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Strategic Management - Essay Example

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“Strategic management is the ability of leaders to see their future ahead of others and to create products and services which will take advantage of this foresight. It is the ability of a firm’s management to properly align itself with the forces driving change in the…
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Strategic Management
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Download file to see previous pages This paper discusses the relevance of strategic management and its implications particularly to the hospitality industry.
Strategic management is the process of specifying an organizations objectives, developing policies and plans to achieve these objectives, and allocating resources so as to implement the plans. It is the highest level of managerial activity, usually performed by the companys top leaders particularly the Chief Executive Officer (CEO) and executive team. It provides an overall direction to the whole organization. An organization’s strategy must be best suited for its resources, circumstances, and to achieve its objectives. The process involves matching the companys strategic advantages to the business environment the organization faces. One aim of an overall corporate strategy is to put the organization into a position to carry out its mission effectively and efficiently. A good corporate strategy should integrate an organization’s goals, policies, and action sequences (tactics) into a cohesive whole (Wikipedia, 2006).
“There are a few major forces driving change in the remote and immediate environments of the organization. These forces are often referred to as trends, create opportunities and pose threats to the firm. They shape and force change in both predictable and unpredictable patterns. Hence the success often comes from the choice of competitive methods used by the firm to take advantage of the threats and opportunities in the business environment. These methods should also provide the firm with sustainable competitive advantage. Above all the most important area of management in an organization is the effective and efficient allocation of the firm’s resources.” (Olsen, et al. 1998).
Corporate strategy can be described as an organizations sense of purpose - a guiding purpose or policy, a focus/mission statement, even a philosophy, ...Download file to see next pagesRead More
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