This website uses cookies to ensure you have the best experience. Learn more

Strategic Management Essay

911 words - 4 pages

Definition of Strategic Management: There have been issues in getting a conclusive definition for Strategic management; experts all over the world have different ways of viewing the issue of strategic management hence the derivation of different definition for it.
According to Tyndall, Cameron, and Taggart in their book “Strategic planning and management guidelines for transportation agencies” they wrote that every business has its own description of strategic management. They further stated that strategic management can be categorised in terms of its own growth or advancement in every business due to education or training, occurrence of managerial risk, the way at which the organisation is being run, the external factors impacting the life and activities of the people and the acceptance and desire of the executive (Tyndall, Cameron & Taggart 9).
Strategic management can then be defined as the process of creating, applying, assessing and making decisions that will help an organisation in meeting its goals, putting into consideration the external environment and the major part being played internally (Waters 29). It is based on how any organisation designs its plan in carrying out how the business is to be run, making the organisation to achieve good customer and employee relationship both internally and externally.
Strategic management involves different areas in making the business grow by having an intention of identifying its general growth, the procedures implemented in achieving the organisations aim and objectives, the resources that are used in achieving the goal, and the intelligence of the managerial staff towards the realisation of such goals (Waters 5). Water in his book on “Operations strategy” affirmed that strategic management is grouped into four levels namely: Vision and Mission, business strategy, corporate strategy and functional strategy (Waters 15). However, one of the major areas we are going to discuss in this book is on the business strategies of an organisation, or the plan being carried out in strategising or managing an organisation. The topic covers the developmental plan of achieving success in every organisation, including the process of implementing the strategies of marketing an organisation.
The Business aspect of strategic Management:
The business strategy is the process by which the business supports the corporate strategy, therefore bringing about the mission of the organisation. It creates the development and success of the organisation, in this manner getting to understand the customers wants and demands and the satisfaction of the customers (Waters 19). In reference to business change forum academic journal it defined business strategy as “the use of capital value of the organisation, in return to achieve good performance to earn a valuable result”. This definition has to do with the everyday transaction of the business to achieve the success of the...

Find Another Essay On Strategic Management

Strategic Management Essay

1425 words - 6 pages Strategic management is the art, science and craft of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its long-term objectives. It is the process of specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives and then allocating resources to implement the policies

Strategic Management Essay

820 words - 3 pages A small business selling services to plan weddings is something that is my dream. Having a strategic plan and goals could turn that dream into a reality.Strategic management and planningStrategic planning will determine the course of this new business. A strategy provides a framework for managerial decisions, reflecting a company's awareness of how, when and where it should compete; against whom it should compete; and for what purposes it should

Strategic Management

2373 words - 9 pages benefits to the firm and its customers. The ultimate concept is to position the firm in a way that will ensure its survival in the long term among the competitive environment. The various elements of strategies are strategic planning, strategic thinking and strategic management. Strategic planning is a management tool. It serves one of the main purpose as a management tool i.e., to help an organization do perform better and to ensure

Strategic Management

1023 words - 4 pages Strategic Management and Planning is a course of decisions and actions which ultimately lead to the development of a strategy to help a company achieve their objectives. Strategic planning focuses on the company’s long term range and how to accomplish what is laid out. Effective planning will help to prevent problems, provide a response if problems occur, and make available information and support needed to maintain public awareness, safety, and

strategic management

833 words - 4 pages to the demands and besides compromising with fresh business entrants which leads to the extremely significant stride in order to organize a scheme so that it would be able to differentiate the main foundation of competitive benefits ( Kim & Oh, 2004). In the scenario of Hotel Swiss Spirit the two strategic methods implemented are SWOT analysis and porter’s five forces in order to explore competitive benefits of the hotel. For instance, place

