Got a tricky question? Receive an answer from students like you! Try us!

Strategic Management business organization - Essay Example

Only on StudentShare
Author : audrey88

Summary

Strategic management is nonetheless one of the most crucial areas for business entities. Devising, implementing, and executing a company's strategy have become top priority managerial tasks in any business organization. Stated simply, strategic management is the process of clearly defining a business organisation's goals and objectives while assessing its resources and strengths in order to formulate and execute strategies…

Extract of sample
Strategic Management business organization

It is highly important that the company designs and executes a specific strategy, as it will be the master plan with which it will pattern all its strategic moves and actions. Lack of a specific strategy is a "surefire ticket for organizational drift, competitive mediocrity, internal wheel-spinning and lackluster results (Thomson 2002)."
Second, Thomson argues that business entities need to devise and implement strategies, as the efforts of all the functional areas in the company should be molded into a "coordinated, compatible whole." A comprehensive strategy takes all the business units into account making each action mutually supportive. Without a well-laid out strategic plan, there will be no basis for uniting the efforts of all the functional areas, no clear direction on the business decisions and plans that the business takes, and no conscious business model for profit generation.
Kotler has argued that business entities are currently operating on hypercompetitive environment which is characterized by more stringent competition and higher buyer levera ...
Download paper

Related Essays

Strategic Management and Business Policy Master Essay
By the use f education in conjunction with entrepreneur, they are able to gain a broader view f how the "real-world" is organized, furthermore understanding the correct steps in decision making.…
5 pages (1255 words)
Strategic Management and Business Policy Essay
It does not, however, imply centralized decision authority.…
3 pages (753 words)
Strategic Management and Business Policy
In 1995 Fortune magazine began to include service companies in its Fortune 500 list and by doing so Wal-Mart entered in at a ranking of fourth. Since then the company has remained on the list, climbing the ranks until it reached number one in 2002, where it remains today, with a growth rate of about 15%. "The revenues reflect domestic and international expansion and an increase in same store sales. Net income also benefited from reduced inventory shrinkage, improved merchandising, and a decrease in interest costs of capital leases." (Reuters)…
4 pages (1004 words)
Business organization and Operations Management
In this management style, the cloth retailers in UK especially the Moss Bros (which also operates Cecil Gee) management and staff work together as a group so as to harmonize operations such as deciding what should be invested in to the operation arrangement such as workforce, material, apparatus, power and how these resources can be easily be acquired and used to ensure that finished products meet the requirements of consumers, for instance the plan to sale of Cecil Gee and specialize in franchise business.…
10 pages (2510 words)
Strategic Management - News Paper business
If management wants to stress on the importance of customer needs they may vary from area to area in the regions the firm offers its products. Innovation can be considered as prime need of the customer in the case of weightage to customer needs. Every body covers the news, but the presentation matters. If the presentation is against the interests of a particular community they may be against the organization. So presentation of the news and analysis of the events must be according to the needs and interests of various customers in different areas.…
5 pages (1255 words)
Strategic Management - Business & Management
The company did not respond to the changing management needs and continued to pay heavy packages to its workers and coupled with low response to fashion changes, it has lost its customers confidence.…
10 pages (2510 words)
Business (Strategic Management)
fficers—make use of strategic management plans, guidelines and projects, which may be outdated since these were implemented by the company’s deceased founder. Members of the board of directors sit back and just wait for the officers to submit plans for new projects, which officers never manage to prepare because they are too focused on daily operations.…
5 pages (1255 words)