Competitive Strategic Management - Research Paper Example

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Summary

The author of the paper "Competitive Strategic Management" will begin with the statement that strategic planning and strategic management work conjointly. Strategic planning is the process of defining a company’s strategy or direction and the allocation and alignment of its resources…

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Subject: Other
Type: Research Paper
Level: College
Pages: 1 (250 words)
Downloads: 2
Author: annabeljakubows

Extract of sample "Competitive Strategic Management"

Strategic management entails specifying the organization’s mission and vision, goals, objectives, values, roles, and responsibilities of the organization. It helps an 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 the strategic management process. Based on planning, strategic management entails the execution of the plan laid down. Strategic management controls and answers the question of whether and how the objectives can be achieved or not.

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.
Clustering competencies would enable freestanding organizations to select the core competencies that they want to use in hiring 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.

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