{"id":1066,"date":"2022-04-20T10:18:00","date_gmt":"2022-04-20T08:18:00","guid":{"rendered":"https:\/\/support.centreforelites.com\/fundamental-approach-to-strategic-management\/"},"modified":"2024-03-14T09:04:17","modified_gmt":"2024-03-14T07:04:17","slug":"fundamental-approach-to-strategic-management","status":"publish","type":"post","link":"https:\/\/support.centreforelites.com\/ru\/fundamental-approach-to-strategic-management\/","title":{"rendered":"Fundamental Approach to Strategic Management"},"content":{"rendered":"<p class=\"\"><span style=\"font-family: 'Times New Roman',serif;\">The <b>approach to <a href=\"https:\/\/motivemeaning.blogspot.com\/2022\/03\/introduction-to-strategic-management.html\">strategic management<\/a> <\/b>should be an integrated one. The approach should bring together various aspects of management such as marketing strategy, strategic planning, financing strategic formulation, choice (selection) implementation, <a href=\"https:\/\/support.centreforelites.com\/ru\/master-monitoring-and-evaluation-in-5-minutes\/\">evaluation<\/a> including strategy on Information Communication and Technology (ICT).&nbsp;<\/span><\/p>\n\n\n\n<p class=\"\"><span style=\"font-family: 'Times New Roman',serif;\">A comprehensive toolbox approach to techniques and their application should be adopted for the entire discipline of strategic management. Therefore, for&nbsp;<\/span><span style=\"font-family: 'Times New Roman', serif;\">effective coverage of the strategic management course, the entire discipline is divided into fifteen units. These units are indicated in the Course Guide.&nbsp;<\/span><span style=\"font-family: 'Times New Roman', serif;\">This approach is quite in order since strategic&nbsp;<\/span><span style=\"font-family: 'Times New Roman', serif;\">management is a solid foundation within which all the functioning management practices are bundled or put together.<\/span><\/p>\n\n\n\n<p class=\"\"><span style=\"font-family: 'Times New Roman',serif;\">The general approach could be broadly divided into two opposing but complementary approaches, which are as follows (Wikipedia, free encyclopedia):<\/span><\/p>\n\n\n\n<p class=\"\"><a name=\"bookmark216\"><\/a><span style=\"font-family: 'Times New Roman',serif;\">Industrial organisations approach which is based on economic theory and deals with issues such as competitiveness, resources allocation and economies of scale. The assumption underlining&nbsp;<\/span><span style=\"font-family: 'Times New Roman', serif;\">this approach includes self-discipline and profit maximisation.<\/span><\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d94f7e1acfd\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewbox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewbox=\"0 0 24 24\" version=\"1.2\" baseprofile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d94f7e1acfd\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/support.centreforelites.com\/ru\/fundamental-approach-to-strategic-management\/#Sociological_approach_which_deals_primarily_with_interactions\" >Sociological approach, which deals primarily with interactions.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/support.centreforelites.com\/ru\/fundamental-approach-to-strategic-management\/#Strategic_Management_Process\" >Strategic Management Process<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/support.centreforelites.com\/ru\/fundamental-approach-to-strategic-management\/#Strategic_Analysis\" >Strategic Analysis<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/support.centreforelites.com\/ru\/fundamental-approach-to-strategic-management\/#Strategic_Choice\" >Strategic Choice<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/support.centreforelites.com\/ru\/fundamental-approach-to-strategic-management\/#Generating_Strategic_Options\" >Generating Strategic Options<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/support.centreforelites.com\/ru\/fundamental-approach-to-strategic-management\/#Evaluating_Strategic_Options\" >Evaluating Strategic Options<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/support.centreforelites.com\/ru\/fundamental-approach-to-strategic-management\/#Selecting_Strategic_Options\" >Selecting Strategic Options<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sociological_approach_which_deals_primarily_with_interactions\"><\/span><span style=\"font-family: 'Times New Roman',serif;\">Sociological approach, which deals primarily with interactions.