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Strategic Intent

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STRATEGIC MANAGEMENT

INTRODUCTION:
Strategic management analyzes the major initiatives taken by a company's top management on behalf of owners, involving resources and performance in internal and external environments.[1] It entails specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs. A balanced scorecard is often used to evaluate the overall performance of the business and its progress towards objectives. Strategic decision-making is done through process of strategic management.

PROCESS OF STRATEGIC MANAGEMENT:

PROCESS: * Establishing the hierarchy of strategic intent: * Creating and communicating a vision. * Designing a mission statement * Defining the business * Adopting the business model * Setting objectives. * Formulating of strategies * Performing environmental appraisal * Doing organizational appraisal * Formulating corporate level strategies * Formulating business level strategies * Undertaking strategic analysis * Exercising strategic choice * Preparing strategic plan * Implementation of strategies * Activating strategies * Designing the structure, system and processes * Managing behavioral implementation * Managing functional implementation * Operationalizing strategies. * Performing strategic evaluation process: * Performing strategic evaluation * Exercising strategic control * Reformulating strategies.

STRATEGIC INTENT The framework within which firms operate, adopt a predetermined direction and attempt to achieve their goal is provided by a strategic intent. The hierarchy of strategic intent covers the vision, mission,

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