on ur mark, get set, GO!!!

In  the name of Allah the  most beneficent and the most merciful

17092013...Our topic for the second week that we have learned was “The nature of strategic management” and “The business vision and mission”. At the end of the class, we are supposed to define strategic management and describe vision and mission and discuss their value. Actually, it was quite hard for me to understand strategic management. But, I’ll try my best.

As we have learned, strategic management was defined as the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives. In other words, it consists of the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. Strategic management helps a firm function as a competitive team, it term is used in business and it is synonymously with the term strategic planning. However, strategic planning consists of formulation only and it term is used in academic.

Other than that, we also learn about stages of strategic management which consist of formulation, implementation and evaluation. For formulation, it the stage where the company’s objectives, vision and mission will be set. There is also SWOT analysis that is used to achieve company’s objectives. Strategy implementation or also called as action stage is the stage where the formulated strategy will be executed. For the last stage, it is the stage to take corrective actions after review and measure the company’s performance. Integrating analysis and intuition are needed in strategic management because intuition is useful for making decisions in situation of great uncertainty or little precedent.

 Key term that we should know in strategic management

1. Competitive advantage: it is what you have that another business doesn't have. If you don’t have competitive advantage, DON’T COMPETE! 
2. Strategist: the individuals who are most responsible for the success or failure of an organization.
3. External opportunities and threats: anything outside organization that could significantly benefit or harm an organization in the future.
4. Internal strengths and weaknesses: an organization’s controllable activities that are performed especially well or poorly.
5. Vision and mission statement: it is a summarization of company’s goals and objectives.
6. Objectives: specific results that an organization seeks to achieve in pursuing its basic mission.
7. Strategies: the means by which long-term objectives will be achieved.
8. Annual objectives: short term milestones that organization must achieve to reach long-term objectives.
9. Policies: the means by which annual objectives will be achieved.

when we learn about vision and mission, it makes me think....what is my vision and my mission??? i realized that my vision and my mission was too blurr..then it make me to review,rethink,refresh my vision and mission so that i can get better in making decision about my future.

so,what is your vision and mission? Let’s have a meaningful life! Peace no war!