1.What is strategic management? Strategic management or planning involves structured initiatives aimed at producing fundamental actions and decisions which serves to guide and shape an organization in terms of its endeavors and how to achieve them through future focus. In this effort, strategic management defines the organisations’ vision, mission, goals, values, objectives, responsibilities and roles, timelines, etc. This process called strategic due to its involvement in preparation of the best means of responses to eventual circumstances within its working environment. The responses focus on strategies regardless of whether the events occurring are known in advance or not.
The reason is to appropriately tackle emerging hostile and dynamic environments. Strategic management thus means having visionary organization's objectives, resources, and incorporation of both into responsive readiness to working conditions dynamisms. Strategic management is as well useful in supporting strategic thinking for best management practices such as efficiency and effective in an organization. Strategic management can be categorized programmatic, organizational, and functional strategies. The categories are only differentiated based on the specificity of focus. For example, organizational strategy is geared toward planning avenues for development such as earned income, collaborations, selection of businesses, Joint ventures or mergers, etc.
on the other hand, programmatic strategy outlines management, development and delivery programs. Functional strategies in an organization aims at articulating administrative management which supports requirements impacting on the effectiveness and efficiency of organization such as designing a financial system that caters for accurate information based on cash accrual techniques. 2.How do strategic differ from other managersStrategic management differs from other management functions based on its key role which emphasizes on ‘assumed’ environment. While other management such as administrative, human resource and other being concerned with usual functions in the organization system.
Strategic management is focused towards development of plans that steers the organization in achieving intended goals either short term or long term. The assumption is that current or existing knowledge about future conditions provides sufficient information for implementing change in the organization in the face of dynamic business in future. 3.What kind of roles do strategic managers playStrategic managers in an organization are competent and reflective leaders who play crucial roles in modeling core organisational competencies. They have capacity of recognizing and integrating core business values from daily operations into strategically organized and informative skills training to equip staff at all levels in anticipation of future organizational challenges.
In this regard, strategic managers assume definitive and strong influence on the breadth and depth of company business operations. The unique qualities and roles played by strategic managers stem from their competence and attributes which foster working relations with other employees. This is because, poor relationships often lead to negative impact on workers competence eventually resulting to customer satisfaction, declining spirals in morale, and ultimately on the organization success.
Therefore, strategic managers play essential roles of leadership and are committed to stewardship of company vision. 4.What kind of support do they needStrategic managers require empowerment, positive, encouragement, trust, nurturing, confidence, and mutual respect for their initiatives in order for the organization to realize it set goals.