Lesson 1:Strategic Management Concepts

Lesson 1:Strategic Management Concepts

The course in Strategic Management contains the following:

  • Lessons in video format with explanation of theoretical content.
  • Complementary activities that will make research more about the topic , as well as put into practice what you studied in the lesson. These activities are not part of their final evaluation.
  • Texts supporting explained in the video.
  • Evaluation questionnaire, that will grant access to the next lesson after approval.
  • Final exam for overall evaluation of the course.

 

Strategic management consists of the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. This definition captures two main elements that goes to the heart of the field of strategic management. First, the strategic management of an organization entails three ongoing processes: analysis, decisions, and actions. That is, strategic management is concerned with the analysis of strategic goals (vision, mission, and strategic objectives) along with the analysis of the internal and external environment of the organization. Next, leaders must make strategic decisions.

These decisions, broadly speaking, address two basic questions: What industries should we compete in? How should we compete in those industries? These questions also often involve an organization’s domestic as well as its international operations. And last are the actions that must be taken. Decisions are of little use, of course, unless they are acted on. Firms must take the necessary actions to implement their strategies. This requires leaders to allocate the necessary resources and to design the organization to bring the intended strategies to reality. As we will see in the next section, this is an ongoing, evolving process that requires a great deal of interaction among these three processes

 

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