STRATEGIC MANAGEMENT
What is Strategic Management?
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The administration of an entity's assets in order to
accomplish its aims and purposes is known as
strategic management.
Setting goals, examining the competitive landscape,
examining internal structures, assessing plans, and
making sure that the management implements the
plans throughout the company are all part of strategic
management.
Types of Strategic Management
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There are five types of strategic management:
• Linear strategic management
• Adaptive strategic management
• Interpretive strategic management
• Expressive strategic management
• Transcendent strategic management
Father of Strategic Management
- Harry Igor Ansoff
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Harry Igor Ansoff was a renowned
mathematician and strategic management
expert, born in Russia in 1918. Ansoff is most
famous for his work on business strategy,
particularly his development of the Ansoff
Matrix. His work emphasized the importance of
innovation and diversification in achieving
sustainable growth.
Ansoff Matrix
Ansoff matrix is a framework for
strategic planning that enables marketing
leaders, consultants, and business
owners to create and implement effective
product and marketing strategies. The
matrix is based on the idea that two main
methods exist to grow a company:
expanding to new markets or developing
new offerings. By applying these
approaches, the Ansoff matrix provides
four methods for expansion: market
penetration, product development,
market development, and diversification.