Class notes MNG3701 exclamations and solutions for 2021

1. INTRODUCTION There are so many factors and complicated environmental changes, including cultural and political, that strategic management should be seen as essential to the management process of any organisation. 2. DEFINITION 2.1 STRATEGIC MANAGEMENT- Is a deliberate effort by the organisation to allocate resources in such a way that the organisation could realise an above average return on investment in order to have a competitive advantage over its competitors over long-term for the wealth maximisation of all its stakeholders.() 2.2 SHORTCOMING OF TRADITIONAL PROCESS APPROACH TO STRATEGIC MANAGEMENT AND THE NEW PERSPECTIVE ON STRATEGIC MANAGEMENT THAT HAVE EMERGED IN RESPONSE TO THESE SHORTCOMINGS.2.2.1 DESCRIPTION OF STRATEGIC MANAGEMENT -Its rational approach that the organisation use to achieve strategic competitiveness and competitive advantage. 2.2.2 The strategic task of top management consists of formulating strategy, implementing strategy (organising & leading) with the help of middle managers and the rest of the organisation and ensuring that the strategic plans and implementation initiatives stays on track. 2.2.3 Strategy formulation is the focus area of most strategic management where top managers set the direction of the organisation, analyse the internal and external environment, set strategic goals and choose the strategies that will help them to achieve strategic goals.