The paper 'Discussion of Strategic Management ' is a great example of a Business Case Study. In today’ s fast-paced market, business enterprises are adopting new business strategies using modern technologies, generation of new business ideas, and managerial practices in the attempt to achieve goals. Business strategies are techniques that contemporary business is using to analyze the current organizational situation in the future and articulating objectives to propel the organization confidently for mission and vision accomplishment. In other words, the strategy is another way of formulating, identifying, and evaluating organizational external, internal dynamics; competitive organizational abilities.
Additionally, business strategy is complex, and it takes a long implementation period, requires human and economic resources, and strategized to help the organization gain a competitive advantage. Therefore, the strategy is an organizational process that dictates the directions that the company should follow to exploit and achieve opportunities rising within an industry. Additionally, the strategy offers an organization with a competitive advantage and in turn meeting the customers’ demands; it is a systematic pattern of aligning resources and meets the demand of markets as well as shareholders' expectations.
More importantly, business strategies allow the top managers to set the fate of the organization as a way of embracing innovative products and gain competitiveness. Globalization's effects, stiff competition, consumers’ changing demands, technology evolution, and scarce resources are major drivers that stimulate global organizations to embrace strategic management. This paper addresses the strategic management function and the importance of strategic management in organizational structures and forms, high-performance systems, and corporate resources. The paper articulates different theoretical frameworks from various secondary resources are addressing the concepts of strategic management. For more understanding, the paper evaluates and analyzes the major elements of the strategic management and how these elements are subjects to organizational functional units at different levels.
Additionally, the article concludes with the writes recommendation concerning the importance of having strategic management systems within an organization for competitive advantage. Strategic Management definitions Different business professionals define strategic management indifferently. According to Yang et al. (2013), strategic management presents organizational strategic formulation, strategic implementation, and evaluation; the primary purpose of having strategic management within a company is to develop and come up with new business ideas and opportunities for the future of the organization.
Chornous (2014) defines strategic management as the strategic direction that an organization takes for long terms goals achievement by formulating ways of gaining and sustaining competitive advantage by analyzing business environmental dynamics and configuration of the available resources. In other words, strategy management aims to improve organizational development activities by the reorganization of the functional units. From a different perspective Chornous (2014) define strategic management as a set of managerial decision and actions that formulate the long-term performance of the organization.
A managerial decision such as environmental scanning, strategic formulation, strategic implementation, and evaluation, and control defines organizational strategic management. Therefore, strategic management involves combination or integration of management, marketing techniques, finance management, production, and research and development as well as information and communication technologies. In other words, strategic management is a business field of study that helps managers to incorporate and integrate business policies in spite of having evolving business environments; ways of escalating the company's competitive advantage to high levels. In this aspect, strategic management is the core organizational process that explores the problems that the company faces, and can result in either business failure or success.
Chornous (2014) conclude that strategic management is a set of actions and decisions dictated by top organizational executives to develop and formulate corporate objectives for long-term goals achievements. Basing on these four definitions, strategic management focuses on monitoring and evaluating corporate external and internal opportunities, and threats in light of organizational strengths and weaknesses (Chornous, 2014).
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