Path to Strategic Management

It does not happen that companies learn to do strategic management from the word GO. Strategic management in a company appears to evolve through four sequential phases according to Gluck, Kaufman, and Walleck, which is shown in figure 1.1.

Effectiveness

of Strategic Decision Making

-Annual Budgets

-Functional Focus

-Multiyear

Budgets

-Gap Analysis

-`Static' Allocation

of Resources

-Thorough

Situation

Analysis and

Competitive

Assessments

-Evaluation of

Strategic

Alternatives

-`Dynamic'

Allocation

of Resources

-Well-Defined Strategic Framework

-Strategically Focused

Company

-Widespread Strategic

Thinking Capability

-Coherent Reinforcing

Management Process

Negotiations of Objectives

Review of Progress

Incentives

-Supportive Value System

Phase 1

Financial Planning

Phase 2

Forecast-Based

Planning

Phase 3

Externally Oriented Planning

Phase 4

Strategic Management

Figure 1.1: Phases in the development of strategic planning (Gluck, Kaufman, and Walleck, 1982)

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