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

Strategic Management, Why & How. Essay

3825 words - 15 pages

Introduction"Strategic management is the process of decision making which have high medium term to long term impact on activities of the organization including the implementation of those decisions to create value for customers and key stakeholders and to outperform the competitors"(Hubbard, G., 2000, p-2).Strategic management has three elements such as strategic analysis, strategic choice and strategic implementation. Strategic analysis gives the idea to understand the strategic position of the organization. It is an ongoing activity of organization. Strategic analysis gives the clear picture of the changes in the environment and how these changes affecting the organization and its activities. It gives idea about the resources and competencies present and their contribution to competitive advantage and development of new opportunities. Also it produces the idea about the people and groups such as manager, shareholders, union, stakeholder etc. associated with organization and their contribution for the development of organization.Basically strategic analysis develops the relationship between different forces influencing the organization and its choice of strategies. These forces are environment, resource and competences etc.Corporate level strategyIt is an overall strategy that the organizations are follow. Its development involves a grand strategy and using portfolio strategy approaches to determine the various businesses making up organizations. A grand strategy provides basic strategic direction at corporate level. There are several three basic categories: growth, stability and defensive. Growth strategy - these are the grand strategy which says organizational expansion as a major element. Basically organisation growth means more sales and earnings. Organizations grow in the term of revenue, clients, wider distribution network etc. the major growth strategies are concentration, vertical integration and diversification. Concentration focuses on growth of single product or service. Concentration occurs through market development, product development or horizontal integration (adding one more similar business). Vertical integration - this approach involves the growth through production of inputs previously provided by supplier or trough replacement of a customer role by disposing of its own output (Kumpech & Bolwijn, 1998). Diversification - this approach involves in the growth through development of new areas clearly distinct from current business (Bartol et al., 2001).Stability strategies - this strategy involves maintaining the status for growth of the organisation slowly or methodically. Organizations select stability for many reasons. When a company is doing well the managers don't want the risk and disturb of aggressive growth. This happens in case of small private owned businesses which are the larger group to adopt a stability strategy. Another reason is that it provides a chance for recovery (Bartol et al., 2001).Defensive strategy -...

Find Another Essay On Strategic Management, Why & How.

Management Planning - review the differences in planning between levels of management and discuss how and why various plans must be integrated

1078 words - 4 pages . Management at all levels must be able to look ahead and modify company direction from time to time in order to keep up with the emerging trends that reflect the changing economy. In this paper I will review the differences in planning between levels of management and discuss how and why various plans must be integrated. Also, this paper will give an example of new strategic plans made by the army for preservation and how the new strategy impacted planning

Why is Strategic Recruitment Critical to the Success of an Organization: Case Analysis

980 words - 4 pages Case Analysis: Interviewing, Hiring, and Selection Raymond Buckingham Kaplan University   Why is Strategic Recruitment critical to the success of an organization in meeting its goals and mission? Heidrick & Struggles International, Inc. Heidrick & Struggles International, Inc. is an executive search firm whose primary business model is strategic recruitment for high level executive placement for clients. Companies will need to have

Why Has America’s Adversaries Enjoyed Some Strategic Success Against the American Military Might?

2045 words - 9 pages stand up to a greater force and fight to defend your native soil. Conclusion This paper effectively demonstrated why America’s adversaries have enjoyed some strategic success against the American military might and how and why they have been successful. It also outlined some strategic approaches developed by U.S military leaders against the enemies of the United States and defined the outcome of The Vietnam War and the Bay of Pigs Invasion

Why are acquisitions such a popular method of strategic development despite the evidence that they are often unsuccessful?

1298 words - 5 pages " may arise because the organisational routines are so different in each organisation. Cultural differences reflected the way that the decisions were made in the acquirer and target companies.From the above discussion might be concluded that success of acquisitions depend on how well the organisations are integrated. Sometimes, the integration process might be more difficult if acquisitions are driven by managerial ego or desire for power

Why do I want to join the Office of the Assistant Secretary for Strategic Assessment (OASSA)?

