Essay about Strategic Management : Strategic And External Environments

Essay about Strategic Management : Strategic And External Environments

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Strategic Management
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).
In order for a firm to compete within its industry, it must plan and relate to the industry dynamics, determine its strengths and weaknesses before determining the best way to match and overcome competitors. It is only after a firm overcomes its competitors that it can achieve its goals and objectively, especially with regard to its returns. Determining the strength of an organization as compared to its competitors is the first step in strategic management. This is done through various tools, which scans both the internal and external environment of the organization. Some of these tools include the Porters Five Forces, SWOT, and PESTEL analysis. At this stage, the organization is fully aware of what it can do and what it cannot, as the managers have a deep understanding of its performance and potential at given periods. They determine the various strategies that the firm needs to employ in order to achieve both their long and short-term goals (Nag, R., Hambrick & Chen, 2007). Questions of how, when, where, who, and what should be done are answered at this stage. This whole stage is ...

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...l organizations (Brian, 2011).

Brian, S. (2011) Engage! The Complete Guide for Brands and Businesses to Build, Cultivate, and Measure Success in the New Web, John Wiley & Sons, Inc.
Max, M. (2012). The Strategy Book, Prentice Hall
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): 935–955.
Robert, S. (2002). Get Big Fast. Harper Collins
Teather, D. (2007). Challenge Amazon: Amazon is pretty much the undisputed champion of internet book sales in the UK, but might an ambitious new competitor challenge its market dominance? The bookseller. Accessed 26 August 2014.
Yarrow, J. & Kovach, S. (2011). 10 Crazy Rules That Could Get You Fired From Amazon Warehouses. Business Insider. Accessed 26 August 2014

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