Benefits of strategic management Essay

Benefits of strategic management Essay

Length: 2953 words (8.4 double-spaced pages)

Rating: Strong Essays

Open Document

Essay Preview

“Research has revealed that organisations that engage in strategic management generally out-perform those that do not”

The connotation of the ancient Greek word “strategos”, in its various grammatical forms, implies meaning of skilful manoeuvouring leading to achieving a highly crucial position or attaining a desired end. Commonly associated with the military operations, strategies aim at methodical out-performance of adversaries. Analogically, application of deliberate strategies in the business management context suggests combination of activities directed at becoming superior to business opponents. Hence, it can be assumed that engaging in these activities will produce better business results than not doing so.
This essay attempts to provide evidence to support the opening statement. It firstly reviews the purpose of managerial activities from the historic perspective. It, then discusses the impact of strategic management process components on organisational performance and finally describes benefits of strategic thinking and strategic integration.
The analysis concentrates on matching the theoretical principles of strategic management with the pragmatic business examples. For the purpose of this discussion, out-performance has been defined as surviving on the existing or successful entering the new market.

Although definitions of management range from very simple statements, like the one of Frederick Taylor – “knowing exactly what you want people to do and then seeing that they do it in the best and cheapest way” (Taylor, 1903, p. 21) to complex postulates listing managerial activities and objectives (Davidson & Griffin, 2003, p. 5), their common denominator points to a set of deliberate actions to achieve organisational efficiency – “using resources wisely” (Davidson & Griffin, 2003, p. 7) and effectiveness – “making the right decisions” (Davidson & Griffin, 2003, p. 7).
Accompanied by a large volume of the theoretical work, management practice, can therefore be broadly described as a constant search for the optimal performance methodologies. Thus, from the historical point of view, it can be proposed that strategic management is a twentieth century form of the management discipline that emerged as a result of the evolution process necessitated by the changes in the organisational internal and external environment. The environmental chang...


... middle of paper ...


...siness Policy”, Prentice & Hall, New Jersey.

Wooldridge, A. (1999), “The world in your pocket”, The Economist, 353, 8140, supplement 1-26. In Davidson, P. & Griffin, R. W. (2003), “Management: An Australasian Perspective”, John Wiley & Sons Australia, LTD, Milton.


BIBLIOGRAPHY

Bartol, K.,Martin, D., Tein, M. & Matthews, G. (1998), “Management: A Pacific Rim Focus”, The McGraw-Hill Australia, Roseville.

Connor, T. (2002), “The resource-based view of strategy and its value to practising managers”, Strategic Change, Sep-Oct, pp. 307 – 316.

Davidson, P. & Griffin, R. W. (2003), “Management: An Australasian Perspective”, John Wiley & Sons Australia, LTD, Milton.

Graetz, F., Rimmer, M., Lawrence, A. & Smith, A. (2002), “Managing organisational change”, John Wiley & Sons, Milton.

Hubbard, G. (2000), “Strategic Management: Thinking, Analysis and Action”, Prentice Hall, Frenchs Forest.

Powell, T. C. (2001), “Competitive Advantage: Logical and Philosophical Considerations”, Strategic Management Journal, Vol. 22, pp. 875 – 888.

Wheelen, T. L. & Hunger, D. J. (2004), “Strategic Management and Business Policy”, Prentice & Hall, New Jersey.





Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Benefits of strategic management Essay

- “Research has revealed that organisations that engage in strategic management generally out-perform those that do not” The connotation of the ancient Greek word “strategos”, in its various grammatical forms, implies meaning of skilful manoeuvouring leading to achieving a highly crucial position or attaining a desired end. Commonly associated with the military operations, strategies aim at methodical out-performance of adversaries. Analogically, application of deliberate strategies in the business management context suggests combination of activities directed at becoming superior to business opponents....   [tags: essays research papers fc]

Strong Essays
2953 words (8.4 pages)

Essay on Strategic Management : Strategic And Management

- Strategic Management What is strategic management. In this study we will view what a manager’s role is and the development of strategic management has an affect on their companies performance. We will examine strategic management, what the benefits and problems are when utilizing strategic management, and how to implement strategic management in the company. Strategic management is a process to enhance the goals of your business. This gives managers a strategic awareness and value of the company when strategic management is implemented....   [tags: Management, Strategic management, Planning]