<\/span><a name=\"bookmark217\"><\/a><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"\"><span style=\"font-family: 'Times New Roman',serif;\">The assumptions of the approach include satisfying behaviour sub-option profit and bounded rationality. An example of a company that currently uses this approach is Google.<\/span><\/p>\n\n\n\n<p class=\"\"><span style=\"font-family: 'Times New Roman',serif;\">Strategic management techniques can also be viewed as bottom-up, top-down or collaborative processes. The bottom-up approach involves the employees submitting proposals to their respective managers who, in turn, channel the best ideas further up the organisation ladder. The proposals are accompanied by a capital budgeting process. Each proposal is then assessed based on financial criteria such as cost-benefits analysis and return on investment. Any approved proposal then forms the substance of a new strategy. All these may be done without a grand strategic design. The most common approach is the top-down approach.<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" width=\"1880\" height=\"1175\" src=\"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/pexels-photo-416405.jpeg?resize=1880%2C1175&#038;ssl=1\" alt=\"Fundamental Approach to Strategic Management\" class=\"wp-image-2192\" srcset=\"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/pexels-photo-416405.jpeg?w=1880&amp;ssl=1 1880w, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/pexels-photo-416405.jpeg?resize=300%2C188&amp;ssl=1 300w, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/pexels-photo-416405.jpeg?resize=1024%2C640&amp;ssl=1 1024w, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/pexels-photo-416405.jpeg?resize=768%2C480&amp;ssl=1 768w, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/pexels-photo-416405.jpeg?resize=1536%2C960&amp;ssl=1 1536w, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/pexels-photo-416405.jpeg?resize=18%2C12&amp;ssl=1 18w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption class=\"wp-element-caption\">Fundamental Approach to Strategic Management. Photo by Pixabay on <a href=\"https:\/\/www.pexels.com\/photo\/three-people-sitting-beside-table-416405\/\" rel=\"nofollow\">Pexels.com<\/a><\/figcaption><\/figure>\n\n\n\n<p class=\"\"><span style=\"font-family: 'Times New Roman',serif;\">In this practice, the chief executive officer (CEO), with the assistance of his strategic planning team, takes decision on the overall direction the company should go.<\/span><\/p>\n\n\n\n<p class=\"\"><span style=\"font-family: 'Times New Roman',serif;\">In addition to these two major approaches, some organisations have started experimenting on corroborative strategic planning techniques that recognise the emerging nature of strategic decisions.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Strategic_Management_Process\"><\/span><span style=\"mso-bookmark: bookmark221;\"><span style=\"mso-bookmark: bookmark219;\"><span style=\"mso-bookmark: bookmark218;\"><span style=\"font-family: 'Times New Roman',serif;\">Strategic Management Process<\/span><\/span><\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"\"><a name=\"bookmark221\"><\/a><\/p>\n\n\n\n<p class=\"\"><span style=\"font-family: 'Times New Roman',serif;\">Strategic management process (SMP) can be an objective, logical systematic approach to making major decisions in an organisation. SMP attempts to organize qualitative and quantitative information in a way that allows for effective decision making under conditions of uncertainty.