The paper "Strategic management " is a good example of a management essay. Strategic management is a process that revolves around the formulation and implementation of the major goals and objectives that are set by a company. It offers directions to the top management of · The four key attributes of Strategic Management are: 1. It is directed toward overall organizational goals and objectives. 2. It includes multiple stakeholders in decision making. 3. It requires incorporating both short-term and long-term perspectives. 4 Short Essay on Strategic Management April 4, 1 Definition of Strategic Management Strategic management is the process where managers establish an organi-zation’s long-term direction, set the specific performance objectives, develop strategies to achieve these objectives in
Top Quality Essays - Strategic Management Sample [Management Essay]
There is no unanimity among scholars and practitioners on the meaning of strategy. Texts on the subject discuss strategy from different and sometimes contradictory perspectives. The only issue, over which there is little debate, strategic management essay, is the origin of the term strategic management essay. This art is about plans for troop deployment in battles to win wars.
Businesspersons seem to enjoy using military analogies to conceptualize the running of businesses in the modern world. Indeed, the pressure of keeping a business afloat amidst a very volatile operating environment that the world has become can feel like war. It is the goal of this paper to seek to uncover the essential components of strategy and the process of formulating a coherent organizational strategy in the context of the built environment.
Amid the differences that exist as to what strategy is, it seems more beneficial to embrace a wide-angled view of since each of the viewpoints has merit strategic management essay contributes to the overall understanding of the concept. It is the approach that Mark,p.
However, this growth should give due considerations the internal resources availability for now and for the future. The first essential component of strategy is action. Actions reveal an organizations strategy. A deliberate strategy informs its actions. However, strategic management essay, actions not based on a defined strategy still qualify for consideration as part of organizational strategy.
Secondly, strategy refers to a plan. This plan informs the actions undertaken when the strategy is deliberate, strategic management essay. Henderson assumes that all strategy must be formally planned.
In the context of strategy, it is not the formalization of a plan but the deliberate choices a business puts in place that counts. Another view forwarded by the Harvard Business School about strategy strategic management essay that it is a resource control and utilization plan meant to protect the central interests of an organization. These resources include finances, physical infrastructure, and human resource, strategic management essay. This view accomodates the lack of a deliberate centralized conventional business strategy made through a formal process.
It simply refers to the arrangement of those resources in a sensible manner towards certain ends. Competitive advantage is the motive behind strategy. The idea expressed reveals the intentional use of a plan to out-perform business rivals using unique traits of the organization in order to survive, and hopefully thrive. In this case, strategy answers the need to be the best among competitors. The fifth essential component of strategy revealed by Robert is organizational identity.
What are we trying to achieve? What is our identity as an organization? This approach requires the organization to understand itself first before venturing out into the market with a clear direction. This coherence makes it possible for all members of the organization to act in a coordinated fashion, which is essential for the success of a business. This holds true for small firms as well as large corporations.
The final essential component of strategy is context. Successful strategy is very contextual. This element accounts for the disparities in the views on strategy strategic management essay some of the viewpoints are highly contextalized. Increasingly, in this era of multinationals and globalization, context is more difficult to delineate especially geographically, yet to ignore context when developing strategy is to court disaster, strategic management essay.
Based on the viewpoints above, Mark seems to have developed the most comprehensive definition of strategy, strategic management essay.
His definition is broad enough to capture most of the essential elements of strategy thereby avoiding the problem of high contextualization. It is also wide enough to cover the specifics of strategy that are valid in the strategic management of all organizations.
This makes it useful in understanding the concept of strategy. Its other strength is that it leaves room for looking at strategy as either deliberate or consequential. The elements defined here do not require a centralized approach to strategy development but even if it is there, it does not disqualify it. Strategic management essay major weakness is its lack of enviromental cognisance.
It does not account for environmental factors that greatly influence the preparation and execution of strategy. This goes to demonstrate that the process of developing a unfied view of strategy is a work in progress, and still requires effort to sysnthesize the essential elements into a comprehensive definition of strategy. This preferred view must include the nine essential componenents identified above and in addition it must strategic management essay for both the deliberate and consequential nature of strategy, strategic management essay.
A definition that meets the above criteria will still be somewhat incomplete since there is still the problem of universality versus contextualization. The following is an attempt to redefine strategy to meet this criteria presenting a wider understanding of the concept.
Strategy is a set of actions, planned or otherwise that influence resource acquisition and allocation, deployed for the express purpose of attaining competitive advantage based on a clear organizational identity expressed in terms of its place, strategic management essay, power, problems and potential, which informs its direction and actions within its environmental context. This definition captures all the essential elements identified but its rather cumbersome.
