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...