The paper "Aspects of Strategic Management and Its Implementation with Regards to a Company" is a good example of coursework on management. Every company whether at national or international level is always concerned with three important facets of its operations; one is the present standing of the company both internally in terms of its financial structure as well as externally in terms of its market reputation (Porter M. E., 1996, pp. 65-67), second is the future of where it wants to see itself after some years down the line; and third, the processes and methods which it will adopt in order to fulfill the company’ s future plans.
These processes and methods constitute a strategy through which it charts out a roadmap to compete successfully with its rivals in the industry, to attract and win over customers, to grow and achieve its long term goals and objectives (Thompson Jr. , et al. , 2006, pp. 3). In this paper, an attempt has been made to analyze and study this wide concept of ‘ Strategic Management’ with a macroscopic view of it. A scan of all the theories and contexts which encapsulate strategic management along with a nexus that these theoretical concepts have with the practical sphere is achieved.
Every strategy principle has a certain application in particular company situations which has also been illustrated here. Strategic Management – The Theory The strategy aspect of a company generally is a top-down approach where a corporate strategy generated at the topmost level orchestrated by the CEO and other senior executives percolates down to the functional and operational level strategies. Strategy planning and then its execution requires an in-depth understanding of the concepts of strategy. Business Environment Fundamentally, an external analysis of the company’ s environment is a must to understand.
At a macro/global level, certain factors such as the economic conditions, legislative policies, population demographics, societal lifestyle, and technology-related innovation affect a company. At a national level, the local market, labor supply, fiscal policies, regulatory environment, and competition impact a company. At an immediate company level, a tool to diagnose the competitive environment is ‘ The Five Forces Model’ (Porter M. E., 1979, pp. 137-145).