Strategic Management is the process of identifying and describing the organisation’s strategies that managers can take up to attain improved performance and competitive advantage (where the profitability is higher than the average profitability for all companies in its industry) for the organisation. For help with your assignment, approach our professional UK essay writing service.
It also helps to plan, identify, evaluate and implement the rules, practices and policies of the organisation. In identifying the organisation’s strengths and weaknesses, strategic management plays an important role.
Strategic management helps in creating a vision for the future of the organisation. Strategic management also enables to understand the goals and objectives to be set to communicate the vision of the organisation and also helps to achieve the same. Strategic management makes the organisation prepared for both anticipated as well as unforeseen situations. It is a continuous process which assesses and controls the business, study’s competitor data and sets strategies to meet existing and likely competition and goes over the set strategies to identify which of them were successful and which need substitution on a regular basis.
There are no standard strategic management methods since it is a subjective and situation dependent process. The strategic management process gives employees an understanding on why their jobs are important and how their tasks are correlated with other functional areas of the organisation. This makes them more dedicated and they will be able to understand and respond to any changes that affect the organisation effectively. Also, it develops harmony among all functional areas of the organisation.
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The concept of Strategic Management is very vast and covers Strategic management process, Strategic decisions and evaluation, Business policy, BCG matrix, Customer growth index, SWOT analysis, Competitor analysis, Porter’s Five Forces Model, Strategic Leadership, corporate governance, business ethics, Core Competencies, Whittington’s perspectives,Core competencies Management model, Business risk model etc.
Strategic management is a continuous process that appraises the business and industries in which the organization is involved; appraises it’s competitors; and fixes goals to meet all the present and future competitor’s and then reassesses each strategy.
Strategic management process has following steps:
- Identifying the organization’s current goals, objectives and strategies
- Analysis stage in which we gather data relevant in fulfilling the goals
- Formulizing strategies
- Strategy implementation
- Strategy evaluation and control
These steps are carried out in chronological order while forming new strategic management plans and managers revert to these steps to make essential changes to existing business plans. Each step in the strategic management process is interdependent. For example the second step of data gathering should aim at gaining maximum understanding on the business needs of the entity and also examine the external and internal factors that may affect the goals. This information gathered will outline the next two stages.
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