7. Strategy is a blueprint of all the important entrepreneurial,competitive, and functional area actions that are to be taken in pursuing organizational objectives and positioning the organization for sustained success.
8. Strategic management is the process whereby managers establish an organization’s long-term direction, set specific performance objectives, develop strategies to achieve these objectives in the light of all the relevant and external circumstances, and undertake to execute the chosen action plans.
12. Developing a clear concept and vision of “who we
are and where are headed “;providing answers to the
questions “What customer groups and customer needs
will we serve?” and “What is our business and what
will it be?”
13. Translating the chosen strategic mission into specific
measurable performance targets and results;agreeing
on what is to be accomplished through the organization’s
activities.
14. Selecting an action-oriented game plan that indicates
chosen objectives will be pursued and what entrepreneurial,
competitive,and functional area approaches management
will adopt to get the organization in the position it wants
to be in.
15. A detailed blueprint indicating the direction and strategy
that the organization presently intends to follow in
conducting its activities.