Briefly Describe the Concept of Strategic Management
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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Strategic management is regarded to as a reliable level of management attained through setting up strategic goals and tactics to make certain the decisions of top management to effectively attain the goals in the long run and at the same time flexible short-term results. Strategy provides general regulations for an organization.
The concept of strategic management is made up of three elements namely; Strategic analysis, strategic choices, and strategic implementation. The mentioned elements are of significance in a firm because they evaluate the business and industries that the firm is a member of. Strategy also ensures effective competition and aids in setting of reasonable aims in the contemporary and the future.
Strategic Management is vital in organizations because it helps them in assessing their strengths as well as identify the serious external factors, which influence the position of the firm, they also define the factors which help with the implementation of a firm. Strategic management differs from business planning in a way that it majorly focuses on the mission, vision, and inventiveness of the business. Strategic management aids the leaders to tell where they want their firm to be in years to come. Planning strategically helps expose the firm’s strengths and weaknesses as well as appraise their threats and opportunities which eases the firm’s adaptability.
The strategic management process is made up of three elements namely; Strategic analysis, strategic choices, and strategic implementation. The mentioned elements are of significance in a firm because they evaluate the business and industries that the firm is a member of. Strategy also ensures effective competition and aids in setting of reasonable aims in the contemporary and the future. The elements of the Strategic Management Process help in assessing the strength and identifying the serious external factors, which influence the position of the firm, they also define the factors which help with the implementation of a firm.
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examine the Concept of Strategic Management a Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand the concept and process of strategic management and its relevance for organizational performance and sustainability.
- Apply various tools and frameworks for strategic analysis, such as SWOT, PESTEL, Porter's Five Forces, VRIO, etc.
- Demonstrate your understanding and deep knowledge of the various aspects of Strategic Business Management and Planning and apply the knowledge to real companies.
1.0 INTRODUCTION
Citing Strategy and Structure by Chandler, and A.D., strategy is defined as the determination of a long-term goal and objectives of a business and the acquiring of various methods on how to achieve the goal and allocating of resources that will help in the achieving of the set goals Based on the research conducted, strategy implementation process is impacted by several factors among which include; strategy communication, organizational leadership, organizational culture, organizational structure, resource allocation, staff training, and organizational rewards. This essay is going to examine the concept of strategic management in businesses.
What is strategic management? Strategic management is defined as a system of management that links both strategic planning and decision-making in the current business world whilst operating the organization as per Gluck, Kaufman, and Walleck, 1982. It is the most important process for members of an organization that involves estimating the organization’s future and developing the necessary procedures and operations to achieve its future goals and objectives. Strategic management is regularly established by high levels of management to aid the business in assembling, analyzing, and putting in order constructive information to keep up with the industry and competitive trends.
The strategic management process is made up of three elements namely; Strategic analysis, strategic choices, and strategic implementation.
The mentioned elements are of significance in a firm because they evaluate the business and industries that the firm is a member of. Strategy also ensures effective competition and aids in setting of reasonable aims in the contemporary and the future. The elements of the Strategic Management Process help in assessing the strength and identifying the serious external factors, which influence the position of the firm, they also define the factors which help with the implementation of a firm.
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