It is long and may not appeal to the wider audience who actually need a concise definition to capture the essence of strategy. Probably, strategic management essay sensible thing to do is to settle for a simplified global definition, while providing working definitions for each field, as writers have already done.
As expected, there is no universality in the recommendation of an ideal strategic management essay for strategy development. There are different views on it. Robert,p. Intended strategy is the one the organization deliberately plans and positions itself to implement.
Emergent strategy is the one which developes unwittingly as an organization responds to evolving issues. When these two strategies interact, the result is the realized strategy which is the strategy the organization finds itself implementing. These three strategies are the result of three concurrent processes and they demonstrate the organic nature strategic management essay strategy.
Strategy therefore is not a static process but a dynamic one that evolves and requires regular refitting. There is much concurrence though when looking at strategy as a process. In fact, there is a deliberate encouragement that organizations should take an active role in the developement of their strategy, strategic management essay, other than waiting for one to emerge as they undertake their daily business.
The school proposes a five level process for strategy development that is useful in understanding the strategy process. The steps in the process are developement of a strategic management essay, followed by identification of organizational goals.
Thirdly, there is the actual strategy development succeeded by the strategy implementation process. The final level is performance measurement. The first level of strategy development is mission. Mark underscores the importance of mission when he says that the identification and action upon a particular set of issues determines the success of a business.
When the organization is clear about its priorities, then it can sucessfully engage in determining what is essential to its operations for success, strategic management essay. The mission sets the rules governing its key relationships and functions, strategic management essay. The next level is the identification of goals. There is a difference in opinion as to the direction of flow of the process, and whether it is the top management that is best placed to set organizational goals, strategic management essay.
They have the tools and the authority but they lack in understanding of frontline issues that are key in implementation.
Frontline staff on the other hand have clear views on what is not working for them but they lack the organizational overview. Probably, a middle line where the management gets input from the frontline is the best way around this challenge, strategic management essay. Once the goals are set, strategy creation takes place.
It involves determining the internal and external forces followed by the identification of the choices that the organization has to achieve its objectives. While The Havard Busienss School advocates for SWOT as a method of conducting an enviromental scan, Robert feels that this approach is difficult to implement in practice and he advocates for a two way analysis of the environment, looking at internal and external factors.
There is lesser contention on who developes organizational strategy. The forth step in the strategy process is implementation. This requires good communication along the ranks of the organization. The final level in the strategy process is performance measurement.
This lacks in organizations that do not have deliberate strategy, strategic management essay. They do not know what to measure since they have not categorically stated what their goals are.
This five-step process is more useful as a conceptual model than as an actual implementation process. Wall warns that things do not work out this neatly in the real world where forces shift suddenly and without warning. New information and circumstances feed into the old circumstances forcing us to change and adapt our methods.
Just like other organizations, construction companies exists within a certain environment defined broadly by the natural environment, demographic structures, social structures, strategic management essay processes, technology, and economy.
In addition, they have their own unique internal environments defined by organizational culture, resources outlay such as level capitalisation and expertise, and business processes defining how they find and execute construction contracts.
The internal environment influences the realization of their aspirations and the momentum they sustain towards their realization. Certain other forces much larger in dimension constitute the business climate of companies in the built strategic management essay. These include the macroeconomic trends, political issues, strategic management essay, and global trends.
The climate has long-term impacts on the industry though it may be a while before a particular company begins to feel the impact of climatic changes. They are a very strong motivation behind the strategy process. Before a construction company develops its strategy, strategic management essay, it is beneficial and maybe crucial for it to strategic management essay what its environment looks like. This allows it to forecast the impact of its present actions thereby providing it with the range of presently available options and the limits within which it can operate profitably.
The application of strategy and the strategy process allows an organization to determine two important contexts in strategic planning and strategic management. These are strategic fit and strategic foresight, strategic management essay. Strategic fit looks at the present. It refers to the process where an organization examines its current position to ascertain whether it is sitting squarely on its best possible footing or whether there is a mismatch, based on its objectives.
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Strategic Management Essay. Words14 Pages. Strategic Management. Introduction. To deal effectively with the wide array of factors affecting the ability of a business to grow and prosper, managers need advanced processes they feel will facilitate the optimal · The four key attributes of Strategic Management are: 1. It is directed toward overall organizational goals and objectives. 2. It includes multiple stakeholders in decision making. 3. It requires incorporating both short-term and long-term perspectives. 4 This essay on Strategy and Strategic Management was written and submitted by your fellow student. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly
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