Strengths And Weaknesses Of Strategic Management

Ans.1: Strategic Management is a non-stop process of designing, checking, examining and calculating output of all that is necessary for a company to fulfil its aim and destination. The strategic management process includes employees from different areas within an association to work as a team. The association gets many choices from a team and move forward with the best choice. Strategic management is a long-term planning and helps the organization to expand and to improve its performance in the market. If the company has higher output than other organizations in the same market, then only it can give competition to its opponents. The strategic management commonly includes the proper use of strengths, minimize their company’s weaknesses,

These forces consists of internal strengths and weaknesses. The weaknesses may arise in any area within an organization i.e. in finance, production, market research, efficiency, customer satisfaction and employees satisfaction. The better use of strengths is also very essential.

Secondly, nowadays due to the changing trends in the market, to make new strategic plans, long-term objectives, annual objectives are very essential for the organization to achieve their aims.

Thirdly, there are number of forces outside the organization which influence its performance, those forces are known as external forces. These forces include financial forces, forces related to society, culture, population and surroundings, political and governmental forces, upcoming technological forces and rivalry forces. So to overcome these forces strategic management is essential.

Example, financial forces directly affect the organizational strategies. When the interest rates goes high, more money is needed to return back to the bank and costly to expand the business. Some companies are heavily rely on government contracts, when existing or new government change laws and increase taxes can affect the companies

External opportunities are those which are outside the organisation and helps the organization to increase its performance. Some of them are like:

• As this company is based in Auckland ,with the increase of Indian population in North Island demand of the dancers and live dhol increases in ceremonies like on anniversaries, weddings and birthday functions. The Indian population is also high in South Island so there also demand of performers increases.

• The craze is also increasing among other communities like Fiji Indians, Kiwi people.

• The company also serves the society by giving the bhangra and dhol classes to the children and even to the youngsters so that they always stick with their mother culture.

• To send performers to the competitions within the country and to Australia. The company get the invitation to perform in the cultural events.

• To adapt new technologies related to Dj like efficient sound mixers, Sub, projectors, laser lights .

• Opportunities to perform in cricket stadiums.

b. External threats are those which are from the surrounding environment of a company and affect its performance.

• New organizations entering in this field.

• Competitors providing entertainment services at a low