Operational management processes in a firm involves overseeing, formulating and reformulation of the operations of a business. The processes are meant to ensure efficiency in administering resources whilst ensuring there is effective management of client’s specifications and or directions. This is achieved by adding value to the firm’s processes. Such achievements are experienced when a firm embarks in directing its physical and or technical functions towards enhancing its development, production and manufacturing. These should be pre-determined and controlled by market opportunities if a company is to reach its ultimate production levels. Their realisation adds up to ensuring the future of a firm, offering operational realities by developing competitive advantages to the firm’s processes. These advantages ultimately lead to accelerated growth, raise profit margins, and generate a competitive advantage over their competitors (Goodward & Deck, 2008).
On the other hand strategic management processes in a firm matter themselves majorly with the intended and the emergent initiatives undertaken by the runners of a firm. These initiatives are targeted towards enhancing the firm’s resources so as to improve its performance (Nag, Hambrick & Chen, 2007, pp. 935-955). This is realised through manifesting a firm’s mission, vision and objectives. It also encompasses the development of policies and plans which are meant to facilitate the attainment of the former (Lamb, Robert & Boyden, 1984, pp. 557-570).
Core to the successful running of any organisation, business or firm is having a proper laid out strategy. As earlier discussed, an effective strategic approach to any business gains it core benefits in its short-term and long...
... middle of paper ...
...Godward, Tom, and Mark, Deck, 2008. Operational strategy: Bold moves, breakout
performance. Available from: http://www.prtm.com/strategiccategory.aspx?id=77&langtype=1033
Lamb, Robert & Boyden, 1984. Competitive strategic management. Englewood Cliffs, NJ:
Prentice-Hall. P. 557-570
Lewis, Michael A. (2003). Analysis Organisational Competence: Implications for the
Management of Operations. International Journal of Operations and Production Management. Vol. 23(7)
Nag, R., Hambrick, D.C. & Chen, M. –J, 2007. What is strategic management, really?
Inductive derivation of a consensus definition of the field. Strategic Management Journal, 28 (9), p.935 -955. Available at: http://www.interscience.wiley.com/journal/114189432/abstract.
Neilson-Englyst, Linda. (2003). Operations Strategy Formation – A Continuous Process,
Integrated Manufacturing Systems. Vol 14(8)
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- Strategy can be defined as the plans that businesses lay out to achieve their objectives (Sandberg, 1992). The plans that businesses set up in order to position themselves to make maximum profit include their mission, vision, goals, objectives, strategy, implementation and execution (Sandberg, 1992). For the previously mentioned plans to be successful good strategic management has to be in place. Good strategic management can be organized into three levels: corporate, business and operational levels (Ritson, 2013).... [tags: strategy, strategic management, planning school]
789 words (2.3 pages)
- Best Buy, one of the biggest consumer electronics retailers in the world, provides products from smartphone, computers to large electronic appliances. It aims at offering a large variety of products with outstanding customer service at a comparably economical price. Yet, it has been facing internal and external challenges in the recent years. Bottom line and the share price are slightly catching up after a fall in 2013 but still barely satisfying the shareholders and customers are changing their purchasing habits which may threaten its future.... [tags: internal, external challenges, purchasing]
1715 words (4.9 pages)
- Introduction Northcentral University’s –Executive Concepts in Business Strategy (2011) defines strategic management as “the process by which a firm manages the formulation and implementation of a strategy” (p. 1628). A strong strategic management plan involves 9 key elements: 1) Marketing 2) Workforce and operational management 3) Organizational Structure 4) International operations 5) Financial Accounting Management 6) Compliance and Legal Considerations 7) Internal control and evaluation 8) Information technology 9) Leadership.... [tags: marketing, management, legal considerations]
2017 words (5.8 pages)
- What is strategic management. Strategic management is the art and science of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its objectives. It involves the systematic idendification of specifying the firm's objectives, nurturing policies and strategies to achieve these objectives, and acquiring and making available these resources to implement the policies and strategies to achieve the firm's objectives. Strategic management, therefore, integrates the activities of the various functional sectors of a business, such as marketing, sales, production etc.... [tags: Business Organization Management]
1902 words (5.4 pages)
- Strategic (Johnson & Scholes, 1997) “Strategy is the direction and scope of an organisation over the long term, which achieves advantage for the organisation through its configuration of resources within a changing environment, to meet the needs of markets and fulfil stakeholder expectations”(Johnson & Scholes, 1997). To Johnson and Scholes (1997), there are four main characteristics of strategic decision. 1) They are more inclined or accompanied with long term organisation decision. 2) Decisions are more concomitant with the scope of organisation activities.... [tags: Strategic Management Essays]
1382 words (3.9 pages)
- Operational Planning for Wal-Mart Introduction The first Wal-Mart was opened in Rogers, Arkansas, in 1962. By 1969 it was incorporated into Wal-Mart Stores, Inc., and in 1972 went public on the New York Stock Exchange. The company grew steadily across the United States, and by 1990 was the nation's largest retailer. In 1991 and 1994, Wal-Mart moved into Mexico and Canada respectively. By 1997 it was incorporated into the Dow Jones Industrial Average. As of 2005, Wal-Mart has stores in the United Kingdom, and Puerto Rico, and brings in revenue of close to 300 billion dollars a year.... [tags: Operations Management]
1617 words (4.6 pages)
- Human resource is the greatest and most important asset in any organization. This is because without the human resources an organization cannot achieve its goals. An organization need to develop a pool of labor so as avoid low labor turn over. For a company or an organization to develop a pool of labor it has to strategically manage the human resources. Strategic human resource management involves managing people with an aim of future direction. It is geared towards matching the human resources with the future needs of the organization.... [tags: Business Management ]
1873 words (5.4 pages)
- Introduction Operational management is an activity on the development, use and improvement of business processes to the production of major products and services. Operating activities specifies the implementation of any functions of the organization, focusing on content and targeted action sequences associated with the production of a particular product or services. Operating strategy can be considered as part of the overall planning process, ensuring compliance of operational tasks with tasks of broader organizational structure.... [tags: business, Procter & Gamble, production]
2269 words (6.5 pages)
- More and more, experts in the field of strategic planning and management are advocating for more attention to be paid on strategic thinking, and recommending for it to be considered a separate and distinct stage in the strategy planning and executing cycle. Results from the strategic thinking exercise feeds directly into creation of the strategic vision, which according Thompson, Strickland & Gamble (2008) is the first phase of a strategy-making, strategy executing cycle. Ingid Bonn (Bonn, 2001) is very convincing in her argument that not only is strategic thinking an important aspect of any manager’s role, but also that the thinker has special qualities.... [tags: Strategic thinking Management Analysis]
901 words (2.6 pages)
- Strategic Planning Introduction • Strategy is the action that allows realization of long-term vision and goals • Planning is a process that attempts to coordinate the deployment of resources over time • Planning horizon is a key differentiation between strategic, tactical, and operational planning Role of Network Services in Strategic Planning • For some organizations, network technology will be central to the core mission • Network equipment or services company • Common carrier or ISP • Organization focusing on network-based deliver of products and services • For some organizations, network technology will be a utility service • The number of organizations for which networking is str... [tags: Strategic Management]
1014 words (2.9 pages)