Mastering Strategic Management: Key Concepts and Practices

Meaning and Nature of Strategic Management

Strategic management involves developing and implementing plans to help an organization achieve its goals and objectives. It includes identifying opportunities and threats in the market and the wider external environment.

Stages of Strategic Management

  • Goal setting
  • Analysis
  • Strategy formation
  • Strategy implementation
  • Strategy monitoring

Benefits of Strategic Management

  • Discharge board responsibility
  • Creates a better future
  • Provides an organizational perspective
  • Rejuvenates
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Service Economy: Evolution and Customer Experience

The Transition to a Service Economy

Services are economic activities where customers obtain value from access to labor, professional skills, facilities, etc. Service is the co-creation of value between the service provider and consumer to benefit both.

Clark-Fisher Hypothesis: The Shift from Manufacturing

According to the Clark-Fisher hypothesis, as productivity increases in one sector, the labor force moves into another. We see an increase in employment in services in the last decade, shifting from

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Strategic Alignment, Flexibility, and HR Practices

Strategic Fit and Flexibility

Strategic fit: Aligning a company’s strategy and its resources with the environment allows the company to achieve superior performance.

Strategic flexibility: The ability of the company to adjust to changes in the competitive environment.

Sustaining Strategic Fit with Flexibility

How can a company sustain strategic fit while enjoying flexibility in the competitive environment?

Provide system flexibility within the company, which allows it to create batches of unique products

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Understanding Digital Signatures, PPIs, and Cybercrime

Digital Signature Certificates and Certifying Authorities

Function of Certifying Authority (CA)

  • Acts as a regulatory certifying authority.
  • Recognizes foreign certifying authorities.
  • Grants licenses to certifying authorities to issue electronic signature certificates.
  • Suspends licenses.

Rules to Obtain a License to Issue Electronic Certificates (EC)

  • Application for license.
  • Submission of application.
  • Validity of license.
  • Issuance of license.
  • Renewal of license.
  • Suspension of license.

Duties of a Certifying Authority

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Strategic Planning, Ethics, and Organizational Design

Strategic Planning

Strategic planning is a systematic process of evaluating the nature of a business, defining long-term goals and objectives, developing strategies, and allocating resources to carry out these strategies. Key characteristics include maximizing current yield, capital profits, social responsibility, equity liquidity, and attitude to risk.

Ethics in Administration

Ethics is a set of moral principles and norms governing human activities. Within administration, an organizational culture

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Workplace Laws and Corporate Social Responsibility

Chapter 1: Employment Practices

Any recruitment, hiring, or selection practice, or any transfer or promotion policy, or any benefit provision or other function of the employer’s employment process that operates as an analysis or screening device.

Background Checks

This process for screening job applicants may include:

  • Contacting references
  • Verifying past employment
  • Verifying past military service
  • Confirming the candidate actually has degrees, licenses, etc.
  • Checking driving records
  • Checking for criminal
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