, the whole purpose of strategic tools is to aid and guide managerial decision making – ideally, allowing managers to make better, more informed decisions as a result of their use.

What are the 5 P’s of management?

The 5 Ps are: 1) Plan, 2) Process, 3) People, 4) Possessions, and 5) Profits. Planning is the key to the success of an organization. It is necessary because businesses operate amid uncertainty and risk, and the managers do not have the opportunity of making decisions under a background of certainty.

Why strategic management tools are important?

What are tools and techniques for strategic analysis?

Examples of analytical methods used in strategic analysis include: • SWOT analysis • PEST analysis • Porter’s five forces analysis • four corner’s analysis • value chain analysis • early warning scans • war gaming. An overview of these strategic analysis tools will be provided in this topic gateway.

What are the four planning tools?

What are strategic planning tools?

• SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis.
• OKR (Objectives and Key Results)
• PEST (political, economic, socio-cultural, and technological) analysis.
• Balanced scorecard.

What are the 9 M’s of management?

The nine fundamental factors (9 M’s), which are affecting the quality of products and services, are: markets, money, management, men, motivation, materials, machines and mechanization.