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 strate...
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... for the growth of such business. Marketing does not only revolve around making the product but making sure that the products are sold and meeting a good standard for the appreciation of the customers, whereby the goods not only locally appreciated but also internationally.
In the managerial marketing journal it asserted that there are some basic marketing functions which are: buying and selling, transporting of the goods, storage, grading, financing, taking of risk and awareness of the market. Nevertheless we will talk about these functions and their merits and demerits to the organisation.
The functional aspect of the transportation and storing involves the movement of products from the point of production to the point of distribution and also putting the storage of the goods into consideration. These processes tend to be the major concern of any organisation.
The act of medical responsibility originated in Rome and England dating back to the time of 2030 BC. The act states that a learned professional should always care with responsibility and care toward their profession. Around the year of 1200 AD, Roman law considered medical malpractice to be wrong and expanded their views about it all throughout Europe. It was said by the Code of Hammibal that if a person commits malpractice knowingly or unknowingly they would lose their job, hand, and an eye. Malpractice had also occurred throughout the U.S around the 19th century, due to the negligence of the state’s governments. Medical malpractice litigation has since been sustained for a century and a half by an interacting combination of 6 principal factors.” “Three of these factors are medical: the innovative pressures on American medicine, the spread of uniform standards, and the advent of medical malpractice liability insurance.” “Three are legal factors: contingent fees, citizen juries, and the nature of tort pleading in the United State.” (Mohr). The U.S is very familiar with malpractice b...
Thompson, A. A, Jr., & Strickland, A. J. III (2003). Strategic management: Concepts and cases (13th ed.). New York: Irwin/McGraw.
The Strategic management is help to accomplish the goals and intention for organizations recourses and future plans by following the important elements, which are planning, controlling, analyzing by study both internal and external strengths and weaknesses.
Strategic management is a broad concept means “the responsible integration of strategic planning and implementation across an organization in an ongoing way to enhance the fulfillment of mission, meeting of mandates, continuous learning, and sustained creation of public value.” which all need implementation. (Bryson, 25) Strategic management system also called performance management system or result management system. “Many organizations now are building and maintaining an organization-wide strategic management system as a way of fostering greater rationality, coherence, and cost-effectiveness in their strategies and operations.” (Bryson, 319)
Luffman, G., Lea, E., Sanderson, S. and Kenny, B., 1996. Strategic Management: An Analytical Introduction. 3rd Ed. Cambridge: Blackwell Publishers Inc.
The world for the medical care field is one that has changed dramatically over the years so much so that medical errors have become the third leading cause of death in America. Unfortunately, this is not common knowledge to majority of the population stepping into a hospital today. This in itself is concerning because the amount of people who enter the hospital are generally sick, ill, or injured can sometime due to negligence of any other form of medical malpractice can become increasingly worse just by trusting their health care professionals. These doctors have the power to determine whether an individual live or dies, this is evident as thousands of people are killed by leaving there fate in the
The strategic management process implies sequential and interrelated activities, situation analysis (scanning and evaluating the current organizational content and internal environments), strategy formulation (developing and then choosing appropriate strategies), strategy implementation (putting strategies into action), and strategy evaluation (evaluating the implementation and outcome of strategies), leading to some outcome. These interrelated activities result in a set of strategies the organization uses in doing business. To manage strategically means to analyze the current situation, develop appropriate strategies, putting those strategies into action and then evaluating and changing those strategies as needed. The three main types of
According to Wheelen & Hunger, strategic management “is that 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” (2004, p2). All eleven good to great companies are benefit from strategic management and gain long term strategic advantage then lead to outperforming compared companies.
Generally, strategic management is a set of managerial decisions and actions that determines the long-term performance of a company, involving both internal and external environmental scanning, strategy formulation, strategy implementation, and evaluation and control. According to the study of strategic management, the corporation should concentrate on monitoring and appraising outside opportunities and threats based on an organization’s strengths and weaknesses (Thomas Wheelen and David Hunger, 2012).
The major objective of any company is to make profits. Marketing is responsible for identifying a company’s customers anticipating their needs and wants, satisfying theses needs while keeping the its major goal which maximizing profits
What is Strategic management? Strategic management can be used to determine mission, vision, values, goals, objectives, roles and responsibilities, timelines, etc.
If asked what strategic planning is one could interpret it as simply a road map that can guide the organization in the right direction. It is very unlikely that an organization would know which direction to take without a sense of direction. Managers are faced every day with decisions that have a major impact on the direction the organization must take, therefore, strategic planning can play an important role in guiding managers in the right direction. In other words strategic planning is a tool that management can use to give them a sense of direction that will guide them in doing a better job and to ensure that all the members of the organization are working toward the same goals
Strategic management is regarded as an important process for businesses (Bowman and Asch, 1987; Kumar, 2010; Thomson and Strickland, 2003; Viljoan and Dann, 2003). The growing environment where these organization or company compete somehow will determine whether the company standstill or gone. Thus, most companies are trying to improve their performance to survive and expand. Strategic management process is important for a firm’s success because it enables a firm to develop a future direction, provides the ways to achieve its mission, and ultimately leads to value creation (Porth, 2003). A review of literature by Powell (1992) also indicates that firms who adopt strategic management generally improve their performance.
Strategic management is the way of implementing different business strategies and plans to attain certain specific aims and objectives. It involves collection of decisions and different rules and policies that tend to define the results that are generated in the form of better business performance. For undertaking these activities, management should possess an in depth understanding and be able to assess the general and competitive external and internal business environment to take proper business decisions (Cornelis, 2010). McDonalds is an organization that offers a range of products and services in a very effective manner that makes it a market leader in providing fast food services all over the world. By enforcing suitable strategies, McDonalds can increase its level of sales and will also help in upgrading as well as sustaining the market by acquiring competitive advantage (Schoenberg, Collier and Bowman, 2013).
Strategic management is a process to enhance the goals of your business. This gives managers a strategic awareness and value of the company when strategic management is implemented. Having a strategic plan in a company makes the business successful. When a manager takes lead in the change of the environment it allows the company to improve on their short and long term goals. Managers