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Course: Management Name: Instructor: 1. Strategic planning and strategic management works conjointly. Strategic planning is a process of defining a company’s strategy or direction and the allocation and alignment of its resources. It is a management tool and a process by which company define and set the course…
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Download file to see previous pages It helps organization to determine the strategic goals which a company wants to attain in the future. Both are closely linked; however, the greater challenge for the management lies in strategic management process. Based on planning, strategic management basically entails the execution of the plan laid down. Strategic management controls and answers the question whether and how the objectives can be achieved or not. 2. Of the various tools, SWOT analysis will be the most appropriate considering the objective insight it offers. Strengths enable managers to identify the best available human asset of the business and use them to overcome the weaknesses and take advantage of the opportunities present. Similarly, threats can be assessed and dealt with accordingly. 3. Clustering competencies would enable freestanding organizations to select the core competencies that they want to use in hiring of new staff. This will provide a complete picture of job requirements and increase the likelihood of hiring people who will succeed in the job. Moreover, it will minimize the investment in people who may not meet the requirement. References Lamb, Robert, Boyden Competitive strategic management, Englewood Cliffs, NJ: Prentice-Hall, 1984 ...Download file to see next pagesRead More
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