Strategic management functions

Strategic management functions
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    Methods and techniques

      Strategic management functions consist of specific methods and techniques used in the different stages of the strategic management process: analysis, planning, implementation and strategic control. Summary of various management activities (functions) used in the strategic management process is presented below. See also Category:Strategic management for broader description of the methodology and detailed description of strategic management functions.

      Formulating business strategy[edit]

      1. Determining the purpose of company.
      2. Creating a mission and vision:
        • setting the vision of future state of organization,
        • selecting the methodology for mission formulation,
        • formulation of mission statement,
        • preparation of a portfolio of projects for implementation of the mission,
        • implementation of the mission and objectives of the organization.
      3. Formulation of rules defining the competitive position in the company's political, legal, economic, social, technological and natural environment:

      Fig. 1. Strategic management functions
      1. Developing a strategy for the company as a whole
        • identification of policy options,
        • deciding on the criteria for evaluation of policy options,
        • analysis and selection of optimal policy option,
        • translating policy to functional strategy of company.

      Strategic market segmentation[edit]

      1. Identification of the strategic segments.
      2. Developing a coherent market segment strategy.
      3. Creating a decentralization policy.
      4. Designing and implementing policy and strategy for chosen segments.

      Creating comprehensive strategic control system[edit]

      1. Defining assumptions for strategic control.
      2. Selection of criteria for the evaluation.
      3. Implementing control methods and techniques.
      4. Improving the strategic control model.