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

Strategic Management Essay

2373 words - 9 pages

Every firm competing in an industry has a competitive strategy. Strategy is the direction and scope of an organization over the long-term: which achieves advantage for the organization through its structure of resources within a challenging environment, to meet the needs of markets and to fulfill stakeholder expectations. In other words, strategy is about the direction in which the business is trying to move in the long term. A strategy should help in finding the potential markets in which the business competes and its corresponding activities. It should help in analyzing the resources needed to compete, example : skills, assets, finance, technical know-how etc. Strategies should help in Analyzing the external environmental factors that affects the ability of the business to compete. Finally it should help in analyzing the values and expectations of the stakeholders who have the power in and out of the business.
The organization's strategy must be formulated in such a way that it has a unique distinctiveness which is clearly specified. This distinctiveness must place the organization in the potential market with a strong base . The strategy developed will be successful when it fits into the company's activities and they should balance each other and they should supply the right 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 that the members of the organization are working towards the same goal , to evaluate and adjust accordingly the organization's direction in response to a changing environment.

In other words, strategic planning is a systematic attempt to yield elementary decisions and actions that outlines and guides the various features of the organization and its functions with an insight on the future. The plan is then a set of decisions about what to do, why to do it, and how to do it. Strategic planning implies that some organizational decisions and actions are more important than others. It also implies that much of the strategy lies in making the tough decisions about what is most critical to achieving organizational triumph. Another important point to be noted about strategic planning is , it helps to anticipate the future and make the decisions in the present. Therefore, the plans made in the past may well be changed by those that have been made in the present. The strategic planning can be complicated and challenging, but it is defined by the above outlined ideas.
This is followed by the strategic thinking. This concept has a strategy hierarchy...

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

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

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

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