Nobody downloaded yet


Comments (0) Cite this document
Strategic Management – Essay Strategic thinking is the main ingredient of strategic management. Strategic management is an approach to management in an organization that determines fundamental mission, values, goals, objectives, and vision as well as deploys roles and responsibilities, and sets time lines, considering internal and external circumstances…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER93.8% of users find it useful
Read TextPreview

Extract of sample

Download file to see previous pages It is a tool with a purpose to help an organization perform at its best, so strategic planning helps an organization to focus its energy and make sure that all members are working toward the same goals, to control whether the organization is going toward its goals in as straight manner as possible and to adjust the course for changes in internal and external circumstances. Strategic planning is thus an organized action to answer fundamental questions of what an organization is, what it does, why it does it in that way, and were it intends to be in the definite future. Strategic plan development is a process of answering a set of questions in a specific order to keep it focused and productive. (Porter, Michael E. , 1980) ) The planners must first examine current experience and situation, set and test assumptions to the best of their capabilities, they must obtain and include current information about the present and envision internal and external circumstances in which the organization will be working in the future. Strategic planning involves preparing the best way to respond to changes in the environment, which are not known at the time of plan preparation, realistically, taking into account company’s resources and objectives. Strategic plan is a set of decisions of what to do, how to do it, and why to do it, in order of priority, meaning that it needs to set which decisions and actions are more important than others in order to reach the goals set. Strategic planing is a continuous process while strategic plan is a snapshot taken in various future points in time. Strategic planning is a tool of managing an organization just like hammer is a tool of reshaping a piece of metal into a horseshoe. Hammer does not make a horseshoe, a blacksmith does it applying his physical and mental power to it. In the same way manager uses strategic planning to lead an organization toward its desired goals. Strategical thinking is applied to strategical planning by management to make it work for better performance of the organization. Strategic thinking is geared toward specific purpose of setting and achieving goals, being at all times mindful of internal and external circumstances that influence the purpose in order to creatively develop best responses to changes in those circumstances. The question that best supports strategic thinking would probably be: “Are we doing the right thing in the right way?”. If the answer becomes negative at any measurable moment corrective actions need to be taken. “Are we doing the right thing” would translate into measurable milestones toward set goals while “are we doing it the right way” would translate in being aligned with company’s mission, vision, values and objectives. (Porter, Michael E., 1980) For example, a fictitious merchant with a convoy of cargo ships and a goal of making the most income and reasonable profit in regular voyages from port to port from Shanghai, China via Sydney, Australia, Los Angeles, USA, Amsterdam, EU, Mumbai, India, Singapore,Singapore back to Shanghai China envisions that the company would capture 10% market share in trading commodities in each port. (Vancil, R.,1976) His objective is to make the biggest regularly modernized fleet that does not harm the ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“MGMT 670- STRATEGIC MANAGEMENT Article Example | Topics and Well Written Essays - 1750 words”, n.d.)
Retrieved from https://studentshare.org/gender-sexual-studies/1416236-mgmt
(MGMT 670- STRATEGIC MANAGEMENT Article Example | Topics and Well Written Essays - 1750 Words)
“MGMT 670- STRATEGIC MANAGEMENT Article Example | Topics and Well Written Essays - 1750 Words”, n.d. https://studentshare.org/gender-sexual-studies/1416236-mgmt.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
Strategic Leadership for Change Management
The conclusion is that there is no set of personal qualities, which present in all effective leaders are often cited as evidence that the effectiveness of leadership is situational in nature. However, the Stogdill said that his view is not enough emphasizes the personal nature of leadership. He argues that there are substantial evidence for the fact that different situations require different ability and quality.
20 Pages(5000 words)Article
Thus once Adidas started to lose its market of sporting shoes, it started to restructure the sporting goods line up. Adidas Corporate Strategy The company which was concentrating on the athletic footwear market, in order to regain the top spot from Nike and to maintain its dominance over the footwear industry, started to acquire companies like Salomon and Reebok.
3 Pages(750 words)Essay
Strategic management
The increasing costs of medical treatment as well as the new regulations therefore have made it more difficult for EMC to operate with maximum efficiency. There was acute shortage of the care monitor beds as well as the shortage of staff. Though due to structural changes in the industry as a whole overall shortage of staff became a critical issue.
3 Pages(750 words)Article
Strategic management
Due to the fact that 49% of the population of the country lives in the non-urban areas therefore there are more chances that the competition will increase and more players will enter into the market. The presence of different bigger players in the market is also one of the key elements of the general environment of the market.
3 Pages(750 words)Article
Strategic Planning
20). Peter and Donnelly assert that strategic planning not only involves planning for the predictable but also the feasible (p. 27). Gilbert’s article
1 Pages(250 words)Article
However, for some there has been a decline in unions in certain companies as the managements have come to learn ways to avoid unions in
3 Pages(750 words)Article
Mgmt theory
c and alarming situations in the financial markets affecting not only the mortgage market and subprime lending but also affecting the stocks, bonds and other derivatives. FED was perilously criticized by the general public, small investors and corporations for the crises faced
4 Pages(1000 words)Article
Strategic Human Resource Management
pport.Most people join the unions in order to higher payments at work, but, the trade unions play other roles, which are essential in ensuring healthy employee-employer relationships(Wilkinson 2014, p. 89). First, the trade unions negotiate the pay and conditions of workers at
4 Pages(1000 words)Article
Leading and controlling are concerned with motivating people and measuring their performance. The content provides the reader with a thorough understanding of basic management concepts so anyone who is new
2 Pages(500 words)Article
Strategic Management
The article by Flickinger, M., Wrage, M., Tuschke, A. und R. Bresser: How CEOs protect themselves against dismissal: A social status perspective. Strategic Management Journal 36 published this year
1 Pages(250 words)Article
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Let us find you another Article on topic MGMT 670- STRATEGIC MANAGEMENT for FREE!
logo footer
Contact us:
Contact Us Now
FREE Mobile Apps:
  • StudentShare App Store
  • StudentShare Google play
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • Miscellaneous
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us