The theory of strategic management

Undergraduate
Essay
Miscellaneous
Pages 8 (2008 words)
Download 0
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.

Introduction


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. ...
Download paper
Not exactly what you need?

Related papers

Strategic Management, What Is It
Essentially, strategic management is a vehicle for giving forward-looking leadership concerning the most essential issues of concern to an organization and its surroundings in a very determined, efficient, and valuable manner. At the heart of the progression is "the communal management of a strategic agenda that transforms as an organization's problems and opportunities transform. Effective…
Issues in strategic management
However, it is essential to distinguish the two basic differences in the strategic management research - while one focuses on the research of the content of the strategic management ideas, the other makes the process of strategic management its object, and also examines the factors, which influence this process. It is interesting to note the expression, which can give and explain the principal…
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,…
Strategic Management: plannning
To tackle such circumstances long-range planning was found to be an essential requirement of a sustainable business. According to Russell Ackoff, a professor at the Wharton school of business, Planning is a preventive decision making process used to arrive at the decision ahead of the situation (Cox 2005). Strategic planning is actually similar to long-range planning, however the pattern is…
Strategic Management and Strategic Planning
The aim of the paper is to analyze and evaluate how the Gillette Company responded to just such a set of circumstances and introduce change management into practice.…
The theory of strategic management
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.…
British Airways strategic management
and Stahl, M.J. (1997, p. 2) that managers of organizations need to anticipate and adapt to change by keeping in touch with the external environment of the organization. The present chapter is focused on British Airways which is one of the world's favourite airlines as it carries more international passengers to more destinations than any other air carriers (Haberberg, A and Rieple, A, 2008:458).…