Strategic Management Essay

Strategic management is the art and science of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its objectives. It involves the systematic identification of the firm 's objectives, nurturing policies and strategies to achieve these objectives, and acquiring and making available these resources to implement the policies and strategies to achieve the firm 's objectives. Strategic management, therefore, integrates the activities of the various functional sectors of a business, such as marketing, sales and production to achieve organisational goals. It is the highest level of managerial activity, usually

See Chapter 1, Exhibit 01: Strategic management consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages:

In simple understanding, strategic management refers to managing the resources so as to achieve the desired objectives and goals of an organization. In broader terms, it can be understood as a continuous process which

"Strategic management is a set of managerial decisions and actions that determine the long-run performance of a corporation" (Wheelen & Hunger, 2006, p.3). The benefits of strategic management helps the firm focus on the objectives and develop the steps involved in obtaining the vision and financial wealth of the organization. An effective strategic management plan should include the following three questions: (1) Where is the organization now? (2) If no changes are

Strategic management is the process where leaders establish an organization’s long-term direction, set the specific performance objectives, develop strategies to achieve these objectives in the light of all external and internal changes, and undertake effective strategies to manage these changes and execute action plans.

The many factors of strategic management are implemented in every form. That is the separation between a business/organization and just an idea. The strategy of developing methods based on data, implementing the methods and then reconstructing the strategy as you see the uncover opportunities for improvement. Strategic management is a relevant to every organization or company that has a goal to be effective and progressive in their

Managing a strategic plan is about setting the underpinning aims of an organization, choosing the most appropriate goals and fulfilling them overtime (Masood et al., 1995). Furthermore, managing a strategic plan can be defined as the art of formulating, implementing and evaluating cross-functional decisions that helps as organization to achieve their objectives (Analoui & Karami, 2003, p. 5).

Strategic Planning is one of the most fundamental factors in the success of an organization. This research project will discuss the importance of strategic planning as well as the different components of strategic planning. Many organizations fail to accomplish their goals and tasks due to the lacking of strategic planning. In order for their businesses to be successful, organizations need to be well informed about how the strategic planning process works.

What Is Strategic Management a process for defining and addressing the management implications of an organization's strategic and operational plans? A long-term context for short-term activities. Strategic management is the analysis of the work done by the management of an organization on behalf of the owners. It gyrates around expressing the purposes of the organization and coming up with an appropriate mission and vision statement. Mission and vision statement together are used to help develop policies and plans to be used in long term and short term goals often categorized as projects or programs. It also involves the right resources of management to ensure that the business profit are maximized to grow the company. Strategic Competitiveness

The strategic management is actually defined as the process in which an organization actually formats and also implements the plans which espouse the objectives and goals of that organization (Diana Wicks, 2011). The process of the strategic management is continuous and it changes with the evolution of the organizational goals and objectives.

Thru the course I have learned that Strategic Management builds on many processes and that various companies and organizations with diverse backgrounds can teach us valuable lessons. To be on the lookout for what can be considered a beneficial development in an organization or perhaps what can be a bad plan plausibly implemented at the wrong time.

The key to a winning strategic position is a well thought out strategy. Recognising how to gain a distinctive strategic position, requires understanding of the key concept of strategic position and strategy. (Mazzucato, 2002) discussed that Strategic Position is carving out a niche by performing different activities to surpass rivals. Subsequently, Johnson et al. (2014) recognised that the prime focus of strategic position are the effects on strategy to opportunities and threats posed by the environment; strategic capability which dictates the organisation’s strengths and weaknesses; strategic purpose that defines the organisation’s mission, vision, values and objectives; and culture, composed of the beliefs, behaviors and paradigm. Understanding the impact of these factors is useful in evaluating future strategies. Moreover, defining strategy can be difficult; it connotes different things depending on the aspects of key issues affecting the organisation. Even strategy theories have differing ideas such as organisation’s involvement to different activities to create unique position, or determination of long-term goals and objectives and patterns of decision (as cited in Johnson et al., 2014). Further, (Carter, Clegg, Kornberger, 2008) suggests that providing direction through changes secures growth and sustainability. Consequently, organisation’s strategy formulation must be

‘Strategic Management’ is a very complex term as many eminent researchers and scholars have had different views and conclusions on strategy. According to White (2004), “Strategic Management involves both systematically developing an idea together with its implications and testing the empirical validity & usefulness of that idea against the real world.” Thus strategy is not only about planning for future but also about confirming the validity of the hypothesis considered and implementing it successfully. Strategy formation may take various forms such as implicit, explicit or emergent. Implicit strategy is a strategy formed by intuitions of an individual. As per implicit strategists, strategic management is about reading the environment

Change is said to be the only constant thing. This principle holds true even in business, as work environment, operations, and conditions are bound to change sooner or later. This may be cause by internal or external factors. In business, strategic management helps businesses in tackling changes. It comprises of three connected steps, ending up in strategy evaluation.

Strategic planning clearly defines organisations’ objectives and assesses both the internal and external situation to formulate strategy, implement the strategy, evaluate the progress, and make adjustments as necessary to stay on track (Bradford et al, 2008). According to Robbins and Coulter (2005), the strategic management process model is given below: