{"id":509,"date":"2019-07-29T18:05:22","date_gmt":"2019-07-29T18:05:22","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-humanresourcesmgmt\/?post_type=chapter&#038;p=509"},"modified":"2024-04-24T23:20:52","modified_gmt":"2024-04-24T23:20:52","slug":"introduction-to-strategic-management","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-humanresourcesmgmt\/chapter\/introduction-to-strategic-management\/","title":{"raw":"Introduction to Strategic Management","rendered":"Introduction to Strategic Management"},"content":{"raw":"<h2>What you'll learn to do:\u00a0Discuss the strategic management process<\/h2>\r\nStrategy is one of those concepts that we\u2019re all familiar with, but can be difficult to explain. Medtronic VP Ellie Pidot\u2019s definition is to the point, with a sense of humor: \u201cStrategy is a fancy word for coming up with a long-term plan and putting it into action.\u201d Strategic planning is generally done as part of an annual business planning exercise. The plan may reference the organization\u2019s mission statement and include strategic analysis, development of goals and objectives and an associated budget. In this section, we\u2019ll discuss the 3-step strategic management process, including strategic analysis, strategy formulation, and strategy implementation.","rendered":"<h2>What you&#8217;ll learn to do:\u00a0Discuss the strategic management process<\/h2>\n<p>Strategy is one of those concepts that we\u2019re all familiar with, but can be difficult to explain. Medtronic VP Ellie Pidot\u2019s definition is to the point, with a sense of humor: \u201cStrategy is a fancy word for coming up with a long-term plan and putting it into action.\u201d Strategic planning is generally done as part of an annual business planning exercise. The plan may reference the organization\u2019s mission statement and include strategic analysis, development of goals and objectives and an associated budget. In this section, we\u2019ll discuss the 3-step strategic management process, including strategic analysis, strategy formulation, and strategy implementation.<\/p>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-509\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Introduction to Strategic Management. <strong>Authored by<\/strong>: Nina Burokas. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":17,"menu_order":7,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Introduction to Strategic Management\",\"author\":\"Nina Burokas\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"c7f685f8-a527-4a08-ad85-d504296ff80e","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-509","chapter","type-chapter","status-publish","hentry"],"part":482,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/wm-humanresourcesmgmt\/wp-json\/pressbooks\/v2\/chapters\/509","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/wm-humanresourcesmgmt\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/wm-humanresourcesmgmt\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-humanresourcesmgmt\/wp-json\/wp\/v2\/users\/17"}],"version-history":[{"count":3,"href":"https:\/\/courses.lumenlearning.com\/wm-humanresourcesmgmt\/wp-json\/pressbooks\/v2\/chapters\/509\/revisions"}],"predecessor-version":[{"id":688,"href":"https:\/\/courses.lumenlearning.com\/wm-humanresourcesmgmt\/wp-json\/pressbooks\/v2\/chapters\/509\/revisions\/688"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/wm-humanresourcesmgmt\/wp-json\/pressbooks\/v2\/parts\/482"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/wm-humanresourcesmgmt\/wp-json\/pressbooks\/v2\/chapters\/509\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/wm-humanresourcesmgmt\/wp-json\/wp\/v2\/media?parent=509"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-humanresourcesmgmt\/wp-json\/pressbooks\/v2\/chapter-type?post=509"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-humanresourcesmgmt\/wp-json\/wp\/v2\/contributor?post=509"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-humanresourcesmgmt\/wp-json\/wp\/v2\/license?post=509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}