Strategic Management

1762 words - 7 pages the long term. It matches its resources to its changing environment and particular its markets, consumers so as to meet stakeholder's expectations (Johnson G et al. 2011).In this essay, the strategic management process will be looked at for Sacha's cosmetics including an analysis of the macro environment, using the PESTLE framework, a SWOT analysis and Porter's five forces.2. BackgroundSacha Cosmetics was founded in 1979 by Kama Maharaj. Its core

Strategic Management - 2098 words

2098 words - 8 pages The following Strategic Management plan evaluates Citigroup's competitive position and internal and external environments to determine strategic direction. Alternative strategies are then derived and chosen. The plan recommends that Citibank select to expand its insurance business to foreign markets, by focusing on online banking and the consumer demand for online financial processing. It analyzes how Citibank differentiates itself from the

Strategic Management - 886 words

886 words - 4 pages University of PhoenixHealthcare Management StrategiesHCS/427Rick JohnsonJanuary 26, 2009Strategic Management and Human ResourcesUnder the understanding that human resource management change is needed during a corporate restructuring or merger/acquisition of a healthcare facility/system would in tale that one there current human resources system is not working properly or a new vision needs to be in place for combined organization. Things to

Strategic Management - 3498 words

3498 words - 14 pages will restrict, guide and form the strategy option that the organisation can generate. Value chain configurations that favours cost cutting or, alternatively, new market opportunities Complexity of strategic change needs to be managed, implying that more complex organisational considerations will be involved. Changing from one to another structure is only a starting point in the process. Reassessed the role of top and middle management in

strategic management

2884 words - 12 pages satisfaction. At times it is compulsory that they deal with governmental and more bounds and most of the times they need to outsmart their rivals. The strategic management procedure is the mixture of various things such as refining the anticipated ends, by innovating strategies figuring out a way in order to accomplish them, applying those tactics in to reality by implementing them, varying what the firms have been doing strategically in terms

Strategic Management - 2820 words

2820 words - 11 pages ://managementhelp.org/plan_dec/str_plan/str_plan.htm Alan Chapman, (2009). Customer Service. Retrieved from: http//www.businessballs.com/customer_service.htm Blue Nile, Inc, (2011). Jewelry. Retrieved from: http//www.blueline.com/jewelry Demand Media, Inc, (2011). What are Customer Service Skills? Retrieved from: http://www.ehow.com/facts_4899735_customer-service-skills_.html QuickMBA, (2010). Strategic Management. Retrieved from: http://quickmba.com/strategy/competitive-advantage/ The Houston chronicle (2011). Example of tactical planning in business. Retrieved from: http://smallbusiness.chron.com/example-tactical-planning-business-5102.html

Similar Essays

Strategic Management Essay 1165 Words

1165 words - 5 pages Untitled Strategic Management Strategic�management�is an externally oriented philosophy of managing an organization that links strategic thinking and analysis to organizational action. As a continuous, explicit philosophy of managing an organization, strategic�management Provides a framework for thinking about the "business" Creates a fit between the organization and its external environment Provides a process

Strategic Management Essay 1201 Words

1201 words - 5 pages Summary In the domain of management, strategic management encompasses identification together with definition of strategies. Usually, managers employ these strategies to strive for high performance as well as competitive advantage for a business establishment. In this respect, strategic management draws higher profitability if well planned and executed. In addition to that, it includes decisions as well as acts managers set about, and which

Strategic Management Essay 1224 Words

1224 words - 5 pages Summary In management domain, strategic management encompasses identification coupled with definition of strategies. Usually, managers employ these strategies to strive for high performance levels as well as admirable competitive advantage for business establishments. In addition to that, it includes decisions as well as acts managers set about, and which determine the outcome of the organizations’ performance.In this respect, strategic

Strategic Management Essay 1021 Words

1021 words - 4 pages Haneen Abuasi | 1115102Strategic Management | BUSA635Chapter 1 SummaryDate: 06/03/2014What is Strategic Management?It is a set of managerial decisions and actions that determines the long run performance of a corporation. It includes environmental scanning (both external and internal), strategy formulation (strategic or long-range planning), strategy implementation, and evaluation and control. The study of strategic management emphasizes the