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1. Strategic management process

2. What is SMP???? The strategic management process is a way for businesses to build strategies that help the company respond quickly to new challenges. This dynamic process helps organizations find new and more efficient ways to do business

3. A five-component approach to promote successful organizational performance 1. Vision formulation which leads to the statement of the Mission. 2. The mission is then converted into performance Objectives 3. To achieve objectives you develop Strategies 4. Strategy Implementation 5. Evaluation of performance

5. what will be the business?

6. it established long-term direction

7. it needs to use simple terminology

8. it needs to be inspirational buy in

9. Entrepreneurial

11. the targeted customer group

13. specified performance

14. specified time

15. short-range objectives

16. long-range objectives

19. the concepts of unified and consistent strategies

20. the moves and approaches used to achieve objectives

21. Dynamic

22. continual review and refinement

23. adjust to internal and external forces Levels of strategies Corporategame plan for a diversified company Businessgame plan for single business Functionalstrategy initiatives of one part of a business Operatinginitiatives of key operating units

25. political and regulatory forces

26. citizenship considerations

27. the industry and competitive conditions

28. opportunities and threats

29. organizational strengths and weaknesses

30. ethical considerations

31. personal managerial ambitions

34. structuring an organization

35. Budgeting

36. Motivating

37. creating reward structures

38. creating work environment

40. adjust mission

41. adjust objectives

42. adjust strategies

44. Michael Porter has described a category scheme consisting of three general types of strategies that are commonly used by businesses to achieve and maintain competitive advantage.

45. The generic strategies are: 1. Cost leadership 2. Differentiation 3. Focus. Cost Leadership. The low cost leader in any market gains competitive advantage from being able to produce at the lowest cost. 2. Differentiation Differentiated goods and services satisfy the needs of customers through a sustainable competitive advantage. This allows companies to desensitize prices and focus on value that generates a comparatively higher price and a better margin. 3. Focus or Niche strategy. The focus strategy is also known as a 'niche' strategy. Where an organization can afford neither a wide scope cost leadership nor a wide scope differentiation strategy, a niche strategy could be more suitable.

46. The danger of being 'stuck in the middle.' Make sure that you select one generic strategy. It is argued that if you select one or more approaches, and then fail to achieve them, that your organization gets stuck in the middle without a competitive advantage.

47. Thank you