Strategic Management

Topics: Strategic management, Switching barriers, Barriers to entry Pages: 4 (1739 words) Published: November 25, 2014
Ques 1:-
“Strategy” and “Strategic Planning” is something that is done once a year which results in a report.  Others think it is market position, operational effectiveness or an idea or business model.  Strategy is choosing to perform different activities that can be preserved and that will provide a sustainable competitive advantage.  It is a mental exercise.  It is a way of thinking about the world and approaching business.  Strategic planning is a process to produce innovative and creative ideas which serve as the core framework for the company and designing its’ future.  Strategic planning can have an immediate influence on your company and organization. 1. Make your future happen don’t let it happen to you

It is the difference between being proactive or reactive.  Be on the defensive or the offensive.  Be a victim of circumstances or be victorious in the fight.  Not every situation can be foreseen but you can make decisions and react to changing market conditions with the end in mind. 2. Establish direction

Clearly defines the purpose of the organization and establishes realistic goals and objectives consistent with the mission which can be clearly communicated to constituents.  Provides a base from which progress can be measured, employees compensated and boundaries established for effective decision making.   

3. Make wise business decisions
How do you distinguish between a good idea and a great idea?  Without a clear vision of what you want to achieve, and mission or purpose for doing it, everything seems like a good idea.  What project do you invest in?  How should you and your staff invest your time?  Having clarity about what you want to do, who you need and how to get there will focus limited financial and people resources. 4. Create longevity of the business

The world market and industries are changing faster than ever and those companies who do not have a solid foundation and have relied on luck or opportunity most likely will not be...
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