Strong Essays
881 words (2.5 pages)

Role Of A Strategic Management Plan Essays

- Introduction/thesis Changes within the internal and external environment is important for managers within organisations to pay close attention too, as these factors influence how managers conduct managerial plans. “Managerial planning is the process of assessing an organisation 's goals and creating a realistic, detailed plan of action for meeting those goals.” (“McQuerrey”, n.d, para 1.) The way in which organisations respond to changes within their environment is by creating and evaluating a strategic management plan....   [tags: Management, Strategic management, Organization]

Strong Essays
1032 words (2.9 pages)

Benefits Of Global Vegan On Business Management Plan At The Vegetables And Fruits

- One of the first and most essential assumptions is that there is an exhibited requirement for the vegetables and fruits in an already existing market. In addition, the other companies that serve in the industry conduct business successfully and therefore the assumption on the existence of need is valid. However, the strategy that has been laid down has barely been attempted yet and therefore there is a need or craving for the advantages the new outlet will offer, which incorporates offering services differently from how different organizations address this customer need....   [tags: Strategic management, Management, Business terms]

Strong Essays
1102 words (3.1 pages)

Essay on Strategic Management : A Capstone Course

- This strategic management class is often called a “capstone course” because the course brings together all of the previous business classes into one final application. Strategic management according to David and David (2017), enables an organization to reach its objectives through formulating, implementing, and also evaluating organizational decisions (David & David, 2017 pg. 5). In order to strategically plan for a company and make organizational decisions, a person would need to understand every aspect of an organization and how each function relates to another....   [tags: Strategic planning, Strategic management]

Strong Essays
1775 words (5.1 pages)

Dynamic Capabilities : Strategic Management Essay

- Dynamic capabilities allude to the specific limit business undertakings have to pattern, reship, arrange, and recompose resources in order to react to growing technologies and markets and breakout the zero-benefit case (Teece, 1977). Dynamic capacities identify with the undertaking 's capacity to detect, seize, and adjust keeping in mind the end goal to produce and adventure internal and external venture particular skills, and to address the endeavor 's changing environment. (Barney, 1991) On the off chance that a venture has resources/competences however needs dynamic capabilities, in fact it has an opportunity to create a com-putative return for a brief period, yet predominant returns can...   [tags: Management, Strategic management]

Strong Essays
1139 words (3.3 pages)

Operational and Strategic Management Essay

- Introduction 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....   [tags: Business Management ]

Strong Essays
2478 words (7.1 pages)

Essay on Human Resource Management : Strategic And Reasonable Approach

- Human resource management is a strategic and reasonable approach of an organization’s management of its assets and the people working towards the achievement of its objectives. Strategic integration is the most significant feature of HRM; it’s a major approach by which organizations demonstrate their ability to incorporate HRM into its strategic idea, to guarantee that the different aspects of HRM adhere, and to accommodate line managers to fuse a HRM point of view into their basic leadership (David Guest, 1987, 1989, 1991)....   [tags: Strategic management, Strategic planning]

Strong Essays
976 words (2.8 pages)

Conflict Management Styles With Strategic Goals Essay

- Conflict exists in every organization and it is evitable, but what anyone would like to have come out of it is a healthy exchange of ideas and creativity. For this assignment, I’ve reviewed “Conflict Competence in the Workplace” written by Craig E. Runde, 2014, Employement Relations Today, pages 25-31, he discusses a plethora of critical key points that well explain conflict, the importance of developing competent authoritative figures, the positive and negative benefits of effective managing, and the different skills needed to become competent and getting the best aspects out of conflict, instead of getting all negative effects....   [tags: Management, Conflict, Conflict management, Skill]

Strong Essays
1033 words (3 pages)

Benefits Of A Balanced Scorecard Essay

- There are many reasons for Worldclass to continue the use of its balanced scorecard. On their organizational scorecards, the focus was on the customer perspective, which includes such indicators as customer satisfaction and net promotor score (an annual customer satisfaction measure of percent of sales, marketing, customer care and product quality of the organization). Since a typical analysis of the company would not provide non-financial data such as data pertaining to how they are doing in regards to customer satisfaction, continued use of the balanced scorecard is essential to monitor this activity....   [tags: Balanced scorecard, Strategic management]

Strong Essays
921 words (2.6 pages)