Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
relevance of strategic management and its benefits
relevance of strategic management and its benefits
strategic-management process
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: relevance of strategic management and its benefits
Strategic Management
Robert Smith, CFO of HK feels uncomfortable with the financial projections for the e-books strategic initiative and didn’t approve of the e-book strategy from the beginning. Will Harper, a well-established and well-known author have reservations about e-books. These are some of the few issues HK publishing is facing and this affected the overall strategy (Anonymous, 2008).
McGill, CEO of HK has to play some politics to outcome this agreement and move ahead with the e-book publishing project.
While selecting projects for implementation in an organization, a major factor that influences project selection, funding, resource allocation or prioritization is the extent of individual and organizational politics. Organizational politics can be defined as actions by individuals or groups to acquire, develop and use power and other resources in order to obtain preferred outcomes when there is uncertainty or disagreement over choices (Gray, 2008).
Politics exist in every organization and can have a significant influence on which projects receive funding and high priority (Gray, 2008).
Project Structure
Project Structure is decided by the stakeholders. Key players such as the CEO and CFO have the initial input as far as the structure of the project is concerned. However, this structure has to be approved by the Board of Directors and other stake holders such as author Will X. Harper. Negotiating personal preferences and organizational politics is much like playing a chess game, where a brilliant move to sacrifice a piece or two results in decisive gains in terms of positional advantage (Gray, 2008).
Strategic Management Process
Strategic management is about the organizational success now and in the future. This management and research approach concentrates on the firm's ability to organize its routines, capabilities and resources for success. Harrison-Keyes failed to establish a Strategic Management Process to identify the steps and assign actions on how they were going to transform from a hard back publishing company to a digital publishing company when they over looked the publishing agreement which the corporate lawyers.
A strategic management plan will need to be developed to inventory available resources and the get the identify resources and to establish the responsible parties for deliverables to managing a successful project. If the company is going to be successful with strategic planning and implementation, there must be a breakdown of outcomes laid out. Not only would this allow for the organization be more efficient, it will also allow time for re-evaluation if needed. Strategic management is the process of identifying, deciding and implementing the intent and how the company will get there.
First is to examine each of those projects to the corporate objectives, compare and contrasting project selection criteria and justify why a project meets the selection criteria.
• Strategic management involves both strategy formation, called it content) and also strategy implementation, called it process.
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.
Throughout the global economic environment the desire to out-perform the competition is always present. In every situation, the companies who do better are the ones with superior strategy (Rothaermel, 2013). Strategic management is therefore important in every company, no matter what industry or market they operate in; and as stated by M. Carpenter and G. Sanders, 2013, is described as "The process by which a firm manages the formulation and implementation of its strategy". Strategic management is a constant topic under discussion with different schools of theorists with different beliefs and attitudes which is described as "A tense array of disagreement" (Rees, 2012).
This paper will discuss the political frame. The political frame views companies as jungles and focuses on the powerful members in an organization who negotiate and influence others. The political frame also looks at the dynamics of alliances and opponents and how they interact.1
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).
As far back as history can be told mankind has struggled between balancing culture, power and politics. Many wars have been fought and many people have placed their lives on the line in order to stand up for what they believe in. The combinations of culture, power and politics have spilled over into the workplace. In today’s business environment individuals have much more to worry about than just completing their assigned tasks. Organizational culture, power and office politics influence day to day operations as well as govern the atmosphere within the organization. The amount of impact that power and politics have in the workplace, directly reflect the organization’s culture formally as well as informally.
Organizational politics is something most people recognize when they see it in action, but find difficult to define. Organizational politics can be a very competitive game. The stakes are high, if employees succeed, they may be able to keep their job or get that desired promotion. However, if the employee loses, he or she may be pounding the payment and looking for a new job.
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
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.
Over the course of my professional life, I have become increasingly involved in project management roles. Doing so has made me aware of the many varied challenges that can face projects and the project managers who are charged with bringing them through to completion. The success or failure of projects, in whatever economic, political or social field, rests not just on the quality of the project’s goals, but also on the abilities of those involved in the project – and above all those who are managing it – to bring it to successful completion. To do this, project managers need to be equipped with a very wide range of skills, many of which are unrelated to the type of project itself. So, for example, a project manager of an engineering project must not only have engineering
The political environment can affect organizations. Political components influence buyer certainty and purchaser and business spending. Stability of political environment is essential for organizations
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)
“A means by which individuals and interest groups compete to shape government’s impact on society’s problems and goals.” Politics is easily defined. It is the concept behind the words that is more difficult to understand. Though politics is the primary method of communicating with government, this is not the only time politics are used. Immediate, individual interests, wants, and needs must be satisfied, as well as societal problems. The pursuit of interest is the purpose and initiation of political behavior.
Strategic planning is the continuous and systematic process of guiding members of an organization to make decisions about its future, develop the necessary procedures and operations to achieve that future, and determine how success will be achieved.