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The Importance Uses, Perspectives of Strategic Management - Term Paper Example

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"The Importance Uses, Perspectives of Strategic Management" paper states that strategy should guide the development of the company – its identity and purpose over time. The strategy must be seen as a dynamic process focusing on the creation of value. …
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The Importance Uses, Perspectives of Strategic Management
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Download file to see previous pages Strategic management refers to the art of planning your business at the highest possible level. It is the duty of the company’s leader (or leaders). Strategic management focuses on building a solid underlying structure to your business that will subsequently be fleshed out through the combined efforts of every individual you employ. 

Answering the first question requires serious thought about what your ultimate goals are for the business. What are you trying to make happen? What are you attempting to facilitate or enable? What is the best possible outcome your company can aspire to?

The strategy is of critical importance in today's business environment of rapid change and unforgiving competition. Many organizations devote extensive resources to developing a winning strategy, then wonder why they aren't winning. Organizations fail to realize the benefits of a good strategy for a variety of reasons:

Failure to communicate the strategy -- senior management understands the strategy, but the line personnel who interact with customers on a daily basis have no idea what their role is in implementing the strategy and contributing to corporate goals.
Failure to translate the strategy into actionable initiatives -- Managers treats strategy development as an annoying interruption that takes time away from doing business. They fail to devote the time and effort necessary to translate the high-level strategy into tactical initiatives that drive change on an operational level.

Sixty percent of nonprofits spend less than one percent of their budget on communications. Yet a thoughtful communications strategy is necessary to reach the right audience with the right message. Proactive communications can position a nonprofit as worthy of support and stave off potential crises.

Recent research has reported the increasing importance played by financial analysts regarding the stock price and market value of firms. Analysts' forecasts of performance have been found to significantly affect the cost of capital, valuation, and stock price changes of firms.  ...Download file to see next pages Read More
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