Briefly describe what is meant by Strategic Management
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This assignment explored the notion of strategic management, which is the process of formulating, implementing, and evaluating the decisions that enable an organization to achieve its goals. 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 assignment discussed the main components of strategic management, such as vision, mission, objectives, strategies, and policies. It also analyzed the external and internal environments that affect the strategic choices of an organization, using tools such as SWOT analysis, Porter's five forces model, and value chain analysis. 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. The assignment concluded with some recommendations for improving the organization's strategic position and competitiveness.
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1.0 INTRODUCTION
Strategic management is the process of defining and executing the goals and objectives of an organization, taking into account its internal and external environment. Strategic management involves analyzing the strengths, weaknesses, opportunities, and threats (SWOT) of the organization, as well as its mission, vision, and values.
Strategic management as a field of managerial practice and scholarly attention has been studied and has garnered plenty of attention in the past few years as per Knights and Morgan (1991). This management system is known to link both strategic planning and decision-making in the current business world whilst operating the organization. It is commonly established or developed by high levels of management that aid the business in assembling, analyzing, and putting in order constructive information to keep up with the industry and competitive trends.
Strategic management also entails formulating and implementing strategies that align with the organization's purpose and competitive advantage.
Strategic management is important for several reasons
It helps the organization achieve its desired outcomes and fulfill its potential.
It enables the organization to adapt to changing market conditions and customer needs.
It fosters innovation and creativity by encouraging experimentation and learning.
It enhances the organization's performance and efficiency by optimizing the use of resources and capabilities.
It promotes stakeholder satisfaction and loyalty by creating value and delivering benefits.
Strategic management can be divided into three main stages: strategic analysis, strategic formulation and strategic implementation. Strategic analysis involves gathering and evaluating relevant information about the organization and its environment. Strategic formulation involves developing and selecting the best strategies that fit the organization's situation and goals. Strategic implementation involves putting the strategies into action and monitoring their results.
Strategic management is not a one-time event, but a continuous and dynamic process that requires constant evaluation and adjustment.
Strategic management requires the involvement and commitment of all levels of the organization, from top management to frontline employees. Strategic management also requires collaboration and communication among different functional areas and departments, as well as external stakeholders such as customers, suppliers, competitors, and regulators.
Strategic management is a challenging but rewarding endeavor that can help organizations achieve sustainable growth and success in a competitive and uncertain world.
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