Name: Arguilles, Trina A.

Course: BSA 3-1A

Subject: MGT-303 MWF 1:00-2:00pm

1. Read notable quotes and understand for explanation on Monday or Wednesday as

the case maybe.

"If we know where we are and something about how we got there, we might see
where we are trending—and if the outcomes which lie naturally in our course are
unacceptable, to make timely change."

—Abraham Lincoln

Explanation: Even in the midst of difficulty, like a recession, there is opportunity. To

make sure that our businesses were headed in the proper direction to win the game,
many of us in the business sector had to revisit the fundamental principles of
business strategy.

"Without a strategy, an organization is like a ship without a rudder, going around in

circles. It’s like a tramp; it has no place to go."

—Joel Ross and Michael Kami

Explanation: You've probably heard this quotation a hundred times when important
subjects like strategy and strategic management are brought up. If you went back in
time, you would discover several examples of how strategic management has
assisted businesses in developing effective strategies by using a logical and rational
approach. In general, a strategy may just indicate how and where personnel should
assist the business in achieving a particular objective. But it involves more than just
achieving objectives. Clarity in strategic management's definition of the organization's
goals. By doing this, the business is able to create strict business strategies that
motivate personnel to direct their attention toward the success and expansion of the
organization.

"Plans are less important than planning."

—Dale McConkey
 Explanation: Plans are the outcome of planning, hence without planning, no plans will
be created.

"The formulation of strategy can develop competitive advantage only to the extent
that the process can give meaning to workers in the trenches."

—David Hurst

Explanation: Strategy development can create advantages in competition only to the

degree that the procedure can make sense to workers on the ground

"Most of us fear change. Even when our minds say change is normal, our stomachs
quiver at the prospect. But for strategists and managers today, there is no choice but
to change."

—Robert Waterman Jr.

Explanation: Most people dislike change. Our stomachs churn at the thought of
change, even though our thoughts tell us that it is natural. But managers and
strategists now have little choice but to adapt.

"If a man takes no thought about what is distant, he will find sorrow near at hand. He
who will not worry about what is far off will soon find something worse than worry."

—Confucius

Explanation: To succeed, one truly needs to plan ahead. Planning aids in clarifying
objectives, identifying necessary tasks, their logical order, and timetables, assessing
delivery capabilities (such as skills and resources), and identifying stakeholders to
manage during objective delivery. Without a plan, one is certain to fail.

2. State the nature of strategic management.

The process through which a business identifies its goals and creates plans, actions,
and resources to attain them is known as strategic management. It entails assessing
the business's existing situation and establishing long-term objectives to guarantee
success.

3. Define strategic management and site the purpose.

 Setting policies, procedures, and goals in order to increase a company's or
organization's competitiveness is the process of strategic management. Strategic
management typically focuses on efficiently allocating personnel and assets to
accomplish these objectives.

By creating strategies and policies to attain goals and allocating resources to carry
them out, strategic management gives overall direction. In the end, the purpose of
strategic management is to give organizations a competitive advantage over their
rivals.

4. State the 3 stages of strategic management and understand the requirements

and inclusions

Strategy formulation stage

Formulating a strategy entails creating a vision and objective, choosing and

identifying internal and external challenges and opportunities for the company
vulnerabilities, setting long-term goals, coming up with alternate tactics, and selecting
specific plans to pursue.

Determining what new companies to enter, what businesses to leave alone, how to
allocate resources, whether to diversify or extend operations, whether to enter
overseas markets, whether to combine with another company or form a joint venture,
and how to prevent a hostile takeover are all concerns that need to be addressed
while formulating a strategy.

Strategists must select which resources, as no company has boundless resources.

Alternative tactics will be most advantageous to the company. Techniques determine
the long term a competitive edge.

Strategy implementation stage

Establishing annual goals, creating regulations, inspiring people, and allocating

resources are all necessary for a company to accomplish its initiatives. Implementing
a strategy entails fostering a culture that supports it, building an efficient
organizational framework, refocusing marketing efforts, generating budgets,
constructing and leveraging information systems, and connecting employee pay to
organizational performance.
 The "action stage" of strategic management is frequently referred to as strategy
execution.

In order to put a strategy into action, management and staff must be mobilized,
putting tactics into practice. Managers' capacity to inspire staff is crucial to the
success of any strategy since it is more of an art than a science. Strategies that are
developed but never put into action are useless.

Particularly important for successful plan execution are interpersonal skills. The
actions of strategy implementation have an impact on all employees and managers in
an organization.

Strategy evaluation stage

The last phase of strategic management is strategy evaluation. Managers must

understand when specific tactics are failing, and strategy evaluation is the main way
to get this knowledge. All methods could be changed in the future because both
internal and external forces are dynamic.

Reviewing the internal and external variables that form the basis of present strategies,
monitoring performance, and taking corrective action are the three core activities that
make up strategy evaluation. It's important to evaluate your strategy because past
performance is no guarantee of future results. Success constantly generates fresh,
new issues, and complacent businesses eventually fail.

Activities related to strategy creation, execution, and evaluation take place at three a
major organization's corporate, divisional, or strategic business levels of hierarchy
functioning and a unit. Strategic management assists a company in operating as a
competitive team by promoting communication and interaction among managers and
employees across hierarchical levels. Most small businesses and some large
businesses only have the corporate and functional levels; neither do they have
divisions or strategic business units. However, those in these two levels of
management should be actively involved in strategic management.