<\/span><\/p>\n\n\n\n<p class=\"\"><span style=\"font-family: 'Times New Roman',serif;\">Strategic management process (SMP) can therefore, be defined as the way the strategists determine corporate objectives and make strategic decisions. The strategic decisions are designed to achieve ends or to achieve organisation&#8217;s objectives. SMP consist of three stages, namely, strategy formulations, strategy implementation and strategy <a href=\"https:\/\/support.centreforelites.com\/ru\/master-monitoring-and-evaluation-in-5-minutes\/\">evaluation<\/a>.<\/span><\/p>\n\n\n\n<p class=\"\"><span style=\"font-family: 'Times New Roman',serif;\">However, some schools of though see SMP as consisting of two sub-processes which are <a href=\"https:\/\/motivemeaning.blogspot.com\/2022\/04\/strategic-planning.html\">strategic planning<\/a> (SP) and <a href=\"https:\/\/motivemeaning.blogspot.com\/2022\/04\/strategy-implementation-and-execution.html\">strategic implementation<\/a> (SI). In this, the SP process is broken down into analysis\/diagnosis and choice while the SI sub-process is broken down into implementation and <a href=\"https:\/\/support.centreforelites.com\/ru\/master-monitoring-and-evaluation-in-5-minutes\/\">evaluation<\/a>. This gives rise to the formula:<\/span><\/p>\n\n\n\n<p class=\"\"><span style=\"font-family: 'Times New Roman',serif;\">SMP<span style=\"mso-tab-count: 1;\">&nbsp;&nbsp;&nbsp; <\/span>=<span style=\"mso-tab-count: 1;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span>SP<span style=\"mso-tab-count: 1;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span>+<span style=\"mso-tab-count: 1;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span>SI<\/span><\/p>\n\n\n\n<p class=\"\"><span style=\"font-family: 'Times New Roman',serif;\">=<span style=\"mso-tab-count: 1;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span>Analysis\/Diagnosis + Choice +Implementation + <a href=\"https:\/\/support.centreforelites.com\/ru\/master-monitoring-and-evaluation-in-5-minutes\/\">Evaluation<\/a><\/span><\/p>\n\n\n\n<p class=\"\"><span style=\"font-family: 'Times New Roman',serif;\">The planning has to do essentially with the work programme. All senior management officers from all major functions of the organisation should be involved in planning. A planning committee may be set up to be in charge. The planning officer is the catalyst and coordinator to make&nbsp;<\/span><span style=\"font-family: 'Times New Roman', serif;\">sure the plan is implemented. The planning committee may be responsible for the strategic planning<\/span><\/p>\n\n\n\n<p class=\"\"><span style=\"font-family: 'Times New Roman',serif;\">The strategic management process has been presented in various models. However, the model we shall adopt here is that of the strategic decision-making process proffered by Johnson and Scholes (1993). The model consists of three interacting <a href=\"https:\/\/support.centreforelites.com\/ru\/elements-compounds-and-mixtures\/\">elements<\/a>: strategic analysis, strategic choice and strategic implementation.<\/span><\/p>\n\n\n\n<p class=\"\"><span style=\"font-family: 'Times New Roman',serif;\">Johnson and Scholes&#8217;s model representation is adopted because it is convenient to use, well known and is used by many authors.&nbsp;<span style=\"mso-tab-count: 1;\">&nbsp;<\/span>For&nbsp;<\/span><span style=\"font-family: 'Times New Roman', serif;\">instance, it was used by Dess and Miller (1993) and Rowe et al. (1994).<\/span><\/p>\n\n\n\n<p class=\"\"><span style=\"font-family: 'Times New Roman',serif;\">It is such a powerful model that we can use to organise our thoughts without losing sight of the interacting nature of the <a href=\"https:\/\/support.centreforelites.com\/ru\/elements-compounds-and-mixtures\/\">elements<\/a>. However, it is important to note that the purpose of each model is the same in every case, which is to provide a vehicle through which to explain something complex, even if the preference as to names may differ a bit. The strategic decision-making process produces the strategy itself as made up of three interacting <a href=\"https:\/\/support.centreforelites.com\/ru\/elements-compounds-and-mixtures\/\">elements<\/a>.