StudentShare solutions
Triangle menu

Strategic Management Process - Essay Example

Not dowloaded yet

Extract of sample
Strategic Management Process

The major contribution of performance management is its focus on achieving results - making use of the best tools to success and useful products and services for customers inside and outside the organization. In other words, performance management is not just being busy, but it is of how much of the work is effective in achieving the goals of the organization. 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.
Recently, organizations have been faced with challenges like never before and those organizations which utilize strategic management practices are generally more effective than those who do not. Further, this increasing competition from businesses across the world has meant that all businesses must be much more careful about the choice of strategies to remain competitive. Therefore, small and large organizations put more focus on effectiveness to put systems and processes in the right way to the right things to achieve the predetermined results. This is the only way to claim that the organization and its various parts are really performing (McNamara n.pag, 1997).
In simple terms strategic management is the process of specifying an organization's aims and objectives, developing policies and plans to achieve it, and allocating resources so as to implement the plans. Strategic management is the highest level of managerial activity, which is generally performed by the top leaders of an organization. It provides an overall direction to the whole organization, leading them all to achieve a set goal/s. An organization's strategy must be best suited for its resources, circumstances, and to achieve its objectives. The process involves matching the company's strategic advantages to the business environment the organization faces. Training each and every individual to perform the individual targets is also am important step in this process. In general the goal of corporate strategy is to put the organization into a position to carry out its mission effectively and efficiently. Hence a good corporate strategy should combine an organization's goals, policies, and action into a complete package of success (Wikipedia n.pag, 2007).
In general a corporate strategy can be described as an organizations sense of purpose - a guiding purpose or policy, or it can also be a focused mission statement, or even a philosophy, for the achievement of an objective. It is the mapping out of future directions that need to be adopted using the resources possessed. The study of corporate strategy is a relatively recent phenomenon. Edith Penrose (1959) was one of the pioneers in academics to argue that what happened inside the firm was just as important as the marketplace outside the firm. Till then the main focus of economics had been upon the marketplace outside the firm, with a detailed consideration of market demand and supply issues. Penrose argued that the growth of the firm was related to its use of resources, its past history and its evolution over time; previous history was a key influence on future development. The US strategist Alfred Chandler (1962) also published a substantial study regarding the growth of the firm. He argued, in support of Penrose, that the development of an organization over time is an essential element in understanding strategy.
The implementation ...Show more

Summary

It is an age old practice in organizations such as planning, budgeting, sales and billings. However, these processes have become mere routine as these activities are done mostly for the sake of doing them, not for contributing directly to the preferred results of the organization…
Author : cgerhold
Strategic Management Process essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Strategic Management Process"
with a personal 20% discount.
Grab the best paper

Related Essays

Strategic Management Process
In modern business management, strategic management process and the implementation of theoretical business concepts is an essential for ensuring business growth and expansion. According to the Pakistan Institute of Management (2010), “strategic management is the application of strategic thinking to the job of leading an organization.”
5 pages (1250 words) Essay
Strategic Management Process CS 1
Mission, vision and value statements are important as it represent the company objective and culture in front of the world. The statements of Coca-Cola Company have been analyzed in this report. It has been found that the company is justifying the stakeholders’ interest through the statements.
4 pages (1000 words) Essay
Economy: strategic management process
The concept of strategic fit is also discussed as part of this paper. After all these discussions, the process of strategic management followed at Gillette is discussed in detail throwing light on various issues involved in the field of strategic management.
10 pages (2500 words) Essay
The importance of mission in the Strategic Management process
On the Fig. 8 there is a general model of the organization. The given system of the organization as the original «strategic pyramid» is very simplified. At the same time it very successfully shows the system and integrate unity of strategic and tactic
8 pages (2000 words) Essay
Strategic Management Process/Vision, Goals, Objectives case 1 mgt 599
Smucker’s Company was founded in1897, with the founder selling his first product - apple butter from a back of a horse drawn wagon (Smuckers, 2009 ). This paper aims at
3 pages (750 words) Essay
Strategic Management Process/Vision, Goals, Objectives slp 1 mgt 599
This paper aims at highlighting five major components of a successful mission statement and vision statement. Justification of Choice: A mission statement to a great extent is like a face to the company. When a person reads about a company the first thing they prefer
2 pages (500 words) Essay
Analysis Report on the Airline Industry The Strategic Management process
Most of the focus would be on growth trends, revenue and significant industry statistics in conjunction with highlighting the logistic and supply chain factors as a strategic means to accomplishing competitive success in the industry. Strategic management tools like
10 pages (2500 words) Essay
Strategic Management Process-Origin Energy Limited, Australia
In modern business management, strategic management process and the implementation of theoretical business concepts is an essential for ensuring business growth and expansion. According to the Pakistan Institute of Management (2010), “strategic management is the application of strategic thinking to the job of leading an organization.”
6 pages (1250 words) Essay
Strategic Management Process (SLP)
It is a way of clarifying an organization’s beliefs as well as governing principles, to not only the organization members but also to the community as a whole (Wright
2 pages (500 words) Essay
What is the role of each component of the strategic management process in determining overall enterprise performance
This component assesses various forces within the environment that are likely to interfere or affect the strategy implemented. The environment scanning process involves the use of tools such as SWOT analysis and Porter’s five forces.
1 pages (250 words) Essay
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT
Comments (0)
Rate this paper:
Thank you! Your comment has been sent and will be posted after moderation