I want the notes of Strategic Management 5th Semester of Institute of Hotel Management IIHM so can you provide me?

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IIHM 5th Semester Strategic Management notes

Strategic Management

Importance of Strategic Management/ Business Policy/ Corporate Strategy

Strategic management is the name given to an integrative course in management. Thus, it
seeks to integrate knowledge and experience gained in various functional areas of
management (Marketing, Finance, Human resource management, production, research and
development). Such an integrative approach is helpful in viewing the organizational
problems in totality.

Strategic management helps in understanding business as a system consisting of a number of
sub-systems. Any action in one sub-system has an impact on other sub-system and on the
system as a whole. It is of vital importance for the top management, in any organization to
adopt such a system approach to decision making.

Strategic management helps an executive to be a generalist- avoid the narrow perspective
generally adopted by specialists and to assess the situation from all possible angles. An
important attitude is to go beyond and think when faced with a problematic situation.

Developing a creative and innovative attitude is the hallmark of an executive, who refuses to
be bound, be precedents and stereotyped decisions by increasing complexity and accelerating
changes in the environment. This has made planned policy paradigm irrelevant and the
paradigm of strategy management relevant.
Definition:
Strategy management can be defined as the art and science of formulating, implementing and
evaluation cross functional decisions that enable an organization to achieve the objectives.
As the definition implies strategy management focuses on integrating personnel, marketing,
finance, production, research and development and information system aspects of a business to
achieve organizational success.
The strategy management can be best studied and applied by using a strategic management
model.

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IIHM 5th Semester Strategic Management notes.pdf (1.03 MB, 421 views)