Strategic management is the art, science and craft of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its long-term objectives. It is the process of specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives and then allocating resources to implement the policies, and plans, projects and programs.
Strategic management seeks to coordinate and integrate the activities of the various functional areas of a business in order to achieve long-term organizational objectives. A balanced scorecard is often used to evaluate the overall performance of the business and its progress towards objectives. Strategic management hinges upon answering three key questions:
1. What are my business’s objectives?
2. What are the best ways to achieve those objectives?
3. What resources are required to make that happen?
Answering the first question requires serious thought about what your ultimate goals are for the business. What are you trying to make happen? What are you attempting to facilitate or enable? What is the best possible outcome your company can aspire to?
Drilling down to uncover a company’s core objectives can have several phases:
• Assessing the landscape within which the company will operate, and formulating how the company sees its role within that landscape. This is commonly known as a mission statement.
• Establishing objectives to answer some of the unmet needs, taking both a long- and short-term view of what the company can offer. This is commonly known as a vision statement.
• Stipulating the goals the company has for itself, bo...
... middle of paper ...
...he future.
16. Strategic management is more of a state-of-mind than a rigid process.
17. A military connotation of strategic management is “it hasn’t won every war, but it has avoided a lot of ambushes.”
18. Strategic management is most useful for businesses with unique or differentiated products for niche, specialty or differentiated product markets.
19. Strategic planning comes before business planning. Strategic planning is used to identify and assess alternative business strategies. Business planning is used to implement a business strategy.
20. Strategic planning is more words and less numbers than business planning.
21. A strategic plan is a “living” document that changes as your goals and resources evolve.
“Successful Strategic Management must not end with the last annual meeting or with the final compilation of the strategic planning document.”
The strategic plan is planned those who influence resources and understand how a set of tactics work together, it is identifying and setting a vision. On the other hand tactical planning utilizes the resources to achieve the goals and support the vision. Those doing this type of planning face having to plan the usage of limited resources into actions to achieve a set of goals. I don’t think the two can really be separated, but rather they go hand in hand (Owyang).
... process essentially entails functions such as planning, organising, leading or directing and controlling the resources of an organisation. Strategic management is the application of this management process at the top level of the organisation. At this level the focus is on the resources, capabilities and core competencies or the company as a whole and on the ways to achieve success over the long term within the context of changing and ever-competitive environments. According to Johnson et al, strategies do no happen by themselves. Strategies involve people, especially the managers who decide and implement. Strategic management consists of 3 elements, understanding the strategic position of an organisation, making strategic choices for the future and managing strategy in action. Strategic management thus entails two tasks, strategy making and making strategy work.
Strategic Plan: Strategic plan is a complete packege of statements which describes the purpose and ethical conduct for a company together with the focused strategies designed to reach the targets. It is normally have conduct for few years. The main objectives of strategic plan is to take the company towards the expected vision. It can be defined as, 1. A set of procedures for making decisions about the organization’s long-term goals and strategies 2.
Strategic management is the systematic analysis of activities, both internal and external environment activities that would promote the objectives of management policies. Equally, strategic management in Health Care is the ability to develop effective strategies that would provide changes due to implications of external changes that is inevitable in health care industry. Strategic management process is best implemented when everyone within the organization understands the strategy and the stages of the process are goal-setting analysis, strategic formation, strategic implementation
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.
Every day great minds around the globe plan strategically to better themselves or our society. Are you one of those people? To be able to determine this one must first define what strategic planning is. Strategic planning is a process that defines the manner in which people think about, assess, view, and create the future for themselves and others. With the analysis of three claims, the reader may learn how to strategically think themselves.
"An article by Beecroft (1999) entitled "The role of quality in strategic management" discusses the significance of quality considerations in the development of effective strategic plan. One primary concern the author saw was the relationship between quality, short and long-term objectives, and bottom line profits. According to the author, "Conformance to design and customer requirements translates to quality, therefore higher conformance is higher quality. Higher quality results in lower costs and increases competitiveness, leading to an increase in sales and market share, more jobs and improved profitability" (p.
Strategic planning has a focus on stabilizing the current environment, and it also support the organization's business plans and goals. Strategic planning helps to implement new projects, new technology, consolidation of data centers, data warehouses, exponential data growth, cost of ownership, and resources available in an organization to assess the future requirements. Strategic planning analyzes the business plan, potential blockage or other issues in the current architecture, processes and their implementation in new initiatives, and processes. Strategic planning helps to formulate the ideas about the key factors that are affecting the present and future development of the organization and the opportunities offered by the environment and the competence of the organization.
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 planning implies establishing in advance what an individual or organization wants to achieve within a specified timeframe and deriving ways on how to achieve that. A strategic plan is basically a course of action that is used to attain desired results. It means anticipating the future and having measures on how to grow into the future. Technology is a macroeconomic factor that is rapidly growing and changing. Technology has had positive effects all over across the globe to business organization and to individuals.
Witcher, B., and Chau, S. V., 2010. Strategic Management: Principles and Practice. Cengage Learning EMEA.
Strategic planning is an organizational process in which it looks towards developing and sustaining success or balance in its ever changing environment.
Strategic Planning is looking at where you are now, knowing where you want to be in the future and planning the steps to get you there.
Strategic Planning results in a written document that serves as a blueprint to guide the organization towards its future goals, but far more important than the strategic plan document, is the strategic planning process itself.