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Basic concept of strategic management
An essay on strategic management
Strategic management and its 4 key attributes
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Summary
In management domain, strategic management encompasses identification coupled with definition of strategies. Usually, managers employ these strategies to strive for high performance levels as well as admirable competitive advantage for business establishments. In addition to that, it includes decisions as well as acts managers set about, and which determine the outcome of the organizations’ performance.In this respect, strategic management draws higher profitability if well planned and executed. Incisively, a science is whatever skill that manifests detailed use of facts for a particular purpose. Subsequently, an art is clearly characterized as skill critical for any human tasks. Not only is strategic management a behavioral science, but also is an art, since its application in relative situations involves these two perspectives (Bingham and Eisenhardt 1437-1467).
Introduction
Ordinarily, (Bingham and Eisenhardt 1437-1467) argues that the main function of strategic management is to integrate diverse functional components of an organization wholly, as well as to make sure these functional aspects are in agreement. Basically, this involves application of scientific principles established in management, and execution of activities to meet desired goals.
Literature review
Strategic management as a science
Generally, a science is a taxonomic collection of knowledge about a particular field of study, with universal features which define remarkable development. It simply sets up cause with accompanying effects link among two or more factors, and emphasizes the rationale of the relationship. These principles spring up from scientific methods such as observation along with verification by means of testing. Specifically, a n...
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Strategic management is the ongoing process of ensuring a competitively superior fit between the organization and its ever-changing environment (Kreitner, G13). Strategic management serves as the competitive edge for the entire management process. It effectively blends strategic planning, implementation, and control. Organizations that are guided by a coherent strategic framework tend to execute even the smallest details of their mission in a coordinated fashion. The strategic management process includes the formulation of a strategy/strategic plans, implementation of the strategy, and strategic control. A clear statement of the organizational mission serves as the focal point for the entire planning process. People inside and outside the organization are given a general idea of why the organization exists and where it is headed. Working from the mission statement, management formulates the organization's strategy, a general explanation of how the organization's mission is to be accomplished. Then general intentions are translated into more concrete and measurable plans, policies, and budget allocations. Implementation is the most important part of the strategy. Strategic plans must be filtered down to lower levels to be success. Strategic plans can go astray, but a formal control system helps keep strategic plans on track. In the strategic management process general managers who adopt a strategic management perspective appreciate that strategic plans require updating and fine-tuning as conditions change. Given today's competitive pressures, management cannot afford to let strategic plans sit as is. A strategic orientation encourages farsightedness. Sun Microsystems Inc. is one company that developed a strategy to become the competitive leader and become the most reliable in the net business. I will explain how Sun's strategy integrates their marketing, management, technology, and service functions into one effective strategy. First I'll discuss who Sun is and what encouraged them to develop their strategy.
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Generally, strategic management is a set of managerial decisions and actions that determines the long-term performance of a company, involving both internal and external environmental scanning, strategy formulation, strategy implementation, and evaluation and control. According to the study of strategic management, the corporation should concentrate on monitoring and appraising outside opportunities and threats based on an organization’s strengths and weaknesses (Thomas Wheelen and David Hunger, 2012).
Understanding the strategic potential of HRM is a relatively recent phenomenon. Strategic HRM attempts to bring HRM to the boardroom. It requires personnel policies and practices to be integrated so that they make a coherent whole, and also that this whole is integrated with the business or organisational strategy.
Adner & Helfat 2003, ‘Corporate effects and dynamic managerial capabilities’, Strategic Management Journal, Vol. 24, pp. 1011-1025.
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Strategic management is the “identification of one or more sustainable competitive advantages a firm has in the markets it serves (or intends to serve), and allocation of resources to exploit them” (Business Dictionary, 2016). In order for industries and organizations to thrive, they must have strategies in place and strategic management processes to stay competitive, profitable, attractive to stakeholders, and to sustain advantages that set them apart from other competitors (Barney & Hesterly, 2015). The strategic management process involves a set of procedures that lead to choosing a strategy that will eventually lead to competitive advantage (Barney & Hesterly, 2015). The six steps of the strategic management process involves defining