Summary of "Strategic Management 1 What is Strategy Free MBA course"
Business policy and Strategic management are crucial for providing direction and shaping the future of an organization.
Business policy is defined as the study of senior management responsibilities, crucial problems affecting success, and decisions shaping the organization's direction.
Strategy involves competitive moves and business approaches to attract and please customers, compete successfully, grow the business, and achieve objectives.
The military origins of Strategy date back centuries and emphasize the deployment of resources to fulfill objectives.
Strategic management has evolved over the years through paradigm shifts, focusing on integrated planning, Strategy, and the strategic process of business firms.
Strategic management involves five tasks: forming a strategic vision, setting objectives, crafting a Strategy, implementing it efficiently, and evaluating performance.
Strategic planning provides a route map for the organization, helps in understanding trends, and guides major business decisions.
Henry Mintzberg's five Ps of Strategy include plan, ploy, pattern, position, and perspective, providing a comprehensive overview of Strategy.
Managers should periodically ask fundamental questions to improve customer service, satisfaction, reduce costs, increase productivity, and revenue from new products and services.
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