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Strategic management
Needs and benefits of strategic management
Why are strategic decisions different from other decisions
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Recommended: Strategic management
Introduction
The strategic management model, has been a set of decisions and actions that result in the scheme and activation of strategies in achieving the set objectives. It provides an overview of the nature, benefits, and terminology of and the need for strategic management. “The Nature and Value of Strategic Management,” emphasizes the practical value and benefits of strategic management for a firm and or individual. It also distinguishes between a firm’s and or individuals strategic decisions and its other planning tasks. The section stresses the key point that strategic management activities are undertaken mostly at three levels: company, business, and functional. The distinctive characteristics of strategic decision making at each
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It takes an enormous amount of time and energy to find a job and finding the right job can take even more effort. By way of following some very simple strategies and techniques, the process of finding a full-time job can become quicker and easier and also increase chances for success. It is highly recommended that the individual take advantages of Career Development Office at the institution. Career offices at the Institutions often have alumni databases that students can use to connect with alumni in their field of interest in addition to subscriptions to career resources that are unavailable just by searching on the internet.
Some Strategies in search for post-graduation job as a strategic decision and how the strategic management model be helpful in identifying and securing the most promising position are: Researching for career options, Networking with professionals in the field, Creating of a resume and cover letter that will gets results, Finding leads and job postings and begin applying for jobs and finally, Setting yourself apart from other
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Checking with your institution’s Career Development Office to see if they have a database of alumni willing to speak to students is an excellent option as well. Since networking is considered one of the best job search strategy, it is important to integrate it as one of the strategies you use to find a job. You may begin by doing an informational interview to find out more about specific jobs of interest.
Creating of a resume and cover letter that gets results.
Resumes are basically designed to help job candidates get an interview. A well thought out resume can be the ticket to making it to the first round of interviews. A good cover letter will compliment a resume by letting an employer know more about you based on personal interests, goals and expectations. When embarking on a job search it’s key to understand the value of an excellently crafted resume and cover letter to hopefully put you in the running for the first round of interviews.
Finding leads and job postings and begin applying for
Career Cruising is an informational website and available at participating schools, public libraries, and employment agencies across North America. This program is intended to direct individuals towards appropriate career choices based on specific criteria, such as education, training and previous experience. Individuals can find this information database self-directed, user friendly and rewarding while presenting a variety of options to meet their personal needs. Not only does it offer assistance for the perspective individual in career development, but also on SAT/ACT preparation, online study guides, interview strategies and seminars by promoting growth and effective career opportunities.
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).
Dess, G. G., Lumpkin, G. T., Eisner, A. B., & McNamara, G. (2012). Strategic Management: Text & Cases (6th Ed.). New York, NY: McGraw-Hill.
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.
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.
Throughout the global economic environment the desire to out-perform the competition is always present. In every situation, the companies who do better are the ones with superior strategy (Rothaermel, 2013). Strategic management is therefore important in every company, no matter what industry or market they operate in; and as stated by M. Carpenter and G. Sanders, 2013, is described as "The process by which a firm manages the formulation and implementation of its strategy". Strategic management is a constant topic under discussion with different schools of theorists with different beliefs and attitudes which is described as "A tense array of disagreement" (Rees, 2012).
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).
Self-Marketing and Resume Development As we complete the organizational leadership capstone course and achieve our educational degree, it is now time to be able to take the skills and knowledge we have earned and bring them to the workplace. Colorado State University-Global (n.d.) offers its students and alumni many resources to assist in entering the job market, such as job search tips, resume building, career coaching, interview practice questions, stress management, and many more helpful options. Since employers have only a limited amount of time to devote to the job selection process, it is critical for students/alumni to accurately search and find positions in which they are well-suited and qualified to perform, carefully develop resumes
First, one of the things that get us jobs is a cover letter. A cover letter is a letter to the boss to let you know you want the job. It helps to let the boss know what you want to do in the job, and let him know what you did before the job. My opinion on the cover letter is that it is helpful and it helps the boss to know what kind of person he/she is hiring. Also, it tells the boss what position the person wants and lets the boss know what kind of experience the person had before the job.
1. These historical inputs are recognised and understood by the phrase “the way we do things around here” or the way business is now. History is the fusion and creation of internal and external cultural factors from the past that define the paradigm and the context through which strategies have been developed by decision makers within the company. History is the antecedents to strategy development that include embedded, stories, symbols, power, structure, controls, rituals and routines (refer appendix 1). Identifying historical context has the benefit of allowing businesses to develop strategies while avoiding recency bias and as a reference point to legitimise future strategies based on past successes. It allows business to develop strategy scenarios based on adaptations of past situations with different variables and to innovate based on historical competencies. This combination of historical actions, thoughts and procedures form a path dependency that is the confine through which strategy develops and this impacts on subsequent outcomes or the way business wants to be (Johnson, Whittington, Scholes, 2011). Historical path dependency may leave business in a difficult position as it tries to balance between holding onto skills, core values and stakeholder confidence as the dynamism of the business environment increases at an increasing rate (Reuters, 2011). The ability to make the balance between historical competencies and adapt them to future benefits will impact on the successful outcomes, or otherwise, of future strategic choices (Chi, Kilduff & Gargeya, 2009). Strategy is not a stand alone entity but is emergent synthesis from a combination of historical and future contingencies, attitudes, capabilitie...
The key role in solving strategic tasks belongs to strategic planning, which is the process of developing and maintaining strategic balance between organization’s goals and resources in the changing market environment. The purpose of the strategic planning is to determine the most promising fields of activity providing its growth and prosperity. Strategic planning is a component of a broader concept “strategic management”. All four management functions (planning, organizing, leading and controlling), when talking about strategic management include strategic orientation. When viewing strategic planning from the highest level possible within a company, the planning function is the area that stands out as the most important area which involves a great deal of development and focus.
Strategic management is a disciplined effort or control to make necessary decisions that have an effect on a business or an organization; the aim of strategic management is mainly to develop new, innovative or diverse ideas and opportunities for potential or development, and facilitates or assists an organization to achieve its goals (SM, 2010). In reality, strategic management not only can be used or applied to determine mission, vision and values or objectives, but it also establishes roles and responsibilities or timelines in a business (David, 2009). In the following sections, this study will focus on and examine the nature of strategy formulation, implementation, and evaluation activities, and analyze the potential pitfalls or risks in using a strategic-management approach to decision making.
A cover letter plays an important role in getting a job too. In your cover letter, as dr. Gunn suggests, “use all your writing abilities to convince the manager of your exceptional importance for this job, and you will be accepted.” Smooth and grammar free cover letter increases chances to get a job very much.
Strategic management is the process where organization managers reach the goals and aspirations of the organization on behalf of its owners. This is done through formulation and implementation of ways and methods to fulfill the organizational goals and objectives (Brian, 2011). This is done with in-depth consideration of both the internal and external environments that the organization operates in, in order to allow the organization make the right decisions. Strategic management is an important element that firms must put together through strategic thinking as well as strategic planning (Nag, R., Hambrick & Chen, 2007).
During the interview slate selection meeting with the hiring manager, the recruiter shares and discusses each applicant 's resume highlights, pre-screen conversation information, and any critical details gleaned from the cover letter. Those cover letter details can sometimes give the slightest edge to one highly qualified applicant over another when decisions are being made to fill a limited number of interview slots. So, to increase your odds of being selected to interview, make sure your cover letter is as effective and well-written as possible.