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How to Apply Strategic Management Skills - Research Paper Example

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 This paper discusses how strategic management skills can be applied to managers. Evaluation of a strategy is also an inherent part of strategic management because without knowing whether the current strategy is working or not, no firm can set and achieve goals. …
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How to Apply Strategic Management Skills
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Download file to see previous pages  Designing Vision and Objectives for the Firm It is important for managers to define the purpose of the organization. The vision of a firm informs the employees and the customers about the purpose and value of the firm (Mind Tools, 2011). It is an essential part of an application of strategic management skills to design vision of a firm so as to guide employees regarding their behavior. Customers can also learn through the vision of a firm about how can they be benefitted by the firm. Usually, the vision of a firm is defined in a sentence or a statement commonly known as the vision statement. It entails the long-term purpose of the firm and how employees are supposed to operate in the company. Strategic management is all about taking strategic decisions and strategic decisions have certain characteristics. Strategic decisions are of high magnitude, they have a long-term focus, and they require the high level of commitment (Haberberg & Rieple, 2007). The vision statement is also a strategic decision because it has all of three characteristics. Objectives of the firm are more specific short-term targets. Strategic management skills are applied to define short-term targets for the firm and short-term targets are important for a firm because they serve as steps that can lead the firm to the long-term targets. Firms also require regular assessment of their position and for that short-term targets serve useful. The vision of a firm is a broadly defined purpose of the organization, on the other hand, objectives are short-term targets that can be measured empirically and are specific. Managers should always check whether the firm is treading on the right path or not, and vision and objectives help managers in this regard. Allocation of Resources An important job of a manager is to allocate resources between different departments of the firm. Allocation of resources should be done in a way so as to maximize the profits of the firm at the lowest possible costs. In today’s dynamic business environment all the business functions have considerable importance and allocating resources between different function can be a daunting task. This is where strategic management skills come into play. It is vital that the resources are distributed in the best possible way so that the profits of the firm can be maximized. Allocation of resources should be done in such a way that objectives of the firms are achieved (Alkhafaji, 2003). Resources should be allocated keeping in mind the current standing of the firm in the market. For example, a newly founded firm should allocate more resources to marketing and product development while a relatively old firm should focus on customer satisfaction and better financial performance. This is how the decision of allocation of resources may differ in different types of firms. Today’s tough financial situations have made an efficient allocation of resources essential for firms. Almost all firms have limited resources and it has to finance all its major operations in order to survive.   ...Download file to see next pagesRead More
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