1.1: Explain the link between strategic management and leadership.
To elucidate the connection among strategic management and leadership a strong understanding of anything these two rapports really mean is necessary. The link between these two terms are explained bellow:-
According to Barratt and Mottershead (2000) tactic is labelled as the way of attaining organisational aims. Tactic is not about ideas solitary.
Strategic Management is the procedure of founding and upholding good tactics. Constructing and defining strategy is not sufficient, Virtuous strategic management iplays a vital part in impending organisational prospects and contests. Management deals with the managing individual according to a set plans and course of action
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In the case of management, managers bash their best to attain certain long span goals and the similar is the case with leadership. In both cases would have somebody with a comprehensive vision; whichever it’s a leader or a manager. The bottommost line of all this argument is attractively given by Field Marshal Slim “Leadership is of the essence, compounded of disposition and vision: its repetition is an art. Management is more a matter of precise control, of statistics, , schedule: its exercise is a science.
1.2: Analyse the impact of management and leadership styles on strategic decisions.
There is well-known proverb that, Alteration is the only unalterable thing in environment (Heller and Hindle, 2008). The managers and leaders embrace diverse panaches for distinctive situation. Some of the common styles are:-
Autocratic: in this styles leaders or manager says that to do to their subordinates. The views of the sub ordinates are ignored and not important.
Democratic: this is very commonly used in country politics where the decisions are takes after discussion with relevant stakeholders and others views are considered while taking any decisions. Passive: individuals are provided common instructions on the responsibilities to be undertaken and then left unaccompanied to attain them according to their
STYLES OF LEADERSHIP An autocratic leadership style is one where the manager sets objectives, allocates tasks, and insists on obedience. Therefore the group becomes dependent on him or her. The result of this style is the members of the group are often dissatisfied with the leader. This results in little cohesion, the need for high levels of supervision, and poor levels of motivation amongst employees. A democratic leadership style encourages participation in decision making.
On the other hand we have the explanation of strategic leadership: Strategic leadership is the process of using well considered tactics to interconnect a vision for a group or one of its parts. Strategic leadership typically manages, motivates and persuades staff to share that same vision, and can be an important tool for implementing change or creating organizational structure within a
Presently many of us have learned that managers are primarily administrators who have learned to write business plans, utilize their resources and keep track of progress. We must learn that we are not limited by job title, and that means we can utilize our management skills in any position that we are in. We must also know that we can use our leadership skills in the same situations. On the other hand we have also learned that leaders are people who have an impact on those that surround them. The main difference that separates these two roles is that management is a function that must be utilized in any type of business, and leadership is the relationship that the leader has with his followers, which in turn can motivate and energize the organization.
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).
Hitt, M., Ireland, R. & Hoskisson, R. (2010).Strategic Management: Competitive and Globalization, Concept and Cases. Mason, Ohio: Cengage Learning
Strategic management is the set of managerial decision and action 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 (Hunger & Wheelen, 2011). In this report I will do research about the strategy of Marriott International, Inc. I will give advise on how Marriott can improve their strategy and I will come up with an advisory strategy.
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).
What is Strategic management? Strategic management can be used to determine mission, vision, values, goals, objectives, roles and responsibilities, timelines, etc.
...may have our preferences in the style of management we deem to be the most successful, we have just seen three examples of individuals and companies who took it upon themselves to use the style of managing that is normally unfavorable and have made their organization a successful empire.
Leadership and management are two words that are commonly mistaken; the relation and the differences between them are often unclear. Leadership can be defined as the ability to influence a group toward the achievement of a vision or a set of goals." Managers are there to plan, organize, lead and monitor employees' activities. Leaders also have to be able to guide an organization through change. As we will see later, vision is a crucial component in the success of this task.
What I benefit from this course strategy management class is knowing. The strategic management is consisting of the analysis, decisions, and actions an organization undertakes to create and sustain competitive advantages. strategic management analyses. concern with overall objectives, involves multiple stakeholders, incorporates short and long term perspectives, recognizes tradeoffs between effectiveness and efficiency. The strategic management analysis, formulation, and implementation the challenge managers face of both aligning resources to take advantage of existing product markets as well as proactively exploring new opportunities.
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 the “identification of one or more sustainable competitive advantages a firm has in the markets it serves (or intends to serve), and allocation of resources to exploit them” (Business Dictionary, 2016). In order for industries and organizations to thrive, they must have strategies in place and strategic management processes to stay competitive, profitable, attractive to stakeholders, and to sustain advantages that set them apart from other competitors (Barney & Hesterly, 2015). The strategic management process involves a set of procedures that lead to choosing a strategy that will eventually lead to competitive advantage (Barney & Hesterly, 2015). The six steps of the strategic management process involves defining
Leadership and management are two fundamental concepts which are involved in the effective management of organizations. Leadership in my opinion is a complex concept, which includes association of human qualities and the result of their activities. To be a great leader means not only following own visions, but also work towards company’s goals.