Strategic Management is the comprehensive collection of organizational activities and processes that are systematically modeled to coordinate and align resources and actions with the goals and objectives of the organization. It is a continuous process that guides an organization…
According McKienan and Carter, planning enables the company or organization to set priorities focus energies and resources, strengthen operations and ensures employees and stakeholders are working towards a common goal (2000). It helps managers to establish the objectives they want to achieve and the intended outcome from their activities and assess and adjust the organization direction in response to the changing market structure. To achieve all these management needs to come up with a strategic plan that will guide them in management.
A strategic plan is a document used to communicate the organizational objectives and goals that focuses on the actions that needed to be taken to realize these goals. Strategic management is guided by that written document. Clark maintains that strategic management transforms the static plan into a structure that provides strategic performance response to decision-making process and enables it to grow and adjust to changes (2004). Execution of the plan is synonymous with management, and it results in a systematic implementation of the plan.
A good strategy tends to answer three critical questions that are; where is the organization at the moment? Where does it want to go? And, how will it get there? It should consider the end always. It is not about predicting the future it is about preparing for it with the exact steps the company has to follow in mind in order to gain a competitive advantage. Competitive advantage is what keeps a company ahead of others in the same industry. According to Lowendahl and Revang, a company with a competitive advantage will perform fairly better than the rest in terms of revenue development and customers’ satisfaction (2004). Planning is not guarantee that companies will achieve more competitive advantage over the rest, but it is an essential process that can enhance sustainability of the company in the business.
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This means that strategic management brings together the mission, objectives, and vision of a firm and develops policies and plans then allocates resolves to allocate resources to the set plans and policies in order to ensure their implementation (Wheelen & Hunger, 2011).
Strategic Management Name: Institution: Strategic Management The success of any organization regardless of its affiliation depends on how it conducts its strategic management. This allows an organization to analyze all the key initiatives that the top management of the company undertakes on behalf of its key stakeholders.
The purpose of strategic management is to create new and different opportunities for the organisations to sustain in its usually competitive environment. In brief, the notion of strategic management is fundamentally described as the procedure of devising along with executing effective strategies with the intention of supporting an organisation to attain its expected business targets (Nag et al., 2007).
Crisis management plan must be prepared keeping into consideration the overall safety of the strategic planning process. The aim of the strategic management in such needful situations is to enhance the organizational capacity in responding to the crisis and make strategic plans to effectively overcome from the identified obstacles (European Interagency Security Forum, “Crisis Management of Critical Incidents”).
Main products of the company are printers, personal computers, network management software, high end servers etc. Company is operating its business globally in several areas like printing, computing, digital imaging. Beside this, the company is also providing software and services.
1998). Today organizations have goals, plans and resource management. In order to achieve specific goals of an organization, it is essential that they need to have strategic management. In this competitive world, those organizations
Strategic management in the public sector is a complex process since there are multiple stakeholders with varying needs and limited resources available. There are various approaches to strategic management in the public sector.
In an article published in the Wall Street Journal on 7 May, 2009 and titled Arbitron, Looking To Make Strategic Investments, Takes Page From Cisco, Ty McMahan wrote about the recent decision that had recently been taken
r changing surroundings, managers need to constantly analyse and decide on the actions that would increase the efficiency of a firm’s operations and enable it to survive the competition. This is where strategic management play a vital role in the organisation’s survival. The