Question: What Are The Approaches Of Strategic Management?

What is the framework of strategic management?

The Strategic Management framework is a high level summary of a cyclical process of strategy creation.

It splits strategy into a repeated formulation and implementation phases, each of which has its own sub-steps and activities..

What are the various approaches to corporate management?

Top 4 Approaches to Strategic Planning | ManagementTop-Down Approach: In a centralised company, such planning is done at the top of the corporation and the departments and outlying activities are advised straightway what to do. … Bottom-Up Approach: ADVERTISEMENTS: … Mixture of the Top-Down and Bottom-Up Approaches: ADVERTISEMENTS: … Team Approach:

What are the six elements of a strategic framework?

In this blog we outline the 6 vital elements to successful strategic planning for your organization.Define your vision. … Create your mission. … Set your objectives. … Develop your strategy. … Outline your approach. … Get down to tactics.

What are the basic elements of strategic management?

There are four key elements of the strategic management process: environmental scanning, strategy formulation, strategy implementation and strategy evaluation.

What are the 4 decision making styles?

Every leader prefers a different way to contemplate a decision. The four styles of decision making are directive, analytical, conceptual and behavioral.

What are the 2 types of decision making?

Types of Decision Making – Classified by Various Authorities: Basic and Routine Decisions, Policy and Operative Decisions, Individual and Group Decisions and a Few OthersProgrammed and Non-Programmed Decisions: … Basic and Routine Decisions: … Policy and Operative Decisions: … Individual and Group Decisions:

What are the three approaches to decision making?

Types of Decisions. Three approaches to decision making are avoiding, problem solving and problem seeking.

What are 3 types of decision making?

At the highest level we have chosen to categorize decisions into three major types: consumer decision making, business decision making, and personal decision making.

What are the types of approaches?

Types of research approachesThe descriptive study. This approach attempts to identify the characteristics of a problem through description. … The explanatory study. This approach attempts to find the answer to an enigmatic question. … The remedial study. … The methodological study. … The historical study. … A suggested essay format.

What are the main approaches to planning?

The four possible approaches to planning are:Reactive – past oriented. Reactive planning is an active attempt to turn back the clock to the past. … Inactive – present oriented. … Preactive – predict the future. … Proactive – create the future.

What are the 7 steps of the strategic management process?

Seven steps of a strategic planning processUnderstand the need for a strategic plan.Set goals.Develop assumptions or premises.Research different ways to achieve objectives.Choose your plan of action.Develop a supporting plan.Implement the strategic plan.

What are the 5 decision making styles?

After in-depth work on 1,021 of the responses, study authors Dan Lovallo and Olivier Sibony identified five decision-making styles. They are: Visionary, Guardian, Motivator, Flexible, and Catalyst.

What are the different approaches to decision making?

When you make decisions, there are four decision-making styles that you can use. There’s an Autocratic style, a Participatory one, a Democratic style, and a Consensus-based decision-making style. Your choice of which of those four styles to use is driven by two things.

What are the features of management?

The salient features of management are as follows:Management is Goal Oriented: … Management is Universal: … Management is a Continuous Process: … Management is Intangible: … Management is a Social Process: … Management is Multidisciplinary: … Management is Situational: … Management is a Group Effort:More items…

What is classical approach to management?

Classical management theory is based on the belief that workers only have physical and economic needs. It does not take into account social needs or job satisfaction, but instead advocates a specialization of labor, centralized leadership and decision-making, and profit maximization.