Strategic Management

Topics: Strategic management, Strategic planning, Organization Pages: 6 (1901 words) Published: June 18, 2013
Nerissa Lee
Bus 105
Kimberly McDuffie
Strategic Management
May 9, 2013
Miller-Motte College Online

Strategic Management

I. Introduction: I choose this topic because Strategic Management is a way in which strategists set the objectives and proceed about attaining them. It deals with making and implementing decisions about future direction of an organization. It helps us to identify the direction in which an organization is moving. I believe that strategic management should be something that every business professional should seek to perfect in their day to day decision making. II. Body:

A. What is Strategic Management?
a. Definition
b. What does it involve?
B. Strategic Management Process
c. Assessing the external environment
d. Assessing internal capacity.
e. Developing goals and objectives
f. Implementing the plan
g. Measuring progress and revising the plan
C. Why Do It?

III. Conclusion: Organization existed in a static environment in which no change was necessary or desired; there would be no need for strategic planning. But, our environment is changing -demographically, economically, and culturally. Thus, strategic planning is both a reaction to, and a tool for adapting to, those changes and creating an organization's future within the context of change.

Strategic Management

Organizations today face many problems and issues whether they are operational, strategic, or maybe even financial just to name a couple. With that being said strategic Management is a necessary tool for an organization to succeed if they plan to sustain their existence in today’s highly competitive society.

In my opinion Strategic Management can be described as a set of managerial actions which come from a game plan designed to enhance a company by attracting customer s, competition successfully, conducting day to day operations and also achieving targeted objectives. Strategic Management is an ongoing process that consists of four main steps. Each component in this process interacts with one another. The four steps are Environmental Scanning, Strategy Formulation, Strategy Implementation and Strategy Evaluation. Environmental; Scanning refers to possession and utilization of information about occasions, patterns, trends, and relationships within an organization internal and external environment. In this process managers must identify opportunity and threats in the existing internal and external environment; then minimize threats and maximize the oppurtonties.Organizatiosn need to observe the internal organizational environment; this is the first step in Environmental Scanning. This includes but is not limited to employee to employee interaction, employee to manager interaction, manager to manager interactions. You may also include in this access to resources, brand awareness, structure of the organization, and operational potential. Upon observing these things interviews, discussions, meetings and surveys can be used as tools to assess your internal environment. Observing all these issues will help you identify the strengths and weaknesses of the internal part of your organization. The next part of Environment Scanning is analyzing your external environment. As your business grows you will be put in a more competitive external environment. Due to this fact it is important to identify your competitor’s moves and actions. Such as changes in your competitors activities, technologies and marketing strategies. In the mist of your external analysis, there are three correlated environment that need to be analyzed: Immediate/ industry environment, national environment, broader socio-economic environment/ macro-environment. Industry environment pertains to the appraisal of your competitor’s structure and the position of a particular organization and its main competition. Analyzing the national environment means the national framework...

References: Strategic Planning Process. (1969, December 31). In DirectEssays.com. Retrieved 11:16, April 29, 2013, from http://www.directessays.com/viewpaper/2035.html
(2007, 12)
Blumentritt T & Danis WM, Business strategy types and innovative practices, Journal of Business Strategy, Vol. XVIII, No. 2, (Summer 2006), pp. 274-291.
Guttman HM & Hawkes RS, New rules for strategic management, Journal of Business Strategy, Vol. 25, No. 1, (2004), pp. 34-38.
Hanson et al, 2008, Strategic management: competitiveness and globalization, Thomson, South Melbourne, Victoria, Australia.
Hitt MA et al, 2003, Strategic management: competitiveness and globalization, 5th end, Thomson/South-western, Singapore.
Hoffman RC, The strategic planning process and performance relationship: does culture matter?, Journal of Business Strategies, Vol
Katsioloudes MI, 2006, Strategic management: global cultural perspectives for profit and non-profit organizations, Elsevier, Jordan Hill, Oxford, United Kingdom.
Likierman A, Globalization: turning threats into opportunities, Strategic Finance, Mark L. Frigo, ed. (January 2006)
Olson EG, Not by technology alone: sustaining winning strategies, Journal of Business Strategies, Vol
Paladino B, Strategically managing risk in today’s perilous markets, Strategic Finance, (November 2008), pp. 27-33.
Raps A, Implementing strategy, Strategic Finance, Mark L. Frigo, ed., (June 2004).
Thompson et al, 2006, Strategy: winning in the marketplace: core concepts, analytical tools, cases, 2nd edn, McGraw-Hill/Irwin, New York, NY.
Wheelen TL & Hunger JD, 2008, Strategic management and business policy, 11th edn, Pearson/Prentice Hall, Upper Saddle River, New Jersey.
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Strategic Management and San Miguel Corporation Essay
  • Essay about Jetblue
  • Essay about Business and Management
  • Essay about Marketing Management
  • Strategic Issues Papers- Starbuck
  • Strategic Marketing Strategy Essay
  • Strategic Planning in Marketing Essay
  • Sales Management Example Essay

Become a StudyMode Member

Sign Up - It's Free