Week 2 - The nature of strategic management, & The business vision and mission

 Assalamualaikum,

In the 2^nd week, we had cover two chapter of strategic management. A little bit rushing and actually I’m almost sleep in the class, he.. sorry Miss Ummi.  But the class had fun with the energizing and powering lecturer..

Shortly, for the first chapter we had learn about the nature of strategic management. Below are the conclusions and short notes that i can make in order to get better understanding for this subject.  

first thing first,

Strategic management is defined as the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives

 

 Strategic management is used synonymously with the term strategic planning. 

 

That is stages of strategic management, firstly, formulation includes developing a vision and mission, identifying an organization's external opportunities and threats, determining internal strengths and weaknesses and ect. meanwhile, implementation requires a firm to establish annual objectives, devise policies, allocate resources and so on. and finally, strategy evoluation reviewing external and internal factors that are the bases for curretn strategies, measuring performance , and taking corrective actions.

competitive advantage will make one company looks different from the thier rivals. 

so basically, for the 1st chapter, it mention about strategic management in nature, its process, key terms, and benefits.

next we move to the 2nd chapter, The business vision and mission.  

In tutorial class, i met Mdm NorulHuda. she just a wonderful lecturer with experiences and knowledgeable in many field. i really admire her experiences with many companies, and her way she talking confidently. For the first class, she requested us to write about our vision and mission and submit to her. In the online forum, I mentioned that I want to become a successful entrepreneur and setup my own business with my own product. InsyaAllah.

Thats all on my 2nd strategic management class.. =)