Are you an EPFL student looking for a semester project?
Work with us on data science and visualisation projects, and deploy your project as an app on top of Graph Search.
Concept
Strategic management
Summary
In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates. Strategic management provides overall direction to an enterprise and involves specifying the organization's objectives, developing policies and plans to achieve those objectives, and then allocating resources to implement the plans. Academics and practicing managers have developed numerous models and frameworks to assist in strategic decision-making in the context of complex environments and competitive dynamics. Strategic management is not static in nature; the models can include a feedback loop to monitor execution and to inform the next round of planning.
Michael Porter identifies three principles underlying strategy:
creating a "unique and valuable [market] position"
making trade-offs by choosing "what not to do"
creating "fit" by aligning company activities with one another to support the chosen strategy
Corporate strategy involves answering a key question from a portfolio perspective: "What business should we be in?" Business strategy involves answering the question: "How shall we compete in this business?"
Management theory and practice often make a distinction between strategic management and operational management, with operational management concerned primarily with improving efficiency and controlling costs within the boundaries set by the organization's strategy.
Strategy is defined as "the determination of the basic long-term goals of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals." Strategies are established to set direction, focus effort, define or clarify the organization, and provide consistency or guidance in response to the environment.
Strategic management involves the related concepts of strategic planning and strategic thinking.
Official source
About this result
This page is automatically generated and may contain information that is not correct, complete, up-to-date, or relevant to your search query. The same applies to every other page on this website. Please make sure to verify the information with EPFL's official sources.
Ontological neighbourhood
Related MOOCs (8)
Launching New Ventures [retired]
Develop your promising idea into a successful business concept proposal, and launch it! Gain practical experience in the key steps of the venture creation process, including marketing and fundraising.
创建企业: 科技的创业技术与战略 / Launching New Ventures (Chinese Version)
创业指南是一门关于创业和科技导向的创业公司策略的课程。它是为想要学习如何成功创业的专业人士，创业者和学生所设计的。通过短而轻松愉快的课程，对世界各地创业者鼓舞人心的采访，小测试，推荐书目和一个终期实践项目，学生可以全面地了解创业策略，不论在任何地方，行业或创业阶段，都可以将获得的认识应用于自己的创业之中。