What is 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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The primary purpose of this paper was to examine the concept of strategic management, which is the process of developing, executing, and assessing the choices that help an organization accomplish its objectives. This concept entails setting the vision, mission, and values of the business organization, evaluating its external and internal environment, formulating and implementing strategies, and monitoring and evaluating their outcomes.
Planning is the most vital function for any organization that aims to achieve its desired outcomes and objectives in the long run. Planning involves analyzing the current situation of the organization, identifying its strengths, weaknesses, opportunities, and threats, setting realistic and measurable goals, devising strategies and action plans to reach those goals, allocating resources and responsibilities, and monitoring and evaluating the progress and results.
Planning helps the organization to align its vision, mission, and values with its actions, to anticipate and respond to changes and challenges in the environment, to improve its efficiency and effectiveness, and to ensure its sustainability and competitiveness. The main components of strategic management are essential for any organization to achieve its goals and objectives. These components include vision, mission, objectives, strategies, and policies. Vision is the long-term aspiration of the organization, reflecting its core values and purpose. The mission is the specific statement of what the organization does, who it serves, and how it creates value. Objectives are the measurable outcomes that the organization aims to accomplish within a given time frame. Strategies are the broad actions and plans that the organization implements to achieve its objectives. Policies are the rules and guidelines that govern the behavior and decisions of the organization and its members.
This assignment examined the factors that influence the strategic decisions of an organization, using frameworks such as SWOT analysis, Porter's five forces model, and value chain analysis.
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What is strategic management? Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand the general meaning of the concept of strategic management and how it relates to the key elements of an organization
- Understand the external and internal environments that affect an organization's performance, and apply various tools and frameworks to evaluate them.
- Develop skills that are essential for effective strategic management in an organization.
1.0 INTRODUCTION
An organization's goals and objectives are the primary focus of strategic management, which means the planning and implementing of activities that are in line with its internal and external environment. Strategic management entails an all-inclusive analysis of the organization's strengths, weaknesses, opportunities, and threats, as well as its mission, vision, and values. These elements aid the organization in identifying its competitive advantage, strategic direction, and performance indicators.
According to Knights and Morgan (1991), strategic management is a domain of managerial practice and academic inquiry that has received considerable attention in recent years. This management system integrates strategic planning and decision-making in the contemporary business environment while running the organization. It is typically formulated or implemented by senior managers who help the business collect, analyze, and organize relevant information to cope with the industry and competitive dynamics.
Strategic management is the process of defining and executing the actions that support the organization's vision and goals. It involves analyzing the internal and external environment, identifying the strengths, weaknesses, opportunities, and threats, and formulating the best course of action to achieve a competitive edge. Strategic management also requires implementing the chosen strategies effectively and efficiently, monitoring and evaluating the results, and making adjustments as needed to ensure continuous improvement and alignment with the organization's purpose.
The process of strategic management consists of three key aspects namely; strategic analysis, strategic formulation, and strategic implementation.
To begin with, strategic analysis, is where the organization collects and analyzes relevant data about its internal and external situation which will help it to recognize its strengths, weaknesses, opportunities, and threats. The second one is the strategic formulation, here the organization develops and chooses the most suitable strategies that align with its vision and mission which will help it address its challenges and control its competitive advantages. Thirdly, in strategic implementation, the organization executes the chosen strategies and evaluates their outcomes which involves allocating resources, assigning responsibilities, communicating expectations, and measuring performance.
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