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Strategic and Tactical Management - Essay Example

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Summary to essay on topic "Strategic and Tactical Management"
Strategic management has evolved to becoming one of the most important aspect of managing a business organization. The best practices in conducting a strategic management project include the recognition that the strategy of a business organization is supposed to constantly evolve in response to the changes in its environment…
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Download file "Strategic and Tactical Management" to see previous pages... Everyone in the company should strive for the attainment of organizational vision. Lastly, two important things are stressed by Thomson and Strickland (2001), formulation of a good strategy and executing it most efficiently. Truly, strategic management is nothing if leaders cannot come up with a good strategy.
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Also, no matter how good a strategy is, if not executed efficiently then the company is still bound to fail.
Tactical management is the company's "ability to quickly and accurately assess the situation and respond appropriately" (Thomson and Strickland 2001). As with strategic management it measures the company's responsiveness to the internal and external factors where it operates. However, tactical management's role is to minimize risk and maximizing returns for the business organization in a day to day basis. Thus, best practices will include a key understanding of the interrelatedness of economic variables which can determine the risks and opportunities that the company faces. Also, companies should always be responsive to changes by evaluating the alternative responses that it can implement. Being open to change and the need of technological advances in tactical management can also improve this process in a business organization.
Toyota has communicated its goal of becoming the largest automaker in the world surpassing the giant General Motors. ...Download file "Strategic and Tactical Management" to see next pagesRead More
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