Discuss the concept of strategic management in businesses
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Citing Strategy and Structure by Chandler, and A.D., strategy is defined as the determination of a long-term goal and objectives of a business and the acquiring of various methods on how to achieve the goal and allocating of resources that will help in the achieving of the set goals Based on the research conducted, strategy implementation process is impacted by several factors among which include; strategy communication, organizational leadership, organizational culture, organizational structure, resource allocation, staff training, and organizational rewards. This essay is going to examine the concept of strategic management in businesses.
What is strategic management? Strategic management is defined as a system of management that links both strategic planning and decision-making in the current business world whilst operating the organization as per Gluck, Kaufman, and Walleck, 1982. It is the most important process for members of an organization that involves estimating the organization’s future and developing the necessary procedures and operations to achieve its future goals and objectives. Strategic management is regularly established by high levels of management to aid the business in assembling, analyzing, and putting in order constructive information to keep up with the industry and competitive trends.
The strategic management process is made up of three elements namely; Strategic analysis, strategic choices, and strategic implementation. The mentioned elements are of significance in a firm because they evaluate the business and industries that the firm is a member of. Strategy also ensures effective competition and aids in setting of reasonable aims in the contemporary and the future. The elements of the Strategic Management Process help in assessing the strength and identifying the serious external factors, which influence the position of the firm, they also define the factors which help with the implementation of a firm.
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Discuss the concept of strategic management in businesses qa Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Point One
- Point Two
- Point Three
1.0 INTRODUCTION
Strategic management is regarded to as a reliable level of management attained through setting up strategic goals and tactics to make certain the decisions of top management to effectively attain the goals in the long run and at the same time flexible short-term results. Strategy provides general regulations for an organization.
The concept of strategic management is made up of three elements namely; Strategic analysis, strategic choices, and strategic implementation. The mentioned elements are of significance in a firm because they evaluate the business and industries that the firm is a member of. Strategy also ensures effective competition and aids in setting of reasonable aims in the contemporary and the future.
Strategic Management is vital in organizations because it helps them in assessing their strengths as well as identify the serious external factors, which influence the position of the firm, they also define the factors which help with the implementation of a firm. Strategic management differs from business planning in a way that it majorly focuses on the mission, vision, and inventiveness of the business. Strategic management aids the leaders to tell where they want their firm to be in years to come. Planning strategically helps expose the firm’s strengths and weaknesses as well as appraise their threats and opportunities which eases the firm’s adaptability.
A SWOT analysis is one of the best ways of coming up with an excellent strategic plan. The swot analysis has been used by a number of companies and they help with coming up with a plan on which the firm will exist or operate. Similarly, PESTLE analysis is a study of the external factors in which in firm exists. It examines the result of these influences on the firm. A pestle analysis is also used to assess the market of the business hence determining the firm’s direction. The BCG Matrix is also a renowned strategic planning tool that provides a graphical demonstration for the firm to examine diverse companies in its range. It offers a comparative analysis of the firm’s possibilities.
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