STRATEGIC MANAGEMENT

PROCESS

A five-component approach to promote

successful organizational performance

1. Vision

formulation which leads to the statement of the

2.

The mission is then converted into performance

3.

To achieve objectives you develop

4.

Strategy I

Objectives

Strategies

mplementation

5. Evaluation of performance

Mission.

1.The vision

Mission

formulation which leads to the statement of the

Mission

what is business?

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what will be the business?

it established long-term direction
it needs to use simple terminology
it needs to be inspirational buy in
recognition of threats & opportunities
entrepreneurial

Three Components of the mission

statement
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the needs to be served by the company

the targeted customer group
how the company will provide the product/service

2. The mission is then converted into performance

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objectives

measurable statements
specified performance
specified time
short-range objectives
long-range objectives
top-down rather than bottom-up

Two types of performance yardsticks

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3.

financial objectives
strategic objectives

To achieve objectives you develop

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Strategies

action steps
the concepts of unified and consistent strategies
the moves and approaches used to achieve objectives
dynamic
continual review and refinement
adjust to internal and external forces

Levels of strategies
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Corporate
Business
Functional
Operating

game plan for a diversified company

game plan for single business
strategy initiatives of one part of a business
initiatives of key operating units

Factors affecting strategies

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society forces
political and regulatory forces
citizenship considerations
the industry and competitive conditions
opportunities and threats
organizational strengths and weaknesses
ethical considerations
personal managerial ambitions
company culture

Strategy making styles

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4.

Master Strategist
Delegate-to-Others
Collartorative
Champion
Strategy
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self- explanatory
bottom-up
middle approach
bottom up with manager interest

Implementation
making it happen
structuring an organization
budgeting
motivating
creating reward structures
creating work environment
information & reporting systems

Who does the strategy making

and implementing?

ALL MANAGERS
5. Evaluation of performance
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review process
adjust mission
adjust objectives
adjust strategies

initiate corrective measures

The Seven Steps in the HR Scorecard approach to formulating HR policies activities and strategies are,
Formulate Business Strategies:
Define the business strategy
Outline the companys value chain activities
Identify the strategically required organizational outcomes.
Identify Workforce Requirements:
Identify the required workforce behaviors
Formulate HR Policies and Practices:
Identify the strategically relevant HR system policies and activities, such as new training and grievance
systems.

more at http://www.citeman.com/2241-using-the-hr-score-card-approach/#ixzz1BDV5VbmX