In a business, there are several factors that either facilitate the success of the business or affect the achievements of the business. Strategic management is the process of studying and putting into practice any factors favorable to the business, and eradicating any factors that may adversely affect the business. Jurevicius (2012) defines strategic management as the science and art of formulating, evaluating, and implementing cross-functional decisions that are key to an organization's ability to achieve its objectives. The differences in business performance are mainly caused by management's ability to employ strategic management skills in the running of the business. Strategic management involves analyzing issues concerning the business structure and environment, making the correct decisions about how to deal with problems, and putting the decisions into practice, with the aim of countering competition and enhancing business outcomes (Dess, Lumpkin, & Taylor 2005, p. 1). In strategic management, managers need to work not only on the internal business environment, but also on the external business environment, formulating competent strategies, executing those strategies, and then assessing the effectiveness of the strategies and making the necessary adjustments, if the need arises (Parnell 2008, p. 2). In the internal business environment, strategic management involves the creation of such an environment, whereby all activities are coordinated effectively and are geared towards achieving the business objectives. During the formulation of the strategic management plan, managers define the mission of the business and lay down the strategies to be followed by all employees in working towards realizing the mission. The mission of a...
... middle of paper ...
...the strategies to handle the various needs, put the strategies into practice, and then follow up to assess the effectiveness of the strategies towards achieving the business goals.
Works Cited
Printed
Dess, G. G., Lumpkin, G.T. & Taylor M. L. 2005, Strategic Management. 2 ed. New
York: McGraw-Hill Irwin. Print
Nedelea, S & Paun A.L. 2009, The Importance of the Strategic Management Process in the Knowledge-Based Economy, Review of International Comparative Management Volume 10, Issue 1, March 2009. Print
Online sources
Jurevicius, O. 13 Feb. 2013, Strategic Management Insight; All You Need To Know About Strategic Management. Web. Retrieved from http://www.strategicmanagementinsight.com/topics/strategic-management-planning.html
Parnell 1/10/2008, Fundamentals of Strategic Management. Web. Retrieved from http://www.atomicdogpublishing.com/pdf/parnell_ch01.pdf
2. Thompson and Strickland (2002), Strategic Management: Concepts and Cases, 13th Edition, Chicago Irwin Publications.
Wheelen, Thomas L. and J. David Hunger. Strategic Management and Business Policy, 13th Ed. Upper Saddle River, NJ: Pearson Education, Inc., 2012. Print.
Dess, G. G., Lumpkin, G. T., Eisner, A. B., & McNamara, G. (2012). Strategic Management: Text & Cases (6th Ed.). New York, NY: McGraw-Hill.
Pearce II, J. A., & Robinson, R. B. (2011). Strategic Management 12th Ed. New York: McGraw-Hill/Irwin.
Fast Company,(139), 69-70,73,16. Retrieved from Research Library. Document ID: 1870795761. Wheelen, Thomas L. & Hunger, J. David, (2010). Strategic management and business policy.
Wheelen, T.L., & Hunger J.D. (2008) Strategic management and business policy. Upper Saddle River, NJ: Pearson-Prentice Hall.
Strategic management is the ongoing process of ensuring a competitively superior fit between the organization and its ever-changing environment (Kreitner, G13). Strategic management serves as the competitive edge for the entire management process. It effectively blends strategic planning, implementation, and control. Organizations that are guided by a coherent strategic framework tend to execute even the smallest details of their mission in a coordinated fashion. The strategic management process includes the formulation of a strategy/strategic plans, implementation of the strategy, and strategic control. A clear statement of the organizational mission serves as the focal point for the entire planning process. People inside and outside the organization are given a general idea of why the organization exists and where it is headed. Working from the mission statement, management formulates the organization's strategy, a general explanation of how the organization's mission is to be accomplished. Then general intentions are translated into more concrete and measurable plans, policies, and budget allocations. Implementation is the most important part of the strategy. Strategic plans must be filtered down to lower levels to be success. Strategic plans can go astray, but a formal control system helps keep strategic plans on track. In the strategic management process general managers who adopt a strategic management perspective appreciate that strategic plans require updating and fine-tuning as conditions change. Given today's competitive pressures, management cannot afford to let strategic plans sit as is. A strategic orientation encourages farsightedness. Sun Microsystems Inc. is one company that developed a strategy to become the competitive leader and become the most reliable in the net business. I will explain how Sun's strategy integrates their marketing, management, technology, and service functions into one effective strategy. First I'll discuss who Sun is and what encouraged them to develop their strategy.
Mason Carpenter, G. S. (2013). Strategic Management: Concepts and Cases Second Edition. Harlow: South-Western Pub.
Hitt, M., Ireland, R. & Hoskisson, R. (2010).Strategic Management: Competitive and Globalization, Concept and Cases. Mason, Ohio: Cengage Learning
• Hitt, Michael A; Hokisson, Robert E.; Ireland, RD. Strategic Management. 6th Ed., Masson, Ohio: Souht. Wester 2005.
Wheelen, T. L., & Hunger, J. D. (2012). Strategic Management and Business Policy: Towards Global Sustainability. Upper Saddle River, NJ: Prentice Hall.
Stabell, C.B. and O.D. Fjeldstad. (1998). Strategic Management Journal. 19, 413-437. Retrieved November 11, 2006 from EBSCOhost database.
Pearce, J. A., & Robinson, R. B. (2013). Strategic management: planning for domestic & global competition (13th ed.). New York: McGraw-Hill/Irwin.
Witcher, B., and Chau, S. V., 2010. Strategic Management: Principles and Practice. Cengage Learning EMEA.
Hitt, M., Ireland, and Hoskisson, R. (2009).Strategic management: Competitive and Globalization, Concepts and Cases. In M.Staudt & Stranz (Ed).