Strategic Management Words | 13 Pages. Introduction Strategic Management focuses on the long-term scope and direction of the organization which enables it to achieve advantages through matching resources to the changing environment to meet Strategic Management Essay. Words14 Pages. Strategic Management. Introduction. To deal effectively with the wide array of factors affecting the ability of a business to grow and prosper, managers need advanced processes they feel will facilitate the optimal Short Essay on Strategic Management April 4, 1 Definition of Strategic Management Strategic management is the process where managers establish an organi-zation’s long-term direction, set the specific performance objectives, develop strategies to achieve these objectives in
Strategic management - Words | Essay Example
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A strategic plan is an essential ingredient in the creation of the best institution or even in the personal success Birkinshaw, strategic management essay, Leadership and good management intuition are not strategic management essay heuristic for the successful management of the organization.
Strategic management is concerned with the identification and execution of the organizational goals with the market demands. A standard strategic management plan follows a certain sequence which makes up the heuristic of organizing a strategic plan David, The first step of strategic management is the definition of the current level of business and the mission.
This step seeks to look at strategic management essay far the organization is at as far as the mission is concerned. The next step is carrying out the external and internal audits. Both audits facilitate the situational analysis whereby the organization seeks to find out the actual scenarios that surround it, strategic management essay. It also helps in the creation of the right approach to the issues that face the organization Birkinshaw, The third step is the formulation of new mission and vision statement of the organization.
The mission is a generalized objective and there is no way of ensuring implementing the mission Sadler, This leads to the fourth step which is the translation of the mission into measurable and attainable goals.
Goal formulation has a more focused approach than the mission statement formulation. The fifth step in the strategic management process is the formulation so the strategies that are to be applied in the attainment of the strategic goals. Strategies assess the most effective approaches that an organization can employ in the attainment of the already formulated goals Strategic management essay, The sixth step in the strategic management process is the implementation of the strategies, the final step is the performance evaluation on the effectiveness of the strategic plan.
Strategic management unlike processes like inventory management process is important in that it leads to the creation of the right approach to the issues that face the organization. Ford has been facing a lot of challenges from the competition and market dynamics. Toyota and Nissan have proven themselves to be worthy competition for Ford Company since they are able to produce their vehicles with the market in focus. Japanese car manufacturers also have the advantage of cost efficient production processes.
Ford vehicles are highly priced hence not appealing to the low-income earners Birkinshaw, The above issue proved that the company needed to place more focus on the final user of the product and come up with a sustainable business model.
With a view of change in mind Ford came up with a strategic plan dubbed The Way Forward. The plan involved downsizing the number of employees, closing up numerous plants and automation of most of the production process David, The steps followed in the creation of the strategic plan included; strategic management essay of the external and internal audits, formulation of the new mission, strategic management essay of strategic goals, formulation of strategies, implementation of the laid strategies and finally, evaluating the performance of the new strategy.
Birkinshaw, J. Strategic management 1st ed. Cheltenham, strategic management essay, UK: Edward Elgar Pub. David, strategic management essay, F. Upper Saddle River, N. Sadler, P. Sterling, VA: Kogan Page. In the strategic management analysis below, three companies that are global leaders in their respective fields will be used. These are KFC Kentucky Fried ChickenShell and Anwell technologies. The core industries in which these three companies deal are extremely competitive and it is mandatory that every company constantly puts its best foot forward if it is to remain at the top of the food chain, strategic management essay.
Internal and External Environments, strategic management essay. The environment in which a business finds itself is arguably the most important factor insofar as its success is concerned.
Believing that charity begins at home, these three companies strive to ensure that their internal factors are at the most favorable they can be to favor profitability. Some of the key factors that Shell, Anwell Technologies and KFC critically consider include raw material availability, labor availability and industry specific laws.
For example, KFC and Shell have numerous offices in different parts of the world. They ensure that they set up shop in locations that are politically stable, socially favorable preferably with a population having high purchasing powereconomically viable strategic management essay technologically supportive.
Anwell Technologies, for instance, has set up oversees offices in Delhi and Sao Paolo that are surrounded by all these favorable macro factors that support business prosperity.
Competitive Advantages and Strategies. In their quests to remain at the top, competitive advantage has been a key ingredient in the soup of success that these companies enjoy.
KFC has maintained its competitive advantage in the fcat that it offers, arguably, strategic management essay, the best fried chicken in the world.
This strategy allows KFC to lure plenty of customers that are then turned into loyalists once they enjoy the tasty fried chicken. Anwell Technologies, on the other hand, strategic management essay, has also managed to remain afloat of the competition, despite the high levels of competition in this industry. The manufacture of photovoltaic cells and OLEDs is a fairly crowded business due to the many investors all over the world looking to earn their livings from this industry.
