Nature of Strategic Management

The crucial part in this chapter is that to know about the NATURE of Strategic Management. There is 3 elements in this part which are :

                                                                          a) Formulation

                                                                          b) Implementation

                                                                          c) Evaluation

All these 3 elements are needed in order to make and walk a plan. I might want to use a simple sentence to show this meaning. Let's say, one day one of the student want to join a drawing competition. He plan how he can win that competition. The process to create the plan is call  FORMULATION. Then, he apply what he had planned in his drawing in order to win the competition. This process is call IMPLEMENTATION. But, he lost in that competition. He try to find where is the mistake and he learn from that. this process is call EVALUATION.

Another thing to ponder is about decision making using intuition. Let meme share about this story.She is known as the Iron Lady of Malaysia, Datuk Maznah Hamid is a very well known entrepreneur, business woman as well as a famous motivational author and speaker. Long, long time ago, in a galaxy far far away, Datuk Maznah decided to buy an almost bankrupt, unknown security company and turned into a multi-million, respectable empire. She was using her intuition to make a decision!

　

During the early days, she employed a few guards, with herself being jack of all trades in the small outfit - clerk, secretary, manager and sometimes the guard herself! And in order to expand the business, she and the husband sold their own house and moved to a new, smaller place which come without proper amenities.

　

With only a few thousands capital of their own, her company has to compete with hundreds of other licensed security companies in Malaysia, with many of them were established with up to millions of capital. And against all competition, the company survived and triumphed.

　

The company, Securiforce now is one of the biggest security companies in Malaysia, having more than 30 branches across Malaysia and employing more than 4000 employees. And all of this is achieved without financial help or capital from financial institutions.

　

Alongside with other prominent Malaysian business icons, Datuk Maznah become one of the entrepreneurs who build and grow companies and play important roles as a leader, strategist, while contributing to the overall growth and improvement of the society's life in Malaysia.  

　

Datuk Maznah has also established Maznah Motivational Centre, MMC, which conducts seminar on business and human development. Her book "Motivasi Memburu Kejayaan" is a best seller and has become the source of guidance to the aspiring entrepreneurs who can learn from her own experience, principles and secrets in her quest to achieve success and excellence.-from SKORCAREER.

                                                             Datuk Maznah Hamid

As a conclusion, one person can be that someone just by his good planning! think about it. Thanks for reading :)