Strategic Business Management Task: Strategic Business Management Introduction In any business setting, strategic business management entails the area that deals with the crucial and current initiatives adopted by general managers. This is done while representing owners, the use of resources with the aim to improve the performance of organizations in their outside environments (Betz 2002, p. 123). Additionally, it involves stipulating the mission, objectives, vision, plans and policies developing within the organization and projects and programs among others. On that prospect, a balanced scorecard is utilized as a yardstick for the company’s overall performance.
For instance, this is in the areas of business analysis and the growth towards objectives (Cohen & Roussel 2004, p. 109). In other words, the purpose of any strategic management within any business is to control the general direction of the enterprise with stakeholders in mind. Therefore, the introduction of this research will lead the paper to certain fundamental questions in strategic business management. Areas to Cover For any effective strategic business management to prosper, there are certain components that are significant for consideration. Therefore, this research will dwell on the following components: strategic choice, strategic analysis and strategic implementation (Cousins 2008, p. 59).
Similarly, it is imperative to observe that the elements of strategic management process entail the strategy of the organization and how their managers make decisions concerning the set of goals for management (Daft & Marcic 2008, p. 178). On that note, strategic choice is the type of goal chosen by the company for the purpose of attaining its objectives. Alternatively, strategic analysis entails the evaluation of the choices in terms of organizational activities and the distribution of resources (Davenport 2007, p. 78).
Additionally, during the analysis, the senior managers within the firm conduct environmental scanning to gather information for strategic concepts. However, strategic implementation is the actualization of the choices after the analysis of the objectives set by the organization. On that aspect, during implementation, external and internal factors of the company is reviewed while considering the performance. In addition, the other areas of significance comprises of corporate strategy, business unit strategy and operational strategy (Drucker 2006, p. 87). Research Questions The intention of this research is to answer the following questions: What are main objectives of the organizations in terms of strategic concepts made by the general managers?
(Hill & Jones 2008, p. 156). This is in terms of attaining the corporate mission and vision of the company. Additionally, in the context of utilization of resources, how are they measured by the company while considering the needs of clients and concerned stakeholders? (Hitt 2008, p. 67) Furthermore, when setting up the plans and policies of the strategic business management, what are the guiding principles in view of philosophies and values? In different wordings, what could be the motivating factor of business executives that is paramount in ensuring that the strategies work?
This brings another crucial issue on how the elements of the business strategy affect roles and responsibilities of business managers (Williamson et al 2003, p. 197) This is to say, the most significant components to start with when establishing a business strategy include setting clear objectives. Furthermore, what are the reactions of the company in the context of strategy implementation and achieving the objectives of the firm? Alternatively, how do the business executives conduct their field studies during the selection of strategy choice and what are the challenges involved?
(Koontz & Weihrich 2006, p. 145) On that aspect, if there are setbacks, there should be effective measures to avoid losses and reduced sales. In other words, how do they weigh the options of setting untested strategies and actualizing the goals of the company? This is to mean that there should be set guidelines and parameters for evaluating the performance of the organization in the context of attaining its goals. For example, there is the use of balance scorecard as a fundamental yardstick used by business executives to measure the company’s achievements (Mc Loughlin & Aaker 2010, p. 185).
Research Objectives Therefore, after discussing the areas to cover and the research questions to be asked during the evaluation of the paper, we must also consider the objectives. On that perspective, this study strives to uncover the association between the success of a company and its strategic management objectives (Mentzer 2007, p. 154). Similarly, the research intends to define the connection of business executives and their techniques of setting up goals and objectives for the company.
Furthermore, this research aims to measure the significance of the implementing the selected strategic choices after analysis by experts and how it affects the prospects of the business (Morgan et al 2008, p. 80). Alternatively, the objective of this research is to identify the interconnection of internal and external environments and how they contribute in the utilization of resources. This means the discussion wants to verify the factors affecting internal and external environments and how they can be adjusted to meet the objectives of strategic management (Zinkin 2011, p. 163).
Additionally, the research involves the inclusion of performance evaluation when it comes to business analysis and the choice of resources and materials in terms of client satisfaction and improved sales (Reuvid 2012, p. 115). Conclusion In summary, it is paramount to evaluate different strategic business management techniques and their repercussions in the company. In addition, during setting goals and objectives, business executives should consider factors of consultation and discussion with other members to attain the mission and vision of the company (Stacey 2007, p. 135).
Alternatively, during the identification of strategic components of business management, the desires of the business should be viewed in the context of satisfying client satisfaction (Stegmann 2009, p. 179). Furthermore, the strategic components of any business such as strategy choice, strategy analysis and strategy implementation in terms of evaluation of available resources and their application in boosting the sales and profits of the business enterprise (Tesar 2003, p. 156). Bibliography Betz, F 2002, Executive Strategy: Strategic Management and Information Technology, John Wiley and Sons, New York. Cohen, S & Roussel, J 2004, Strategic Supply Chain Management: The Five Disciplines for Top Performance, McGraw-Hill Professional, New York. Cousins, P 2008, Strategic supply management: principles, theories and practice, Prentice Hall Financial Times, New York. Daft, R & Marcic, D 2008, Understanding Management, Cengage Learning, Mason. Davenport, T 2007, Strategic Management in the Innovation Economy: Strategic Approaches and Tools for Dynamic Innovation Capabilities, John Wiley and Sons, New York. Drucker, P 2006, the Practice of Management, Collins, New Jersey. Hill, C & Jones, G 2008, Strategic Management: An Integrated Approach, Cengage Learning, Mason. Hitt, M (2008), Strategic management: competitiveness and globalization: concepts & cases, Cengage Learning, Mason. Kang, K 2007, Strategic Business Management, Deep & Deep Publications, New Jersey. Koontz, H & Weihrich, H 2006, Essentials of Management, Tata McGraw-Hill Education, New York. Mc Loughlin, D & Aaker, D 2010, Strategic Market Management: Global Perspectives, John Wiley and Sons, New York. Mentzer, J 2007, Handbook of global supply chain management, SAGE Publications, New Jersey. Merna, T & Al-Thani, C 2007, Corporate Risk Management, John Wiley and Sons, New York. Morgan, M et al 2008, executing your strategy: how to break it down and get it done, Harvard Business School Press, New York. Reuvid, J 2012, Managing Business Risk: A Practical Guide to Protecting Your Business, Kogan Page Publishers, New York. Stacey, R 2007, Strategic management and organizational dynamics: the challenge of complexity to ways of thinking about organizations, Financial Times Prentice Hall, New York. Stegmann, J 2009, Strategic Value Management: Stock Value Creation and the Management of the Firm, John Wiley and Sons, New York. Tesar, G 2003, Strategic technology management: building bridges between sciences, engineering and business management, Imperial College Press, New York. Williamson, D et al 2003, Strategic management and business analysis, New York, Elsevier, Butterworth-Heineman, New York. Zinkin, J 2011, Challenges in Implementing Corporate Governance: Whose Business is it Anyway?
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