Introduction to Strategic Management & Operation (SMO)

What is SMO? 😯😯

 DEFINITION

• drafting, implementing and evaluating cross-functional decisions that will enable an organization to achieve its long-term objectives.
• Three main steps in the strategic management process:

1)      Strategy formulation

2)      Strategy implementation

3)      Strategy evaluation

 STRATEGY        

• Refers to the actions taken by a manager:

1)      to ensure that the organization is better off than its competitors

2)      able to fend off competitive actions from competitors

• Organizations use their own strength in exploiting the competitors’ weaknesses

PLANNING

• A process of preparing ways to use resources more economically and efficiently so that the purpose of the company is achieved.

CORPORATE PLANNING

• A process of obtaining objectives and its components followed by process of finding and evaluating various available alternatives.