Strategic management
Strategic management involves the formulation and implementation of the major goals and initiatives taken by a company's top management on behalf of owners, based on consideration of resources and an assessment of the internal and external environments in which the organization …
What are the responsibilities of Strategic Management?
The essential roles of a strategic manager
- Planning. Strategic planning is the process of identifying the specific time and resources needed to meet your business goal.
- Risk management. Risk management is evaluating potential threats and establishing plans to minimize them. ...
- Performance management. ...
- Coaching. ...
- Collaboration. ...
- Data analysis. ...
- Crisis management. ...
- Creative problem solving. ...
- Ethics development. ...
What is strategic management, and why is it important?
strategic management
- Benefits of strategic management. Strategic management is generally thought to have financial and nonfinancial benefits. ...
- Strategic management concepts. ...
- Five stages of strategic management process. ...
- Types of strategic management strategies. ...
- SWOT analysis. ...
- Balanced scorecard in strategic management. ...
- Value of organizational culture. ...
What are the steps of Strategic Management?
Process of Strategic Management
- Developing Organization Vision and Mission. Strategic management process begins with recognizing and formulating the vision and mission of the organization.
- Analysis of Organization. ...
- Setting Objectives. ...
- Strategy Formulation. ...
- Strategy Implementation. ...
- Strategy Evaluation and Control. ...
- SWOT Analysis. ...
What are the benefits of Strategic Management?
Strategic management offers the following benefits:
- It allows for identification, prioritization, and exploitation of opportunities.
- It provides an objective view of management problems.
- It represents a framework for improved coordination and control of activities.
- It minimizes the effects of adverse conditions and changes.
- It allows major decisions to better support established objectives.
Which of the following defines strategic management?
Strategic management is the process of setting goals, procedures, and objectives in order to make a company or organization more competitive. Typically, strategic management looks at effectively deploying staff and resources to achieve these goals.
Which of the following is the correct definition of strategy?
Strategy is an action that managers take to attain one or more of the organization's goals. Strategy can also be defined as “A general direction set for the company and its various components to achieve a desired state in the future.
Which of the following is true about strategic management?
Explanation. Strategic management entails continuous planning, monitoring, and analysis in order to achieve the organization's goals and objectives.
What is strategy definition in business management?
Strategy as we've identified refers to the long-term goal or roadmap for an organization, and how it plans to reach them. Or, the path the organization will take towards its goals. Conversely, tactics refer to the specific set of actions taken to reach the organizational goals, or strategy.
What are the types of strategic management?
The five types of strategic management enumerated from most simplistic to most complex are linear, adaptive, interpretive, expressive, and transcendent. These five types of strategic management represent a continuum of organizational focus and action.
What is strategy define with example?
Strategy is a pattern in actions over time; for example, a company that regularly markets very expensive products is using a “high end” strategy. Strategy is position; that is, it reflects decisions to offer particular products or services in particular markets. Strategy is perspective, that is, vision and direction.
What is the process of strategic management Mcq?
Strategic management involves providing the enterprise with an overall direction, setting organizational goals, developing policies and plans to achieve those goals, and allocating resources to implement the plans.
Which one of the following is at the core of strategic management Mcq?
The primary focus of strategic management is: strategy implementation.
Which of the following statements is correct about strategic planning?
The correct answer option is D: they focus on the broad future of the organization. Strategic plans focus on the overall picture of the organization... See full answer below.
What are the 4 business strategies?
Four generic business-level strategies emerge from these decisions: (1) broad cost leadership , (2) broad differentiation , (3) focused cost leadership , and (4) focused differentiation . In rare cases, firms are able to offer both low prices and unique features that customers find desirable.
What is a strategy for a company Mcq?
Answer» c. Game Plan to outsmart competitor.
What are the 4 types of business strategies?
What are the Types of Business Strategy?Organizational (Corporate) Strategy.Business (Competitive) Strategy.Functional Strategy.Operating Strategy.
What is strategy purpose?
Strategic planning is a systematic process that helps you set an ambition for your business' future and determine how best to achieve it. Its primary purpose is to connect three key areas: your mission - defining your business' purpose. your vision - describing what you want to achieve.
What is the primary role of strategy?
The primary goal of strategy is to be a roadmap to value creation within an organization. Strategy provides insight on how an organization plans to create value in its vision/mission, and functional strategies. by pursuing a strong strategy a company is able to provide the most value creation.
What is the primary goal of strategy?
