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Strategic Management Essay

1165 words - 5 pages

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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 of coping with change and organizational renewal

Fosters anticipation, innovation, and excellence

Facilitates consistent decision making

Creates organizational focus

Represents the process of organizational leadership

Strategic�management�provides an ongoing philosophy for developing and managing the plans and actions of the organization. It seeks to orchestrate a fit between the organization's external environment (political, regulatory, economic, technological, social, and competitive forces) and its internal situation (culture, organization structure, resources, products and services, and so on). In some cases orchestrating the fit may mean responding to external forces, whereas in other cases the organization may attempt to actually shape its environment (change the rules for success). Change in health care has been quite dramatic and often disruptive. When change occurs, new opportunities and threats emerge. Strategic�management�is an organization's mechanism for understanding and constructively managing change. It is the leadership process for reinventing or renewing the organization.

Strategic�management�focuses on anticipating external change, fostering innovation in the services and processes of the organization, and promoting excellence. At the same time, strategic�management�sets direction for the organization and-through a common understanding of the vision and broad goals-provides everyone in the organization a template for making consistent decisions. Such�management�defines where the organization is going and, sometimes more important, where it is�not�going. Strategic�management�creates organizational definition and focus.

Strategic�management�is no longer viewed as a separate discipline; rather, it has become integral in leading and managing organizations. Strategic managers constantly relate the organization to its external environment, not merely to ensure compatibility and survival, but also to understand or alter the environmental trends so as to "create the future." Thus, strategic�management�represents an evolving process of analysis and evaluation to continuously monitor the environment and adapt the organization to create momentum. Strategic�management�is the process of organizational leadership.

STRATEGIC THINKING, STRATEGIC PLANNING, AND STRATEGIC�MANAGEMENT

Strategic thinking�is the intellectual orientation or mind-set underlying the strategic�management�philosophy.�Strategic planning, a term sometimes used interchangeably...

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