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MGMT 670- STRATEGIC MANAGEMENT - Article Example

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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…
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MGMT 670- STRATEGIC MANAGEMENT
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"MGMT 670- STRATEGIC MANAGEMENT"

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
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