<\/span><\/p>\n\n\n\n<p class=\"\"><span style=\"font-family: 'Times New Roman',serif;\">Fig. 1 is structured around the convenient model for studying and understanding the complexity of the strategic management process as three interacting <a href=\"https:\/\/support.centreforelites.com\/ru\/elements-compounds-and-mixtures\/\">elements<\/a> that Johnson and Scholes (1993) present. The figure shows that SMP comprises mainly strategic analysis, choice and implementation.<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/i0.wp.com\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEiaNMH2Qo5j8761yGUxmOKF2n4WHtw67BGgMM-8XwbzzcEtvmCubiMM6Bnf5piQbvitz6NSThXsnvULcYnrSczJboSIn0lzMByr9Xpx6pqgkkKyhQMWKJmuPTdiAqX2jymlfs71kRG8UISGAQM7Jx05aS2Mns03prAJVAoLGWW3GOiwHeuE7FjE1wI0\/s884\/image.png?ssl=1\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEiaNMH2Qo5j8761yGUxmOKF2n4WHtw67BGgMM-8XwbzzcEtvmCubiMM6Bnf5piQbvitz6NSThXsnvULcYnrSczJboSIn0lzMByr9Xpx6pqgkkKyhQMWKJmuPTdiAqX2jymlfs71kRG8UISGAQM7Jx05aS2Mns03prAJVAoLGWW3GOiwHeuE7FjE1wI0\/w640-h338\/image.png?ssl=1\" alt=\"Fundamental Approach to Strategic Management\" title=\"Model of strategic management (adopted from Johnson and Scholes: (1993).\"\/><\/a><\/figure>\n\n\n\n<div style=\"clear: both; text-align: center;\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Strategic_Analysis\"><\/span><span style=\"font-family: 'Times New Roman', serif;\">Strategic Analysis<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"\"><span style=\"font-family: 'Times New Roman',serif;\">Strategic analysis is part of overall management process which is concerned with attempts to understand the strategic position of the organisation, to consider goings-on in the environment and judge how the happenings can affect the organisation. It also considers the organisation&#8221; s strengths and weaknesses with respects to the happenings and assesses the feelings of the stakeholders. <a href=\"https:\/\/motivemeaning.blogspot.com\/2022\/04\/swot-analysis.html\">Strategic analysis<\/a>actually helps to form a picture of the factors that influence the organisation so that it can be informed of the <a href=\"https:\/\/motivemeaning.blogspot.com\/2022\/04\/strategic-choice.html\">strategic choice<\/a> element of the overall strategic management process. Johnson and Scholes (1993) identify three factors in strategic analysis, namely (i) environment (ii) values and objective (iii) resources.<\/span><\/p>\n\n\n\n<p class=\"\"><span style=\"font-family: 'Times New Roman',serif;\">In explaining fig. 2, it means that good managers must constantly be abreast of what is happening in the organisation&#8217;s environment. They should know how changes taking place in the environment may affect organisation&#8217;s available resources, strengths of the organisation and weaknesses. This is equated with the culture of the organisation, including management style and relative power of the stakeholder group. Values and objectives will influence the acceptability to each stakeholder group. Through the perception of acceptability other influence, may come since organisations exist in a complex environment with enormous set of variables. The resources provide the internal influences on <a href=\"https:\/\/motivemeaning.blogspot.com\/2022\/04\/strategic-choice.html\">strategic choice<\/a>. The analysis of resources aims to build its picture.