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.
Nobody downloaded yet

How to Apply Strategic Management Skills - Research Paper Example

Comments (0) Cite this document
Summary
 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. …
Download full paperFile format: .doc, available for editing
Polish This Essay93.1% of users find it useful
How to Apply Strategic Management Skills
Read TextPreview

Extract of sample
"How to Apply Strategic Management Skills"

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
Cite this document
  • APA
  • MLA
  • CHICAGO
(“How to Apply Strategic Management Skills Research Paper”, n.d.)
Retrieved from https://studentshare.org/management/1431519-strategics-management
(How to Apply Strategic Management Skills Research Paper)
https://studentshare.org/management/1431519-strategics-management.
“How to Apply Strategic Management Skills Research Paper”, n.d. https://studentshare.org/management/1431519-strategics-management.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Strategic leadership skills

The paper focuses on strategic leadership skills and the understanding of ethical and cultural issues within the organization, as well as the links between strategic management and leadership, key leadership principles, theory and organisational strategy. Leaders usually model and define the ethical, social and competitive mission.

28 Pages(6500 words)Essay
Developing Strategic Management and Leadership Skills
As the report, Developing Strategic Management and Leadership Skills, declares leadership is the supremacy to stimulate people by words, actions and deeds using vision, faith and honesty. Leadership involves fairly inspiring others to follow guidelines which should consist of both bureaucratic (procedural) and substantive (character-based) aspects. 
10 Pages(2500 words)Essay
Skills Management
There are a lot of managerial skills that one is expected to have which are equally important. However, they may need different applications at different times at ensuring the set objectives of the individual as well as corporate needs are met. Most of the organizations which have achieved their goals and objectives are the ones which had established good managerial skills where the top organization leadership is made of people who are capable of running the organization towards positioning it in a better place.
12 Pages(3000 words)Assignment
Apply critical thinking skills and evidence based practice concerning chronic disease in older adults and management of nursing
The other type that will form the center of focus in this essay is type 2 diabetes mellitus, also called non-insulin dependent diabetes. The disease has often been associated with old age. Type 2 diabetes mellitus is characterized as a metabolic disorder, the pancreas produces some insulin but the hormone is unable to control the glucose levels in the blood.
3 Pages(750 words)Essay
Management Skills
Money Eddie and I, his supervisor, are struggling with the concept of motivation, as I attempt to motivate Eddie to motivate his team. Currently, neither one of us are having much success. Eddie and I need to sit down and examine what motivates Eddie, and what it will take to motivate his team.
2 Pages(500 words)Case Study
This paper will apply project management skills to Brown Educational Gaming studio Ltd
In this paper, we will focus on a "Problematic" situation at Brown Educational Gaming Ltd, We (as the desired manager) will build a model of the problem based on the most appropriate method(s) we learned and will discuss the limitation of the model we have developed.
12 Pages(3000 words)Case Study
Management Skills
A manager is faced with lots of things to handle in his or her day to day activities. As a manager, my level of managerial skills is at par with what others in the field have. There are a few areas that I need to improve in order to be that good manager that will be admired by all employees within the organization.
4 Pages(1000 words)Essay
Management skills
search paper is practical and essential in creating awareness to the employees on the importance of trade unions and their legal entitlements which are vital components of PESTEL analysis. The book was published by AMACOM in 2003. Gilad, who is the president of the academy of
4 Pages(1000 words)Essay
Management skills
ually made me realize, though, that there are still more rooms for improvement especially in the areas of managing stress and rational problem solving. The assessment actually validated my initial perception of oneself. I believe that this is just an initial step in assessing
2 Pages(500 words)Essay
Management Skills
More clearly, coevolutionary gaming argues that mere evaluation of the current facts and historical data is not a better approach to make sound decisions and plans. In addition, it is not good to assume that those who are affected by
3 Pages(750 words)Case Study
Let us find you another Research Paper on topic How to Apply Strategic Management Skills for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us