Page 65 - DCOM102_DMGT101_PRINCIPLES_AND_PRACTICES_OF_MANAGEMENT

Unit 3: Planning

Notes
5. We don’t have enough time
6. We don’t have enough will power to follow through
Due to all these reasons you need a very strong motivator. Something that will pull, push
or drag you forward. There is only one thing powerful enough to do that and it’s a
VISION.

You’ll still have to write all of your goals down. Then take that piece of paper and envision
yourself after achieving all these goals. In order to succeed you have to become a person
capable of succeeding, you have to start thinking like that person, act like that person.

Make yourself truly believe that you are looking into your future through the crystal ball.
Remember every little detail - expression on your friends’ faces, proud look in you parents
eyes. Feel the warm breeze on your face, smell the salty air of the ocean, imagine your
new house on the beach.
You need to create a vision so powerful, so desirable, so compelling that it draws all your
energy and motivation to it. It has to become an obsession. You have to feel something
that a person finding an oasis in the middle of the desert would feel. Absolute excitement
and complete determination. Then any goal becomes possible.
Source: http://www.time-management-improvement.com/arina-why-traditional-goal-setting-does-not-
work.html
3.6 Strategic Management

According to Robert Lamb, “Strategic management is an ongoing process that evaluates and
controls the business and the industries in which the company is involved; assesses its competitors
and sets goals and strategies to meet all existing and potential competitors; and then reassesses
each strategy annually or quarterly (i.e. regularly) to determine how it has been implemented
and whether it has succeeded or needs replacement by a new strategy to meet changed
circumstances, new technology, new competitors, a new economic environment, or a new social,
financial, or political environment.”
Thus, we can say that strategic management is the process of drafting, implementing and
evaluating cross-functional decisions that enable an organisation to achieve its long-term
objectives. It is the process of specifying the organisation’s mission, vision, objectives, and
goals; developing policies and plans, often in terms of projects and programs, which are designed
to achieve these objectives, and then allocating resources to implement the policies and plans,
projects and programs.
Strategic management is a level of managerial activity under setting goals and over tactics.
Strategic management provides overall direction to a business organisation.
Strategy Formulation

Strategic management is a combination of three main processes which are as follows:

1. Performing a situation analysis, self-evaluation and competitor analysis: both internal
and external; both micro-environmental and macro-environmental.
2. Concurrent with this assessment, objectives are set. These objectives should be parallel to
a timeline; some are in the short-term and others on the long-term. This involves crafting
vision statements (long term view of a possible future), mission statements (the role that
the organisation gives itself in society), overall corporate objectives (both financial and
strategic), strategic business unit objectives (both financial and strategic), and tactical
objectives.

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