<\/span><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><a style=\"margin-left: auto; margin-right: auto;\" href=\"https:\/\/i0.wp.com\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEgGTkTri5Rz4_yVy24Ri6z9pJz4x7nmplebjUykbM_G_7o218Lb9gwn03XQLcmi6rwEUaE_ReadPGnPsT-IP0PQVcyyge0lzWew1NmNzTkuI558sjsDlTzj0jvdAFMErDW_Y8fr2xgOQVHriEjih9gMrEwrTy6PlVKMVpAhi0a1jamMTNZjOg6-UyMB\/s574\/image.png?ssl=1\"><img data-recalc-dims=\"1\" decoding=\"async\" title=\"Three Elements of Management\" src=\"https:\/\/i0.wp.com\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEgGTkTri5Rz4_yVy24Ri6z9pJz4x7nmplebjUykbM_G_7o218Lb9gwn03XQLcmi6rwEUaE_ReadPGnPsT-IP0PQVcyyge0lzWew1NmNzTkuI558sjsDlTzj0jvdAFMErDW_Y8fr2xgOQVHriEjih9gMrEwrTy6PlVKMVpAhi0a1jamMTNZjOg6-UyMB\/w640-h594\/image.png?resize=640%2C594&#038;ssl=1\" alt=\"Fundamental Approach to Strategic Management\" width=\"640\" height=\"594\" border=\"0\" data-original-height=\"533\" data-original-width=\"574\"><\/a><\/td><\/tr><tr><td><span style=\"font-family: 'Times New Roman', serif; text-align: justify;\">Three factors in strategic analysis (Johnson and Scholes, (1993)<\/span><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\"><span style=\"font-family: 'Times New Roman',serif;\">It is clear therefore, that strategic analysis is not a static snapshot event but a continuous process since the <a href=\"https:\/\/motivemeaning.blogspot.com\/2022\/04\/strategic-choice.html\">strategic choices<\/a> and their implementation impact upon the environment, culture and resources of the organisation.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Strategic_Choice\"><\/span><span style=\"font-family: 'Times New Roman',serif;\">Strategic Choice<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"\"><a name=\"bookmark226\"><\/a><\/p>\n\n\n\n<p class=\"\"><span style=\"font-family: 'Times New Roman',serif;\">The choice element is the SMP is concerned with choosing a strategy based upon the foundations laid by strategic analysis. A good manager must be able to generate and evaluate possible strategy taking the nature of the organisation into consideration. The three issues of concern are risk, structure and culture of the organisation.<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/i0.wp.com\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEjtWnfE1nudznxxh3K221c3SmIyDwDqTMf1IBV4UWEkMVH6aZOZQ1-w601CdmnJGRKK1T7xWESamXYH_b3LYJBY41kXN2qn0JUr0url6S2-cDtc0fvubwi2g_FyejCjiqdlsmJQrDNVEMo0Oh6rbXR1u5Bvrkag-gdJLMwNfBK2yU9JkZBqgEOuDL6J\/s724\/image.png?ssl=1\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEjtWnfE1nudznxxh3K221c3SmIyDwDqTMf1IBV4UWEkMVH6aZOZQ1-w601CdmnJGRKK1T7xWESamXYH_b3LYJBY41kXN2qn0JUr0url6S2-cDtc0fvubwi2g_FyejCjiqdlsmJQrDNVEMo0Oh6rbXR1u5Bvrkag-gdJLMwNfBK2yU9JkZBqgEOuDL6J\/w640-h376\/image.png?ssl=1\" alt=\"Fundamental Approach to Strategic Management\" title=\"Three elements of strategic choice (Author\u2019s explanation)\"\/><\/a><\/figure>\n\n\n\n<div style=\"clear: both; text-align: center;\"><\/div>\n\n\n\n<p class=\"\">&nbsp;<\/p>\n\n\n\n<div style=\"clear: both; text-align: center;\"><span style=\"text-align: justify;\">The <a href=\"https:\/\/support.centreforelites.com\/ru\/elements-compounds-and-mixtures\/\">elements<\/a> associated with making strategic choices involve three main factors as identified by Robson (1997) which are: (a) identifying the options, (b) evaluating those options and (c) selecting an option.<\/span><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Generating_Strategic_Options\"><\/span><span style=\"mso-bookmark: bookmark230;\"><span style=\"mso-bookmark: bookmark228;\"><span style=\"mso-bookmark: bookmark227;\"><span style=\"font-family: 'Times New Roman',serif;\">Generating Strategic Options<\/span><\/span><\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"\"><a name=\"bookmark230\"><\/a><\/p>\n\n\n\n<p class=\"\"><span style=\"font-family: 'Times New Roman',serif;\">This involves identifying as many options as possible among potential courses of action. It is usually difficult, if not impossible, to identify all these as only the very obvious ones are often identified and considered.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Evaluating_Strategic_Options\"><\/span><span style=\"mso-bookmark: bookmark234;\"><span style=\"mso-bookmark: bookmark232;\"><span style=\"mso-bookmark: bookmark231;\"><span style=\"font-family: 'Times New Roman',serif;\">Evaluating Strategic Options<\/span><\/span><\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"\"><a name=\"bookmark234\"><\/a><\/p>\n\n\n\n<p class=\"\"><span style=\"font-family: 'Times New Roman',serif;\"><a href=\"https:\/\/support.centreforelites.com\/ru\/master-monitoring-and-evaluation-in-5-minutes\/\">Evaluation<\/a> of strategic options is per formed within the framework of strategic analysis. The alternative strategies listed in the strategic option have to be tested using three main criteria of (i) strategic fit, (suitable) (ii) feasibility and (iii) acceptability.