StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Strategic Management business organization - Essay Example

Cite this document
Summary
Strategic management is nonetheless one of the most crucial areas for business entities. Devising, implementing, and executing a company's strategy have become top priority managerial tasks in any business organization. Stated simply, strategic management is the process of clearly defining a business organisation's goals and objectives while assessing its resources and strengths in order to formulate and execute strategies…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER99% of users find it useful
Strategic Management business organization
Read Text Preview

Extract of sample "Strategic Management business organization"

Download file to see previous pages

It is highly important that the company designs and executes a specific strategy, as it will be the master plan with which it will pattern all its strategic moves and actions. Lack of a specific strategy is a "surefire ticket for organizational drift, competitive mediocrity, internal wheel-spinning and lackluster results (Thomson 2002)." Second, Thomson argues that business entities need to devise and implement strategies, as the efforts of all the functional areas in the company should be molded into a "coordinated, compatible whole.

" A comprehensive strategy takes all the business units into account making each action mutually supportive. Without a well-laid out strategic plan, there will be no basis for uniting the efforts of all the functional areas, no clear direction on the business decisions and plans that the business takes, and no conscious business model for profit generation. Kotler has argued that business entities are currently operating on hypercompetitive environment which is characterized by more stringent competition and higher buyer leverage.

In this kind of situation, strategic management becomes more instrumental in the success and even mere survival of company. This report argues that strategic management directly and strongly affects the performance of an organisation. By organizational performance we refer to the ability of an organization to use its resources efficiently and to produce outputs that are consistent with its goals. This in order for an organisation to measure its performance, it must first establish a set of goals and objectives that it wants to achieve to use as benchmark with its actual performance.

Setting the company's direction will enable managers know where the company is heading as well as the strategies to be employed in order to for the company to achieve what it wants to become. Consequently, organisational performance is often dependent on how well the company handling its strategic management. By employing the tools devised for strategic management, a company is able to gain significant information about its external and internal environment, enabling it to tailor a strategy to align its strengths with opportunities.

Formulating the right strategy will enable the company to enhance its organizational performance. Strategic management is therefore one of the most crucial areas in management. Coming up with a specific strategy, which will be the basis of company's actions, processes and decisions is a must. A well-crafted strategy is indispensable to the company's performance and long-term success. It is therefore important that a business entity comes up with a unique strategy tailored for the achievement of its goals and objectives.

Devising a purposeful and efficient strategy is a tedious task and managers should be armed with different techniques in diagnosing the company in order to prescribe the "right" strategy. The next section will look at the different models which are employed to aid managers in this strategy making process. PESTEL stands for Political, Economic, Social, Technological, Environmental, and

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Strategic Management business organization Essay”, n.d.)
Strategic Management business organization Essay. Retrieved from https://studentshare.org/miscellaneous/1530259-strategic-management-business-organization
(Strategic Management Business Organization Essay)
Strategic Management Business Organization Essay. https://studentshare.org/miscellaneous/1530259-strategic-management-business-organization.
“Strategic Management Business Organization Essay”, n.d. https://studentshare.org/miscellaneous/1530259-strategic-management-business-organization.
  • Cited: 0 times

CHECK THESE SAMPLES OF Strategic Management business organization

The Role of Models in Strategic Management

Name: Institution: Course: Tutor: Date: strategic management Introduction As the business environment becomes increasingly competitive, organizational leaders and managers are taking critical measures to enhance optimal output.... Of great importance however is the role of strategic management.... It is against this background that this paper provides a critical evaluation of the Design school strategic management model.... To enhance a harmonic consideration, it begins by underscoring the importance of strategic management models....
22 Pages (5500 words) Essay

Importance of Achieving Strategic Fit

13 Pages (3250 words) Essay

Organizational Resource Management and Business Strategy at Staples Organization

This study will focus on Staples organization; specifically covering its customers, suppliers, creditors, products, competition, capital structure, sales, profitability, and short-range and long-range outlooks.... hellip; Staples organization is a large chain store that deals in office pieces of equipment and has more than 2,000 stores in 26 countries across the world.... In regard to Staples organization customers, it is important to note that it serves its customers under its original name in the United States, United Kingdom, Brazil, India, Germany, Portugal, Austria, France, Norway, China, and Italy, while it operates subsidiaries in Canada, Belgium, Netherlands, and Argentina....
3 Pages (750 words) Case Study

A critical analysis of schools of strategic management

The chosen schools of thoughts are:The first step namely the strategy formulation involves the development of the business mission, evaluation of the opportunities and threats faced by the business organization in the business, by using tools such as SWOT analysis, examining the strengths and weaknesses of the business, determining the long term objectives of the business and designing the new strategies to eke in the process of achieving the new targets.... strategic management is the way of finding gaps in the current performance of the organization and to design, formulate and implement new steps in order to fill these gaps and to align the organizational functions with the pre settled objectives....
11 Pages (2750 words) Essay

Strategic Management in Hierarchy Organizations

The essay "strategic management in Hierarchy Organizations" will analyze strategic processes and how they succeed under hierarchy organization.... The hierarchical organization has been in existence since the 29th century and is still being relied upon to date.... The reason being, it is easier to coordinate and direct actions of all employees within an organization, Colman (2014).... A brief explanation of the hierarchical theories explains how the theories are related to the organization system and how they may be used to influence actions taken for better strategy execution....
4 Pages (1000 words) Literature review

Innovative and Entrepreneurial Approach, Strategic Formulation and Implementation

The innovative approaches of the business strategy of Blackberry can serve as an important example in this context (Drucker, 2014).... The analysis of the role of innovation and entrepreneurial approach in the organisational strategies has illustrated various important attributes which as aimed to lower down the barriers towards changes that often discouraged by top management.... As per Drucker, (2014), innovation can be seen as an important tool for entrepreneurs to utilize internal and external According to the author innovation is a discipline that can be learned and practices through different levels and strategic movement of an organisation....
20 Pages (5000 words) Essay

Leadership and Management Development as a Key for an Organization to Achieve Its Business Strategy

Training of employees helps to offer critical skills and information that will catapult an organization to a higher level and compete with other organizations effectively.... Motivated employees will lead to higher productivity hence the success of the organization.... he internal development allows an organization to furnish its employees with the right skills that the organization needs instead of generalizing skills (Fulmer 2007)....
4 Pages (1000 words) Essay

Business Operations in Dell Organization

… Business Operations In Dell organization: Strategies for Achieving Competitive Advantage In Supply Chain Management Professor: ... usiness Operations in Dell organization: Strategies for Achieving Competitive Advantage in Supply Chain Management ... (2007) opines that the use of supply chain management is one of the best means by which companies can be assured of gaining competitive advantage if they will go about their supply chain operations in a manner that addresses key issues of demand management, demand forecasting and dynamism in the use of supply chain management techniques....
3 Pages (750 words) Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us