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Strategic Management is a process by which project executives come up with and implement a strategy that can give a company sustainable competitive advantage (Dyer, Jeffrey, Paul, Bryce & David, 2016). The process is fundamental to the success of all firms: non-commercial and commercial. The methods create appropriate communication within the organization and also informs stakeholders. The strategy planning means a list of distinct stages that directors can take to complete a particular strategy. Strategic planning has continuously become an essential component in the strategic life of an organization. When you think about any specific organization what comes to mind is ‘what strategy. An understanding of a strategic plan makes it easier to understand other forms of planning. The strategic model consists of the five core component.
Goals setting is the first goals in strategy management. The technique is used to formulate specific targets for achieving goals a specific predetermined time. The goals can be set for organization-wide activity level, project objectives, and quality related objectives. The team members' professional development and projects success depend on each's responsibility for their actions and developing improving goals and appropriate change. The goal setting is an crucial aspect of accomplishing the project objectives and preparing for personal change. When written well, goals tend to provide evaluation change, serve as a basis for managing performance, focus attention, and provide motivation.
The second step is the external and internal analysis. Internal factors exist within the firms and have an impact on projects success while the external factor exists outside a firm but also affect the project either directly or indirectly. Environmental scanning involves monitoring, evaluation, and dissemination of the information from the internal and the external environment that is necessary for formulating a strategic decision. The simple ways of conducting an environmental analysis are through the SWOT analysis. Environment planning is essential to business as it helps to streamline an organization, especially in the highly competitive environment.
The third step is strategy formulation. The process entails selecting of actions that can be used to accomplish the objectives leading to the achievement of organizational purpose (Mazza, 2013). Strategic formulation entails the investigation, analysis and deciding on the best strategy to follow with the intention of attaining the competitive advantage over the rest of the competitors. Strategy formulation is a critical component as it includes the process of crafting the organizational mission, setting long-term objectives, and defining the competitive advantage.
The strategy is implementation another element in the strategy implementation process; this is a process by which different policies and strategies are put into action. This method might encumber the changes within the overall structure culture and the management system. Strategic implementation is essential in an organization as it facilitates the distribution of resources and also managing human resources.
Evaluation is the last component of strategic management. In this process, the corporate performance results and activities are carefully monitored. Many organization uses this part to make corrective measures and resolve various organizational problems. This element in strategic planning can also help in pinpointing weaknesses in the previous strategy thereby aiding corporations to review the system (Armstrong & Armstrong, 2009).
Responsibilities and Duties of the Strategic Manager
Strategic Manager primary focus is on achieving the firm’s results. Operationally the strategic manager’s mains aim is getting the work completed. By focusing on analyzing the data, beating the competition and improving the customer satisfaction the strategic manager ensure profitability and long-term success. They ensure that the organization's strategic missions align with the company’s objectives and mission.
Roles of the Strategic Manager in the Strategic Management Process
The strategic managers handle the projects that contribute to the general business success. The projects represent the opportunities for a firm launch new designs that are geared towards reducing cost, troubleshoot problems, and develop new products (Johnsen, 2015). The strategic managers collaborate with other managers such as finance to facilitate successful completion of a project.
The project managers have a responsibility of mentoring juniors or even inexperienced managers. By sharing templates, techniques, and tips, they aid others to learn the best ways of accomplishing specific roles. They facilitate the meeting with stakeholders and sponsors to identify the project requirements and ensure they align with the firm's goals.
Why Companies Need Strategic Management Planning
Strategic management planning helps institutions to identify and capitalize on the significant competencies. Strategic management planning is a natural action that arises from coming up with the most effective strategy (Bryson, 2015). While strategic planning involves dreams and missions, it also highlights the necessary actions that are needed to attain the results that are desired. The strategic plan displays the finished goals or product. Usually, in the larger institution, the process focusses on the entire company but not an s division or department. Setting goals are critical as it helps the company strategically position the business for future success.
Bryson, J. (2015). Strategic Management in the Public Sector: Concepts, Schools, and Contemporary Issuesby Ewan Ferlie and Edoardo Ongaro. International Public Management Journal, 19(4), 596-599. http://dx.doi.org/10.1080/10967494.2015.1133945
Dyer, Jeffrey, H., Paul, Bryce, & David. (2016). Strategic Management: Concepts and Cases (1st ed.). Hoboken: NJ: John Wiley & Sons.
Johnsen, Å. (2015). Strategic Management Thinking and Practice in the Public Sector: A Strategic Planning for All Seasons?. Financial Accountability & Management, 31(3), 243-268. http://dx.doi.org/10.1111/faam.12056
Mazza, L. (2013). If Strategic “Planning Is Everything, Maybe It's Nothing”. Disp - The Planning Review, 49(3), 40-42. http://dx.doi.org/10.1080/02513625.2013.859006
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