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Selecting_Strategic_Options\"><\/span><span style=\"font-family: 'Times New Roman',serif;\">Selecting Strategic Options<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"\"><a name=\"bookmark235\"><\/a><\/p>\n\n\n\n<p class=\"\"><span style=\"font-family: 'Times New Roman',serif;\">The selection of strategic option may result in a single strategy to be adopted by the organisation. It can also result in a strategic set to be adopted in the strategic implementation of the process. The culture and the power structure of the organisation have a significant impact on the strategy selection process.<\/span><\/p>\n\n\n\n<p class=\"\"><span style=\"font-family: 'Times New Roman',serif;\">Fig. 4 describes the general model of strategic management <a href=\"https:\/\/support.centreforelites.com\/ru\/elements-compounds-and-mixtures\/\">elements<\/a> arising from the three major concepts of strategic analysis, strategic choice and strategy implementation. The subsequent units of this course shall be devoted to the other <a href=\"https:\/\/support.centreforelites.com\/ru\/elements-compounds-and-mixtures\/\">elements<\/a> of strategic management<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/i0.wp.com\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEga0olhMI9PJfr6NQoiwlkg0vdlxiscUbekaUdEZz85ipAX7tQbL_Gyh8N4NoxatOYxl2xNpCAyHRJux-eTpRt5W67A4MIlFbvisvEi73prSI93savisLxnR35Mij9AHGya6Vt5u1R9eHsIiBUHAkzo8uXF1J3ZcYx8TLqa-aJu0JL994fWe1j7ot88\/s729\/image.png?ssl=1\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEga0olhMI9PJfr6NQoiwlkg0vdlxiscUbekaUdEZz85ipAX7tQbL_Gyh8N4NoxatOYxl2xNpCAyHRJux-eTpRt5W67A4MIlFbvisvEi73prSI93savisLxnR35Mij9AHGya6Vt5u1R9eHsIiBUHAkzo8uXF1J3ZcYx8TLqa-aJu0JL994fWe1j7ot88\/w640-h516\/image.png?ssl=1\" alt=\"Fundamental Approach to Strategic Management\" title=\"Model of strategic management elements; (Adopted from Johnson and Scholes, 1993)\"\/><\/a><\/figure>\n\n\n\n<div style=\"clear: both; text-align: center;\"><\/div>\n\n\n\n<p class=\"\"><span style=\"font-size: 11pt; line-height: 115%;\">In order to achieve corporate objectives and organisational goals, strategists must make strategic decisions and formulate strategies. The processes involved have been variously defined but basically include strategic analysis, choice implementation and <a href=\"https:\/\/support.centreforelites.com\/ru\/master-monitoring-and-evaluation-in-5-minutes\/\">evaluation<\/a>.<\/span><\/p>\n\n\n\n<p class=\"\">&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>The approach to strategic management should be an integrated one. The approach should bring together various aspects of management such as marketing strategy,<\/p>","protected":false},"author":1,"featured_media":2191,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"wds_primary_category":136,"footnotes":""},"categories":[136],"tags":[257,178],"class_list":["post-1066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-strategic-management","tag-business","tag-business-management"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Fundamental-Approach-to-Strategic-Management.webp?fit=595%2C396&ssl=1","jetpack-related-posts":[{"id":791,"url":"https:\/\/support.centreforelites.com\/ru\/introduction-to-strategic-management\/","url_meta":{"origin":1066,"position":0},"title":"Introduction to Strategic Management","author":"centreforelites","date":"18 \u0430\u043f\u0440\u0435\u043b\u044f, 2022","format":false,"excerpt":"Strategic management provides better guidelines to the entire organisation on the crucial point of \u201cwhat is it we are trying to do and to achieve\u201d? It makes