Classic strategy thinkers, Michael Porter among them, define the goal of strategy as to “outperform competitors within a given market”, which derives from the idea that companies compete with others at the “share” level, and that to win, they must outperform rivals on a “Return on Investment” or “ROI” basis.
Which of the following statements about a company's strategy is false?
The correct answer (false statement) is, "A company's strategy is deliberately kept under wraps by top-level managers so as to catch rival companies by surprise and keep them off-balance." A company's strategy is extremely important and it's designed to define the actual objective of the company.
What is strategic management?
Strategic management is the process of setting goals, procedures, and objectives in order to make a company or organization more competitive. Typically, strategic management looks at effectively deploying staff and resources to achieve these goals. Often, strategic management includes strategy evaluation, internal organization analysis, and strategy execution throughout the company.
Why do companies use strategic management?
Key Takeaways. Companies, universities, nonprofits, and other organizations can use strategic management as a way to make goals and meet objectives. Flexible companies may find it easier to make changes to their structure and plans, while inflexible companies may chafe at a changing environment. A strategic manager may oversee strategic management ...
What is the difference between descriptive and prescriptive management?
Strategic management is divided into several schools of thought. A prescriptive approach to strategic management outlines how strategies should be developed, while a descriptive approach focuses on how strategies should be put into practice.
What is descriptive approach?
By contrast, a descriptive approach describes how a company can develop these strategies.
What are the factors that influence how an organization can achieve its stated objectives?
Business culture, the skills and competencies of employees, and organizational structure are all important factors that influence how an organization can achieve its stated objectives. Inflexible companies may find it difficult to succeed in a changing business environment.
Who is responsible for strategy?
While an organization’s upper management is ultimately responsible for its strategy, the strategies themselves are often sparked by actions and ideas from lower-level managers and employees. An organization may have several employees devoted to strategy rather than relying solely on the chief executive officer ( CEO) for guidance.
How to achieve ambitious online sales?
To meet these goals, the company will develop a strategy, communicate this strategy, apply it across various units and departments in the organization, integrate this with employee goals, and execute accordingly. If an effective strategy is applied, ideally, it will help the company achieve its targets through a single, coordinated process.
Benefits of strategic management
Strategic management is generally thought to have financial and nonfinancial benefits. A strategic management process helps an organization and its leadership to think about and plan for its future existence, fulfilling a chief responsibility of a board of directors. Strategic management sets a direction for the organization and its employees.
Strategic management concepts
Strategic management is based around an organization's clear understanding of its mission; its vision for where it wants to be in the future; and the values that will guide its actions.
Five stages of strategic management process
There are many schools of thought on how to do strategic management, and academics and managers have developed numerous frameworks to guide the strategic management process. In general, the process typically includes five phases:
Types of strategic management strategies
The types of strategic management strategies have changed over time. The modern discipline of strategic management traces its roots to the 1950s and 1960s. Prominent thinkers in the field include the Peter Drucker, sometimes referred to as the founding father of management studies.
SWOT analysis
A SWOT analysis is one of the types of strategic management frameworks used by organizations to build and test their business strategies. A SWOT analysis identifies and compares the s trengths and w eaknesses of an organization with the external o pportunities and t hreats of its environment.
Balanced scorecard in strategic management
The balanced scorecard is a management system that turns strategic goals into a set of performance objectives that are measured, monitored and changed, if necessary, to ensure the strategic goals are met.
Value of organizational culture
Organizational culture can determine the success and failure of a business and is a key component that strategic leaders must consider in the strategic management process. Culture is a major factor in the way people in an organization outline objectives, execute tasks and organize resources.
Introduction
Strategic management can be defined as either an art or science of business management strategy that helps to formulates, implement, and evaluate some specific decisions that prove very critical in reaching the organizational objectives (David, 2007).
Strategic Management Stages
The strategy formulation stage involves developing a vision and mission, establishing the external opportunities and threats of the firm, establishing internal strength and weaknesses of the firm, long term objective establishment, identifying and generating alternative strategies, and finally choosing certain strategies to follow up (Hitt & Ireland, 2008).
Conclusion
Strategic management stages (strategy formulation, implementation, and evaluation) occur in three levels of hierarchy in big organizations. The best way to accomplish a firm’s objectives and make strategic management adaptable at all levels of the organization is through communication (Stahl & Grigsby, 2008).
Reference
Acur, N., & Bititci, U. (2004), “A balanced approach to strategy process”, International Journal of Operations & Production Management, Vol. 24 issue 4, pp.388-408.
