Concepts, Models and Schools of Strategic management One of the duties of the managers of a company is to engage in strategic decision making. Strategic management is a broad subject on its own that borrows from other social science disciplines. According to AllBusiness (2011), strategic management involves all the activities undertaken by management to better place the company in the industry it operates in. It is important for every manager to realize that his firm does not exist alone in the business environment. Its environment has parties like competitors and customers, both internal and external; suppliers and government authorities that must be analyzed and addressed appropriately. Laying down the best strategy will involve assessing the needs of the market and the firm’s capabilities, formulating its mission and vision and communicating the goals and objectives set down to the employees. Once all this is done, managers have to assess the tasks to be done and allocate resources in a manner that will avoid wastage. The aim of strategic management is to enable a business to take advantage of opportunities and to act quickly in response to challenges in its environment. This in turn helps to meet the needs of the market effectively. It has a role of ensuring that a company profitably stays in business. In fact, companies that run at a loss continuously are those that fail to strategize (David, H. & Thomas, and L. W. 2011). Strategic management is a combination of several interwoven concepts that assist managers in decision making. These concepts are: SWOT analysis, PEST analysis, Porters Five Forces, value chain analysis, levels of strategy, competitive advantage, and strategic planning (Quick MBA 2010). SWOT analysis enta... ... middle of paper ... ...f strategic management. Viewed on Mon 22 Aug 2011. Retrieved from: http://www.hrfolks.com/Articles/Strategic% 20HRM/Essentials%20of%20Strategic% 20Management.pdf NetMBA. 2011. Strategic Planning Process. Viewed on Tue 23 Aug. Retrieved from: http://www.netmb.com/strategy/process/ Nick, P. 2004. MBA Dissertation: Mintzberg’s Ten Schools. Viewed on Mon 22 Aug 2011 Retrieved from: http://www.nickpelling.com/dissertation/chapter4.pdf QuickMBA. 2010. Strategic Management. Viewed on Mon 22 Aug 2011. Retrieved from: http://www.quickmba.com/strategy/ Tutor2u. 2011. Competitive Advantage. Viewed on Tue 23 Aug. Retrieved from http://tutor2u.net/business/strategy/competitive_advantage.html Vadim, K. 2011. The Three Levels of Strategic Management. Viewed on Tue 23 Aug. Retrieved from: http://www.1000ventures.com/business_guide/strategy_hierachical_levels.html
Thompson, A. A, Jr., & Strickland, A. J. III (2003). Strategic management: Concepts and cases (13th ed.). New York: Irwin/McGraw.
The Strategic management is help to accomplish the goals and intention for organizations recourses and future plans by following the important elements, which are planning, controlling, analyzing by study both internal and external strengths and weaknesses.
Strategic management is a broad concept means “the responsible integration of strategic planning and implementation across an organization in an ongoing way to enhance the fulfillment of mission, meeting of mandates, continuous learning, and sustained creation of public value.” which all need implementation. (Bryson, 25) Strategic management system also called performance management system or result management system. “Many organizations now are building and maintaining an organization-wide strategic management system as a way of fostering greater rationality, coherence, and cost-effectiveness in their strategies and operations.” (Bryson, 319)
Thompson, Arthur A., & Strickland, Alonzo J. 2003. Strategic management: concepts and cases. New York: McGraw-Hill/Irwin.
According to Wheelen & Hunger, strategic management “is that set of managerial decisions and actions that determines the long-run performance of a corporation. It includes environmental scanning (both external and internal), strategy formulation (strategic or long-range planning), strategy implementation, and evaluation and control” (2004, p2). All eleven good to great companies are benefit from strategic management and gain long term strategic advantage then lead to outperforming compared companies.
Strategic management is the set of managerial decision and action that determines the long-run performance of a corporation. It includes environmental scanning (both external and internal), strategy formulation (strategic or long range planning), strategy implementation, and evaluation and control (Hunger & Wheelen, 2011). In this report I will do research about the strategy of Marriott International, Inc. I will give advise on how Marriott can improve their strategy and I will come up with an advisory strategy.
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).
What is Strategic management? Strategic management can be used to determine mission, vision, values, goals, objectives, roles and responsibilities, timelines, etc.
Strategic management refers to the management of company’s resources for achieving its objectives and goals. It is the preparation and application of the major goals and initiatives that are taken by the top management of the company on behalf of CEO. It includes assessment and evaluation of resources before making a final decision. It involves setting goals, analysis of competitive environment, assessing strategies, and ensures their alignment with company's goals. In Nike, the strategic management is strong and the company uses all resources so that it can achieve its goals effectively.
If asked what strategic planning is one could interpret it as simply a road map that can guide the organization in the right direction. It is very unlikely that an organization would know which direction to take without a sense of direction. Managers are faced every day with decisions that have a major impact on the direction the organization must take, therefore, strategic planning can play an important role in guiding managers in the right direction. In other words strategic planning is a tool that management can use to give them a sense of direction that will guide them in doing a better job and to ensure that all the members of the organization are working toward the same goals
Strategic planning is a group of processes and analysis and analytical processes that allow a company to understand where they are within their market, and create a clear path to their future. Companies usually have short term goals and have set some long term plans, these goals or plans should be a part of the mission statement. The mission statement should clearly state who the company is, what they do, why they do it, and what they plan on doing. Strategic planning assesses both long and short term goals within the planning process. There are three questions that all managers, no matter what organization or sector of the market, have to ask themselves:
Strategic management is the way of implementing different business strategies and plans to attain certain specific aims and objectives. It involves collection of decisions and different rules and policies that tend to define the results that are generated in the form of better business performance. For undertaking these activities, management should possess an in depth understanding and be able to assess the general and competitive external and internal business environment to take proper business decisions (Cornelis, 2010). McDonalds is an organization that offers a range of products and services in a very effective manner that makes it a market leader in providing fast food services all over the world. By enforcing suitable strategies, McDonalds can increase its level of sales and will also help in upgrading as well as sustaining the market by acquiring competitive advantage (Schoenberg, Collier and Bowman, 2013).
What I benefit from this course strategy management class is knowing. The strategic management is consisting of the analysis, decisions, and actions an organization undertakes to create and sustain competitive advantages. strategic management analyses. concern with overall objectives, involves multiple stakeholders, incorporates short and long term perspectives, recognizes tradeoffs between effectiveness and efficiency. The strategic management analysis, formulation, and implementation the challenge managers face of both aligning resources to take advantage of existing product markets as well as proactively exploring new opportunities.
The strategic management process works to achieve a strategic competitiveness over other organisations within the same industry. This is done by successfully producing a value-creating strategy. (Hanson, Dowling, Hitt, Ireland & Hokisson et al, 2008)
Strategic management is the process where organization managers reach the goals and aspirations of the organization on behalf of its owners. This is done through formulation and implementation of ways and methods to fulfill the organizational goals and objectives (Brian, 2011). This is done with in-depth consideration of both the internal and external environments that the organization operates in, in order to allow the organization make the right decisions. Strategic management is an important element that firms must put together through strategic thinking as well as strategic planning (Nag, R., Hambrick & Chen, 2007).