managers more alert to the winds of change, new opportunities\u00a0and threatening developments. It also provides managers with a rationale for evaluating competing\u00a0budget\u00a0requests for\u2026","rel":"","context":"\u0412 &quot;Blog&quot;","block_context":{"text":"Blog","link":"https:\/\/support.centreforelites.com\/ru\/category\/blog\/"},"img":{"alt_text":"Strategic management","src":"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Strategic-Management1.jpg?fit=728%2C707&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Strategic-Management1.jpg?fit=728%2C707&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Strategic-Management1.jpg?fit=728%2C707&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Strategic-Management1.jpg?fit=728%2C707&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":1125,"url":"https:\/\/support.centreforelites.com\/ru\/the-concept-of-strategic-management\/","url_meta":{"origin":1066,"position":1},"title":"The Concept of Strategic Management","author":"centreforelites","date":"28 \u043c\u0430\u0440\u0442\u0430, 2022","format":false,"excerpt":"\u00a0Strategic management provides better guidelines to the entire organisation on the crucial point of \u201cwhat is it we are trying to do and to achieve\u201d? It makes managers more alert to the winds of change, new opportunities\u00a0and threatening developments. It also provides managers with a rationale for evaluating competing budget\u2026","rel":"","context":"\u0412 &quot;Strategic Management&quot;","block_context":{"text":"Strategic Management","link":"https:\/\/support.centreforelites.com\/ru\/category\/strategic-management\/"},"img":{"alt_text":"Strategic management","src":"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Strategic-Management1.jpg?fit=728%2C707&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Strategic-Management1.jpg?fit=728%2C707&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Strategic-Management1.jpg?fit=728%2C707&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Strategic-Management1.jpg?fit=728%2C707&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":1053,"url":"https:\/\/support.centreforelites.com\/ru\/information-technology-management-strategies\/","url_meta":{"origin":1066,"position":2},"title":"INFORMATION TECHNOLOGY MANAGEMENT STRATEGIES","author":"centreforelites","date":"20 \u0430\u043f\u0440\u0435\u043b\u044f, 2022","format":false,"excerpt":"\u00a0This article deals with the strategic information system, with a particular attention on information technology management strategies. In recent times, the principles of strategic management are being applied to manage information system delivery. A little aspect of this application system is enumerated in this article. Details of the strategic management\u2026","rel":"","context":"\u0412 &quot;Strategic Management&quot;","block_context":{"text":"Strategic Management","link":"https:\/\/support.centreforelites.com\/ru\/category\/strategic-management\/"},"img":{"alt_text":"INFORMATION TECHNOLOGY MANAGEMENT STRATEGIES","src":"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/11\/INFORMATION-TECHNOLOGY-MANAGEMENT-STRATEGIES.jpg?fit=820%2C465&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/11\/INFORMATION-TECHNOLOGY-MANAGEMENT-STRATEGIES.jpg?fit=820%2C465&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/11\/INFORMATION-TECHNOLOGY-MANAGEMENT-STRATEGIES.jpg?fit=820%2C465&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/11\/INFORMATION-TECHNOLOGY-MANAGEMENT-STRATEGIES.jpg?fit=820%2C465&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":1062,"url":"https:\/\/support.centreforelites.com\/ru\/business-strategic-planning\/","url_meta":{"origin":1066,"position":3},"title":"Business Strategic Planning Process","author":"centreforelites","date":"20 \u0430\u043f\u0440\u0435\u043b\u044f, 2022","format":false,"excerpt":"This article talks about Business strategic planning in an organisation. This was devised by corporate leaders to implement strategies\u00a0that will enhance the competitiveness of