Strategic management process encompasses of three phases. It offers a strategic direction endorsed by the team and stakeholders, a clear business strategy and vision for the future, a method for accountability, and a structure for governance at the different levels, a logical framework to handle risk in order to guarantee business continuity, the capability to exploit opportunities and react to external change by taking ongoing strategic decisions. The nature of Strategic Management is dissimilar form other facets of management as it demands awareness to the "big picture" and a rational assessment of the future options. The purpose of strategic management is to use and create new and different opportunities for future. Strategic management is both an Art and science of formulating, implementing, and evaluating, cross-functional decisions that facilitate an organization to accomplish its objectives. A good strategy when effectively implemented can ensure an uppermost position for the weakest firm among other leading competitors. Strategy and market positions are necessary to set directions for a firm and to overcome competitors or facilitate to conquer threatening environment. Systematic management of resistance during strategic implementation.Real-time strategic response through issue management.Positioning of the firm through strategy and capability planning.Strategic management is an organized approach to manage strategic change, which consists of the following: It can be recognized that Strategic Management is the process by which an organization try to establish the ways by which company can accomplish long term goals. It comprises of Strategic Intent, Environmental scanning (both internal and external), and strategy formulation (strategic planning), strategy implementation and evaluation and control. It is also set of managerial decisions and actions that decide the long term performance of firms. Strategic Management is regarded as either decision making and planning, or a set of activities interrelated to the formulation and execution of strategies to accomplish Organizational Objectives. It is appraised that several theorists have dissimilar viewpoint for the notion of strategic management but there are several common elements in the way it is understood.
John (1998) explained the concept of Strategic Management as "the process through which organizations analyse and learn from their internal and external environments, establish strategic direction, create strategies that area intended to help achieve established goals, and execute these strategies, all in an effort to satisfy key organizational stakeholders". The organization needs to change its structure. Chandler (1962) also speculated that any successful policy is dependent on structure, to accomplish any effective economic performance. It facilitates organization to decisively organize resources towards a desired future. Strategic management allows the systematic management of change. Porter (1985) squabbled that the spirit of formulating comprehensive strategy is associated with company to its environment. Main concentration of strategic management is the accomplishment of organizational goals taking into consideration the internal and external environmental factors. According to Sharplin (1985), strategic management is "the formulation and implementation of plans and carrying out of activities relating to the matters which are of vital, pervasive or continuing importance to the total organization" Lawrence and William (1988) delineated strategic management as a stream of decisions and actions, which leads to the development of an efficient strategy or strategies to help achieve corporate objectives.Ĭopious studies have shown that the strategic management process is the technique in which strategists decide objectives and take effective strategic decisions. Another group of theorists like Hofer and others (1984) stated that strategic management is "the process which deals with the fundamental organizational renewal and growth with the development of strategies, structures, and systems necessary to achieve such renewal and growth, and with the organizational systems needed to effectively manage the strategy formulation and implementation processes". In the beginning of 1980, Glueck (1984) explained Strategic Management as "a stream of decisions and actions, which leads to the development of an effective strategy or strategies to help achieve corporate objectives". Theoretical review: Strategic management in literature is thoroughly described by several theorists.
0 kommentar(er)
