Definition of Strategic Management: There have been issues in getting a conclusive definition for Strategic management; experts all over the world have different ways of viewing the issue of strategic management hence the derivation of different definition for it.
According to Tyndall, Cameron, and Taggart in their book “Strategic planning and management guidelines for transportation agencies” they wrote that every business has its own description of strategic management. They further stated that strategic management can be categorised in terms of its own growth or advancement in every business due to education or training, occurrence of managerial risk, the way at which the organisation is being run, the external factors impacting the life and activities of the people and the acceptance and desire of the executive (Tyndall, Cameron & Taggart 9).
Strategic management can then be defined as the process of creating, applying, assessing and making decisions that will help an organisation in meeting its goals, putting into consideration the external environment and the major part being played internally (Waters 29). It is based on how any organisation designs its plan in carrying out how the business is to be run, making the organisation to achieve good customer and employee relationship both internally and externally.
Strategic management involves different areas in making the business grow by having an intention of identifying its general growth, the procedures implemented in achieving the organisations aim and objectives, the resources that are used in achieving the goal, and the intelligence of the managerial staff towards the realisation of such goals (Waters 5). Water in his book on “Operations strategy” affirmed that strate...
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... for the growth of such business. Marketing does not only revolve around making the product but making sure that the products are sold and meeting a good standard for the appreciation of the customers, whereby the goods not only locally appreciated but also internationally.
In the managerial marketing journal it asserted that there are some basic marketing functions which are: buying and selling, transporting of the goods, storage, grading, financing, taking of risk and awareness of the market. Nevertheless we will talk about these functions and their merits and demerits to the organisation.
The functional aspect of the transportation and storing involves the movement of products from the point of production to the point of distribution and also putting the storage of the goods into consideration. These processes tend to be the major concern of any organisation.
Background Information In implementing a strategic plan for Coastal Medical Center, our consulting team has conducted many analyses and formed numerous strategies in order for Coastal Medical Center to be successful. Such assessments include an internal analysis, external analysis, gap analysis, and SWOT analysis. In conducting these analyses, our consulting team was able to better understand the internal environment, external environment, where the organization currently stands in terms of performance, and the major strengths, weaknesses, opportunities and threats that oppose the Coastal Medical Center. From our inquiry, we will be able to establish a strategic plan that best fits the organization’s needs.
After analyzing the Coastal Medical Center, it is apparent that the employees and staff have no conception of the mission, vision, and values of this health care facility. In addition to this lack of structure, CMC has many projects in the midst of production that lack support of a common goal, employees are unsatisfied with their jobs, the two boards lack ability to agree on strategic decisions for the organization,, and the medical center has a dismal reputation when it comes to quality care.
Marketing is the process of searching for options for accumulating profits by identifying the demands of the people and satisfying their needs with appropriate products. In today’s globalized business world, marketing can play a vital role in establishing trade blocks all over the globe with competitive and cutting edge market, research, policies, strategies and activities.
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.
Strategic planning is a critical process for any successful business. It outlines the framework in which the organization operates. Therefore, each area of the process should be carefully considered and developed, with the understanding that some areas are relatively static, whereas other areas change and grow depending upon the environment. By far, the most important part of the strategic planning process is its implementation. If the process is never implemented, its development is just wasted energy.
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).
Microsoft has always been known as a software company, and not well known for its hardware. In fact, the only hardware that Microsoft sells to the retail market is branded peripherals. In its heyday, Microsoft was a market leader, bring an operating system to the masses, and leading in internet search. In recent years, however, most of the moves that Microsoft has made have not been in a market leader position, but have been in response to competitors threatening Microsoft’s positions.
Another definition of marketing is the "selling of products or services: the business activity of presenting products or services in such a way as to make them desirable" (MSN Encarta). However, according to (Kotler & Keller, 2006) the formal definition of "marketing is an organizational function and a set of processes for creating, communication, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its shareholders"(Kotler & Keller, p.4). According to these definitions, marketing needs to cover customers' necessities and at the same time sell products to increase future revenues. However, marketing is more extensive than just selling a product. Moreover, marketing activities are all activities associated with identifying the particular wants and needs of a target market of customers, and then going about satisfying those customers better than the competitors. This involves doing market research on customers, analyzing their needs, and then making strategic decisions about product design, pricing, promotion and distribution.
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
Marketing is a very broad term, which encompasses all the activities that help businesses in identifying their customers and needs of their target market, utilising all the communication resources in order to target their target market, eventually persuading them to purchase the organisations products and services. It is much broader than the concept of selling, as selling just includes techniques of direct communication used to persuade the customers to buy the products and services of an organisation. In fact, sales are the integral part of marketing. Marketing also helps organisations to utilise all resources in an efficient way to gain customer satisfaction, which will eventually help in the growth of the company. While, on one hand, marketers tend to focus on the needs and preferences of the customers, they also need to keep a close eye on their competitors (Gillespie, 2010). Companies always look to beat down their competition with providing better products and/or services, or by providing less-expensive goods to the customers than their competitors, in order to achieve or maintain the leading position in the industry. The core focus of this paper is to identify and discuss the core aspects how managers could maintain the marketing activities of the organisation in the global context.
In this paper I will define marketing in my own words and also research what the definition is using two different sources. While supporting my answers with three examples from the business world, I will show the importance of marketing. Marketing applies to many different areas of an organization and after close review I will make it clear on how it relates.
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.
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).
Strategic planning is an organizational process in which it looks towards developing and sustaining success or balance in its ever changing environment.
The major objective of any company is to make profits. Marketing is responsible for identifying a company’s customers anticipating their needs and wants, satisfying theses needs while keeping the its major goal which maximizing profits