Essay on Strategic Management
This essay critically analysis Strategic Management and its effect on the various levels of hierarchy.
Strategic Management
“Strategic Management consists of the analysis, decisions, and actions an organisation undertakes in order to create and sustain competitive advantages.”(Dess,Lumpkin,Eisner,2010)
“Strategic Management is the process of identifying, evaluating and implementing strategies in order to meet the organisational objectives.” (Chris Jeffs,2008). Chris Jeffs(2008)says that strategic management provides with the tools necessary to study the internal and external environment and this is important as it helps in decision making. Johnson and Scholes however thinks strategic management apart from all that should also differentiate one organisation from another. He says that a match should be acquired between an organization and its environment which provides with a competitive advantage over others. (Johnson and Scholes cited in Russell Hoye, Aaron Smith, Matthew Nicholson, Bob Steward, Hans Westerbeek,2009) Russell et al. (2009)says that an organisation could be a successful one if the decisions it makes are qualitative and strategic in nature. Michael Armstrong, Tina Stephens (2005) simply say that strategic management means looking ahead at what they need to achieve in the middle or near future. Every organisation needs a purpose and a set of objectives. Strategic Management not only helps in providing those objectives but also achieving them in within a stipulated time frame even after considering a changing environment. Strategic management also helps in assessing the progress and results so as to make the organisation not only a successful one but also a sustainable one. Many organisations believe that in the sports industry it is not important to undertake strategic management due to its fast changing nature. They believe in implementing decisions as problems arise on a day to day basis. However this is fundamentally against what strategic
Strategic Management
“Strategic Management consists of the analysis, decisions, and actions an organisation undertakes in order to create and sustain competitive advantages.”(Dess,Lumpkin,Eisner,2010)
“Strategic Management is the process of identifying, evaluating and implementing strategies in order to meet the organisational objectives.” (Chris Jeffs,2008). Chris Jeffs(2008)says that strategic management provides with the tools necessary to study the internal and external environment and this is important as it helps in decision making. Johnson and Scholes however thinks strategic management apart from all that should also differentiate one organisation from another. He says that a match should be acquired between an organization and its environment which provides with a competitive advantage over others. (Johnson and Scholes cited in Russell Hoye, Aaron Smith, Matthew Nicholson, Bob Steward, Hans Westerbeek,2009) Russell et al. (2009)says that an organisation could be a successful one if the decisions it makes are qualitative and strategic in nature. Michael Armstrong, Tina Stephens (2005) simply say that strategic management means looking ahead at what they need to achieve in the middle or near future. Every organisation needs a purpose and a set of objectives. Strategic Management not only helps in providing those objectives but also achieving them in within a stipulated time frame even after considering a changing environment. Strategic management also helps in assessing the progress and results so as to make the organisation not only a successful one but also a sustainable one. Many organisations believe that in the sports industry it is not important to undertake strategic management due to its fast changing nature. They believe in implementing decisions as problems arise on a day to day basis. However this is fundamentally against what strategic