each business unit. It differs from the yearly fiscal plans of the organisation. Strategic Planning \u00a0\u00a0Background Information on Business Strategic Planning Strategic planning (SP) evolved in\u2026","rel":"","context":"\u0412 &quot;Strategic Management&quot;","block_context":{"text":"Strategic Management","link":"https:\/\/support.centreforelites.com\/ru\/category\/strategic-management\/"},"img":{"alt_text":"Business Strategic Planning Process","src":"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Strategic-Planning.webp?fit=1200%2C962&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Strategic-Planning.webp?fit=1200%2C962&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Strategic-Planning.webp?fit=1200%2C962&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Strategic-Planning.webp?fit=1200%2C962&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/support.centreforelites.com\/wp-content\/uploads\/2022\/04\/Strategic-Planning.webp?fit=1200%2C962&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":1060,"url":"https:\/\/support.centreforelites.com\/ru\/types-of-strategies-in-business-management\/","url_meta":{"origin":1066,"position":4},"title":"6 Types of Strategies in Business Management","author":"centreforelites","date":"20 \u0430\u043f\u0440\u0435\u043b\u044f, 2022","format":false,"excerpt":"This article talks about the different types of strategy in business management that are in use in various organisations for different organisational challenges and to address specific issues. Such challenges and issues border on growth, market share, product development and diversification. Great and difficult challenges such as liquidation, divestiture, retrenchment\u2026","rel":"","context":"\u0412 &quot;Strategic Management&quot;","block_context":{"text":"Strategic Management","link":"https:\/\/support.centreforelites.com\/ru\/category\/strategic-management\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1061,"url":"https:\/\/support.centreforelites.com\/ru\/strategy-formulation\/","url_meta":{"origin":1066,"position":5},"title":"Business Strategy Formulation. The 5 Levels","author":"centreforelites","date":"20 \u0430\u043f\u0440\u0435\u043b\u044f, 2022","format":false,"excerpt":"This article deals with strategy formulation, particularly, the essential elements that are involved in the formulation of strategy. It discusses how strategy formulation gives the direction that the organisation wants to go. The different levels of strategy formulation are enumerated. The article ends by giving vivid information on the background\u2026","rel":"","context":"\u0412 &quot;Strategic Management&quot;","block_context":{"text":"Strategic Management","link":"https:\/\/support.centreforelites.com\/ru\/category\/strategic-management\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/support.centreforelites.com\/ru\/wp-json\/wp\/v2\/posts\/1066","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/support.centreforelites.com\/ru\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/support.centreforelites.com\/ru\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/support.centreforelites.com\/ru\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/support.centreforelites.com\/ru\/wp-json\/wp\/v2\/comments?post=1066"}],"version-history":[{"count":2,"href":"https:\/\/support.centreforelites.com\/ru\/wp-json\/wp\/v2\/posts\/1066\/revisions"}],"predecessor-version":[{"id":2193,"href":"https:\/\/support.centreforelites.com\/ru\/wp-json\/wp\/v2\/posts\/1066\/revisions\/2193"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/support.centreforelites.com\/ru\/wp-json\/wp\/v2\/media\/2191"}],"wp:attachment":[{"href":"https:\/\/support.centreforelites.com\/ru\/wp-json\/wp\/v2\/media?parent=1066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/support.centreforelites.com\/ru\/wp-json\/wp\/v2\/categories?post=1066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/support.centreforelites.com\/ru\/wp-json\/wp\/v2\/tags?post=1066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}