May 9, 2013
Miller-Motte College Online
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.
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.
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.