660 words - 3 pages of defense and security. Working in OASSA is a great and essential opportunity for any aspiring Foreign Service Officer. I do not want to lose that kind of chance and that is why I want to work as a defense research officer at the Office of the Assistant Secretary for Strategic Assessment. Works Cited Office of the Assistant Secretary for Strategic Assessment-Department of National Defense. (2013). Functional Concerns. Retrieved November 19, 2013, from Office of the Assistant Secretary for Strategic Assessment:

Strategic Planning and Strategic Management - University of Phoenix MGT/498 - Assignment

688 words - 3 pages , and describe and define internal and external analysis. While describing and defining the responsibilities and duties of the Strategic Manager. And finally, Explain why companies need strategic management planning. “The strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage.” (Jurevicius, 2013). “The strategic planning process is a systematic or

Strategic Management

1425 words - 6 pages objectives. Once these steps have been taken, a strategic plan should begin to emerge — effectively setting the stage for answering the second question above, or “How best can we reach our goals?” Phase two of successful strategic management is formulating a plan by which the company can accomplish what it sets out to do. Within this phase, a chain of command should be put in place, pairing individuals with the right skills, knowledge, and

Strategic Management and Strategic Human Resource Management

3306 words - 13 pages The purpose of this paper is to identify the reasons why strategic management driving strategic human resource management (HRM) and how the strategic human resource management (SHRM) makes benefits for organisation. Besides the introduction and conclusion, the body of this essay has composed by five sections which involve strategic management, strategic human resource management, role of human resource management, a discussion part, and the

Strategic Planning and Strategic Management - University of Phoenix - Assignment

605 words - 3 pages MGT/498 · Describe and define the primary components of the Strategic Management Process. The Primary components of the strategic managements are the Strategy formulation and the strategy implementation. Strategy formulation covers the mission, external analysis, and internal analysis. The strategy implementation have more areas to cover such as cost advantage, differentiation advantage, corporate strategy, vertical integration, strategic

Strategic Planning Within General Electric

901 words - 4 pages formulate his strategic plans. Strategic Planning is a wide and complex subject. Strategic Management background is an essential basis of any organization. Companies plan their various and multilevel activities. A company's strategic planning is a row of elements that describe how the company uses its resources concerning its inner and outer environments to reach its objectives. Resources contain financial, human, facilities and technology

Strategic Management

1165 words - 5 pages future. It is not based solely on a forecast of present trends. Strategic�management�attempts to identify the issues that will be important in the future. Health care leaders should not simply ask the question "How will we provide this service in the future?" Rather, they should be asking questions such as "Should we provide this service in the future?" "What new services will be needed?" and "What services are

Similar Essays

Why Strategic Human Resource Management (Shrm) Is So Important? How Is Human Resource Management (Hrm) Strategic To Gain Competitive Advantage?

2924 words - 12 pages Executive SummaryNowadays, Strategic Human Resource Management becomes very important for the organizations in the business world environment. The purpose of this assignment is about what the Strategic Human Resource Management (SHRM) is and why SHRM is so important? How is human resource management (HRM) strategic to a firm's viability and how it might help to lay a basis for sustained competitive advantage? And what are the strategies for the

Importance Of Strategic Planning And Management In The Business Environment Explain Why A Strategic Plan Would Be Important To The Success Of This Business. Explain The Four Functions Of Management

953 words - 4 pages carry the organization. A successful company implements all four functions and uses the managers and employees to the best of their abilities.ReferencesFazzini, D. (2008). How to Define Strategic Management. Retrieved July 6, 2008, from Planning, (2007, March 15). Why Strategic Planning is Important Even for Small Businesses. Retrieved July 7, 2008, from

How Organizations Employ Strategic Management Concepts

1245 words - 5 pages Organizations today are continuously evolving and employing new strategic management techniques to meet their potential. It is common for companies to regularly evaluate their performance through a gap analysis of where they are now and where they wish to be. This instructs their change in strategies and guides them to their goals. Organizations employ strategic management concepts to fill the gap between their actual performance and their

The Principles Of Conflict Management: The Reasons Why Conflict Occur In The Workplace And Tips On How To Resolve Them

1472 words - 6 pages conflicts at all costs (Robbins, 2001). Now we learn to view conflict as potentially helpful because, " raises and addresses problems, can energize work to be in the most appropriate issues, motivate employees to participate in the decision-making process and help people learn how to recognize and benefit from their differences" (Davidson, 2002).There is no good or bad conflicts, it's the way we deal with it that determine the outcome, giving us the