However, strategic management essay, Anwell has managed to position itself as a global player insofar as photovoltaic cell and OLED manufacture are concerned. The key strength of Anwell is that it is able to position itself extremely well, providing limitless opportunities for the manufacturing giant. Choosing to market itself in cities such as Delhi, Sao Paolo, Hamburg and Sydney allow Anwell to market itself to a large population that is also coincidentally made up of a large number of youths.
This allows Anwell to market itself as a global leader in the manufacture of OLEDs and photovoltaic cells, as well as secure possible future loyalists from the youngest age possible. The diversity and dynamism of Shell is its key selling point. Value Creation and Sustaining Competitive Advantage. The need to increase product value within the demand and supply chain has long been taken as a route to sustainability and value creation.
For instance, the introduction of local accompaniments with a foreign twist as accompaniments to basic KFC dishes has enabled the franchisees to increase the value of their business. This is because their businesses are able to resonate with the locals. In the matter of Shell, localizing the international products to fit local conditions, strategic management essay, rather than just mounting an international commercial or strategy that is expected to work in all parts of the world.
The ability to be foreign, with a touch of locality, adaptability and uniqueness has enabled companies such as KFC, strategic management essay, Anwell and Shell to remain sustainable, while simultaneously increasing the value of these companies-much to the liking of investors, strategic management essay.
Verifying Strategic Effectiveness. Inasmuch as employing a strategy is essential it is not an outright guarantee of success. For success to be realized, it is mandatory that appropriate measures are employed to ensure that the guidelines set to realize maximum profitability are strictly adhered to. In addition to this, self analysis by the company has often proven to be one of the most vital tools towards realizing strategic effectiveness. These measurement guidelines are drawn to guide companies such as Shell, Anwell strategic management essay KFC towards realizing the future in the best, and most profitable, way possible.
Being able strategic management essay stick to the targets has been instrumental to the success that these companies have enjoyed. This is because even when things were tough, these businesses were able to remain afloat. The fact that these businesses were wired to follow the strategic management plan has proved essential to their strategic management essay. This combination, strategic management essay, has helped a great deal to shape the courses chartered by these institutions towards success, strategic management essay.
Working to improve on the weaknesses, rather than avoiding them, has played an integral part in the success stories of these institutions. The use of such data in the course of making major decisions concerning the company could prove to an strategic management essay tool that strategic management essay the making of clear judgment and business-wise decisions even under intense pressure.
This helps to avoid possible catastrophes in terms of management, thereby preventing losses. Guideline Effectiveness. In the matter of determining the effectiveness of any management strategy in an organization, there are essentially three parameters that are considered.
The first, strategic management essay most important parameter, is profitability. For any business to rank in the same category as Anwell, KFC and Shell, it must be profitable for its size, whether large, medium or small. Profitability serves as the direct representation of strategic management effectiveness because it is essentially a translation of more clients joining the company fold.
Because it favors rise in profitabilitya properly designed and implemented strategic management plan will result in profitability. The second parameter in the matter of testing the effectiveness of the guidelines lies in quality maintenance. Inasmuch as many people love having a full plate of food, ensuring the food is of impeccable quality at the price is essential.
This is because quality is what keeps the clients coming back. The last parameter is customer satisfaction. Satisfied customers are happy customers, and that results in the development of loyalists. Ensuring that the clients are served in a way that makes them feel cherished is one of the strategic management essay applied by Shell, KFC and Anwell.
By putting their customers above all else, these institutions are essentially working to test to effectiveness of their strategic management plan, as well as have the opportunity to obtain critical feedback from the customers. Since feedback is a crucial process of the strategic management plan, then it is undisputed that a good strategic management plan pays close attention to all the factors that could or do have any bearing on the strategic management plan of the organization in question.
References Hill, C. Strategic Management. Cengage Learning. Hitt, M, strategic management essay. Strategic management: Competitiveness and globalization. Mason, strategic management essay, Ohio: South-Western.
Strategic management. London: Kogan Page. In the recent past, the field of business has been experiencing immense growth.
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Jan 11, · This essay discusses the concept of strategic management by describing what it is, with regard to business management. Additionally, the analysis will give a brief explanation of diversification and why it is necessary in business Short Essay on Strategic Management April 4, 1 Definition of Strategic Management Strategic management is the process where managers establish an organi-zation’s long-term direction, set the specific performance objectives, develop strategies to achieve these objectives in Mar 10, · Strategic management is the set of managerial decisions and actions that determines the long-run performance of a firm. The question however arises as to whether strategic management is an art or a science or that it is simply a mixture of luck and good blogger.comt: Strategic Management
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