This report will be discussing strategic management to a company in the airline industry. This report will examine a chosen company’s strategic management and outline the stages. Strategic management is analyzing the situation facing the firm, also on the foundation of analysis formulating a strategy and lastly implementing strategy. Strategic management is the identification and the description of strategies that can be used by managers so as to attain better performance which in turn will ensure competitive advantage for their organization. It can be used to determine things like the mission, vision, goal, values, mission, timeline objectives, roles and responsibilities. 1.0 Introduction
There are three ongoing processes that strategic management of an organization entails; these are the analysis, decision making and action. The main concern of strategic management is the analysis of strategic goals, as well as the analysis of both the external and internal environment of an organization. A strategic management directs the overall company goals, which includes multiple stakeholders, incorporates short term as well as long term objectives, and oversees the trade-offs between effectiveness and efficiency. Having a good management strategy, an organisation is able to achieve its goals and meets its expectations. With the used use of well formulated strategies, a company will always prosper and generate great results. Without well formulated objective goals a company or an organisation cannot exist, since every company has a reason for it existence. After analyzing of the organization’s objective goals and a good strategic plan, leaders are expected to make strategic decisions; the decisions should address two basic questions: What is the industry that we should compete with? What formula should be used to compete in those industries? A company needs to know its immediate competitors once it starts operating. A company should formulate a well design that will enable the company to beat all its competitors in the market and so that it can make more profits from its consumers or customers. These questions can be useful for the organization in both domestic and international environment. Finally comes the action that must be acted upon; unless action is taken, decisions are useless. It is the actions that are taken by firms, which implement the strategy (Mintzberg, Ahlstrand and Lampel, 2009). In this analysis, three major processes of strategic management processes will be discussed in a more detailed manner. These strategic processes are strategy analysis, strategy formulation, and strategy implementation. They help the company in overcoming the many challenges that companies are facing in today’s global market place. Strategy Analysis- contains general environment analysis and competitive environment. It is the starting point of a strategic management. Strategy implementation is the process in which the management sees that all the set objectives and goals are effective and have value to the company. It ensure that the organisation has a proper strategic controls. Strategy formulation is of how the organization is to compete in different business environment to attain competitive advantage. To see that the company’s set strategies have become a reality, leaders should take the necessary resource and take time to design the organization.
2.0 Strategic Analysis
Strategy analysis might be seemed upon as the first spot of the strategic management development. It is made up the ‘advance work’ that has to be done so as to efficiently formulate and implement strategies. Lots of strategies are not succeed for the reason that manager might fancy to formulate and implement strategies, not including a cautious analysis of the important goals of the organization and not including a thorough analysis of its external and internal environment (Lumpkin...