Strategic management Strategic management can be viewed as a set of skills that should be used to define and implement the managerial skills of personnel and its impact can be seen across the entire organization. As such, defining the strategic direction of a company is not a task and comprises a host of different corporate functions. The modern industry understandably recognizes that successful companies are those that have conceived and implemented a broad set of strategies to evolve within the market, improve the productivity and satisfaction of their employees and create the best possible environment to thwart any competition.
As such, strategic management comprises an elaborate exercise and does not serve to provide the best fit in any way. Additionally, a company can stay in business if and only if it can match up to its customers’ expectations and this is only possible in the presence of a composite organizational strategy. A well-placed corporate strategy adds value to the company and to its customers in the long run by fulfilling the latter’s requirements satisfactorily than competitors and the best way to exceed customer’s expectations is by having a sound strategy in place (Gregory Dess, 2004). Companies develop their strategies to achieve all the above-mentioned aims through an elaborate process that involves experimenting, learning the various processes and outcomes involves, weighing the available options and selecting those that are robust and most appropriate for the existing scenarios that need to be tackled.
The best outcomes are often used to shape the strategic intent or focus, which highlights the position in which the company intends to be as a result of the accompanying strategies (Paul Joyce; 2001). Any corporate strategy has to be implemented across several disciplines and functional areas within the organization, which requires the appropriate cross-functional management that aims to capitalize on better functional excellence.
This is possible for strategic manager by having a broader view of their functions and responsibilities and developing an understanding of the ways in which their actions fit into the intricate network of organizational processes within the firm. All the broad components of strategic management described above are based on a single sided methodology to formulate corporate strategy although the actual processes and techniques involved may be different.
Managers today are no longer confined to operating within their domains and have to deal with a composite business system. Working in this broader environment requires not just the formulation of the strategy, but also the recognition and proper use of real energies that drive these strategic processes (Peter Wright, 1996). A well-defined leadership on the part of managers that is driven by results provides for a balanced management of all business systems within the corporate entity. Business strategy in the current scenario is being researched across various theories.
However, the most popular and highly accepted medium for deriving business strategy is the resource based theory that focuses on the subject of economic rent and views a corporation as a set of capabilities. The resource based view of strategy is thus coherent and plays an integrated role that provides the much needed depth in strategic decision making. The proposed analysis of corporate strategies must take real market factors into consideration as they provide the best and actual information on trends in the market. The recent financial crisis has created an environment where every company has faced problems due to reduced consumer spending, lack of credit and depreciation in stock value.
Faced with multiple challenges, the ways in which different companies have managed to overcome the crisis, stay afloat and re-ignite the growth in their business has required many to revamp their corporate strategies and fight to protect and shield their business from the destructive forces in the market. This situation provides ample opportunity to conduct primary research in the form of interviews and surveys, which will provide real-time information and insights into ways in which corporate managers have tackled the challenges of the situation. Companies today are working towards a customer-centric approach based on sound entrepreneurial strategy.
Besides aiming for market leadership, companies are focusing increasingly on innovation as a means to provide better and cheap products to consumers. Analyzing all these areas through personal interaction with managers from various companies will provide important information on ways managers have gone about achieving these aims (Philip Sadler, 2003). By managing the strategic forces in a company, managers today face a daunting task not just to revive and re-establish their business, but to take their organization to levels that will ensure sustainability and profitability in the years to come.
This is only possible through proper envisioning and communication of ideas and striving towards a broader strategic advantage in the long run. Research methodology Strategic management is a vast discipline and comprises a number of theories that have been discussed over many years across the world. As such, a vast amount of information is available in various books, journals and magazines in the form of theoretical discussions, case studies and other forms of discussion.
The study will first aim to benefit from these secondary sources by studying and collecting information on various management studies and outcomes related to strategy. With a sound knowledge on the necessary theoretical framework, the study will then move on towards identifying key companies in several industrial sectors and contact people in various managerial roles in these firms to set up meetings for obtaining information on the various practices and roles played by them in defining the strategy for their organization.
This is being considered with the view that securing information from people involved in strategy and decision making within firms will benefit the study by providing the latest information on the procedures and procedures being followed within the target disciplines. During the interviews, managers will be questions on various aspects related to their roles and responsibilities and an elaborate questionnaire will be utilized for this purpose. All responses and feedback will be stored in a requisite format that will facilitate easy retrieval and use in the future. Thereafter, the study will collect all the obtained information, format it and apply the theories and procedures identified initially for coming out with proper inferences that will help identify and establish the relevant outcomes.
All results and analysis will be explained in a detailed manner and discussed elaborately in the subsequent dissertation. Project timeline Total duration: 4 years (48 months) 6 months: Collection and study of theory and literature related to strategic management. Identification of relevant information. 1 year: analysis of various industries. Identifying specific companies for the study. Contacting key personnel in managerial roles within these firms and conducting surveys and interviews with them.
Storing all feedback in appropriate format for further analysis. 1 year: analysis of collected information from survey through application of relevant theories identifies in first phase. Obtaining inferences and trends in approaches towards strategic management of firms. 6 months: studying management across specific industrial sectors. Identifying common aspects and differences in management among various sections of the industry. contacting managers again in case further clarification is deemed necessary. 1 year: preparation of the dissertation. Including analysis and results of the study. Ensuring that study follows specific standards in reporting and referencing. References 1.
Gregory Dess (2004), Strategic Management: Creating Competitive Advantages. New York: McGraw Hill. 2. Paul Joyce (2001), Strategic management: a fresh approach to developing skills, knowledge and creativity. London: Kogan Page. 3. Peter Wright (1996), Strategic management: concepts and cases. Boston: Prentice Hall. 4. Philip Sadler (2003), Strategic management. London: Kogan Page.