Management Strategy (Strategic Management)

The video tutorial explains strategic management as a process used by companies to achieve their goals. It distinguishes between prescriptive and descriptive approaches to strategy, focusing on planning and implementation. Key elements of a management strategy include orientation, objectives, and tactics. These elements are organized into a strategic plan, which serves as a detailed roadmap for achieving objectives through specific activities and processes, aligned with organizational goals and orientation.

What is the primary focus of the prescriptive approach in strategic management?

• Implementation of tactics

• Development of plans and orientation

• Evaluation of performance metrics

• Analysis of competitive environment

Which element of a management strategy involves setting specific achievements to reach higher goals?

• Orientation

• Tactics

• Feedback

• Objectives

What are tactics in the context of strategic management?

• Actual steps and activities

• Specific achievements needed

• General approach or attitude

• Overall organizational goals

How are the components of a strategy typically organized?

• Through competitive analysis

• In a strategic plan

• By setting performance metrics

• As a list of objectives

What role do milestones or performance metrics play in a strategic plan?

• They establish the company's goals

• They define the organization's orientation

• They serve as a roadmap for tactics

• They measure progress towards objectives