PART I. Concept MappingInstructions: Make a concept containing 7 circle map to visually represent relationships of the given concept.Given the term "Strategic Management" as the main concept, break it down to differentideas associated to the main concept and explain their relationship with one another.StrategicManagement
Answer (1)
Answer:Strategic ManagementStrategic management is a comprehensive approach to formulating and executing strategies that help organizations achieve their long-term goals. It involves analyzing the internal and external environments, setting objectives, and making decisions that align resources with the organization's missionKey Components of Strategic ManagementVision and MissionThe vision and mission statements provide the foundational purpose of an organization. The vision outlines what the organization aspires to become, while the mission defines its core purpose and values. Together, they guide strategic decision-makingEnvironmental AnalysisThis involves assessing both the internal and external environments through tools like SWOT analysis (Strengths, Weaknesses, Opportunities, Threats). Understanding these factors helps organizations identify their competitive advantages and potential challengesStrategic ObjectivesThese are specific, measurable goals that an organization aims to achieve within a certain timeframe. Strategic objectives are derived from the vision and mission and serve as benchmarks for measuring progressStrategy FormulationThis is the process of developing strategies based on the analysis of the environment and the organization's objectives. It involves selecting the best course of action to achieve the desired outcomesStrategy ImplementationOnce strategies are formulated, they must be put into action. This involves allocating resources, assigning responsibilities, and ensuring that all parts of the organization are aligned with the strategic goalsEvaluation and ControlThis component assesses the effectiveness of the implemented strategies. It includes monitoring performance, comparing it against the strategic objectives, and making necessary adjustments to stay on trackStakeholder EngagementEngaging stakeholders—such as employees, customers, suppliers, and investors—is crucial for successful strategic management. Their input and support can significantly influence the effectiveness of strategies and the overall success of the organizationRelationships Among ComponentsThese components are interconnected and work together to ensure the success of strategic management. The vision and mission inform the strategic objectives, which guide the formulation and implementation of strategies. Environmental analysis provides insights that shape both the objectives and the strategies. Evaluation and control ensure that the strategies remain relevant and effective, while stakeholder engagement fosters collaboration and support throughout the processIn summary, strategic management is a dynamic and iterative process that requires careful consideration of various components and their relationships to achieve organizational success
