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The theory of strategic management - Essay Example
Strategy includes the many business moves and business approaches that a company implements to have a successful performance. It is also known as the business game plan. It is the strengthening of the business in terms of having and increasing the bigger share of the market and achieving performance targets.
Strategic management is concerned with: a) Defining business and stating a mission & forming a strategic vision b) Setting measurable objectives C) Crafting a strategy to achieve objectives D) implementing & executing strategy E) evaluating performance reviewing new developments & initiating corrective adjustments.
It is general knowledge that developing the vision and mission of the business is the FIRST step in strategic management tasks. After coming up with the vision and mission, the next step is to set up the company objectives to be accomplished. The objectives could be to have a bigger market share in its specialty product line or service. Another major objective that the company can come up with is to generate bigger sales and lesser costs and expenses for the near and far away future. Another objective is to open up one hundred branches every year around the world. Another objective is to satisfy customer needs and get new customers. Again, another obvious objective is the enter the territorial waters of the competition and "beat" them in their own game of marketing by offering better products and prompt services. ...