StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Stratigic Management - Essay Example

Cite this document
Summary
Strategic Management Name: Course: Instructor: Date: Strategic Management According to studies, strategic management offers a framework on which an organization can take analysis of its essential initiatives taken by the senior management on behalf of the company and its ownership…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER94.8% of users find it useful
Stratigic Management
Read Text Preview

Extract of sample "Stratigic Management"

Download file to see previous pages

This is designed to achieve the objectives laid down by allocating resources for plan and policy implementation, including the programs and projects an organization undertakes nationally or internationally (Kim and Stimpert 2004, p.39). Strategic management generally offers a way through which a sensible scorecard can be drafted. The scorecard is a means through which an organization will have a clear evaluation of its overall performance and be able to evaluate itself in terms of general business evaluation in view of its progress towards the drawn objectives.

Others studies indicate that, there is consistency in terms of strategies only when the actions and behaviors of the organizations get consistent with the set goals and objectives, including the expectations of the management as a team of leadership in the organization. Consistency will be realized when also the actions of the organization are consistent with the market and its context at various stages; because the market situations keep fluctuating every now and then (Wheelen and Hunger 2003, p.46).The consistency of the organization is supposed to match up the market changes for its competitive advantage (Deephouse 2006, p.48). Findings show that strategic management involves the board of directors or the management team and key stakeholders who form part of the team that sets objectives and goals of the organization including the allocation of key resources necessary for achieving the goals set.

In general, strategic management is essential in helping an organization to formulate and implement policies that assists in aligning it with its environment so that the set goals can be achieved in the end. A global organization needs a good and structured management model depending on its choice of operation, size, and the need to comprehend investor requirements and views. Various strategic management approaches key to the evaluation process of an organization, especially an organization that has global presence in foreign markets, exist.

Universal (systemic), conventional, ‘evolutionary’, and ‘processaul’ methods. Studies related to these approaches indicate that, descriptive schools give a description on how strategies need to be implemented to achieve the best results for an organization (Pine and Gilmore 2005, p.43) . On the other hand, prescriptive schools of thought are used in designating- the perceived best practices for achieving set goals in line with the objectives. To start with, concerning the strategic management approaches, the strategy formation, which is classical school; emphasizes that the preliminary undertaking in view of strategic management.

This involves the formation and dissemination of the vision, and the mission statements of the organization (Kroll 2005, p.60). This gives the organization specifications concerning the scope of activities and the target markets that the organizations intends to serve. This is followed by the performing of situation analysis, contender analysis (internal and external), self-examination, and examination of both micro and macro environments of a business. The organization and its historical background The basis of this discussion will largely explore global strategies revolving around Dell Inc.

as an international business. According to studies, Michael Dell in Texas founded Dell as a multinational information business organization in mid 1980s; it had its

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Stratigic Management Essay Example | Topics and Well Written Essays - 3000 words”, n.d.)
Retrieved from https://studentshare.org/management/1475941-stratigic-management
(Stratigic Management Essay Example | Topics and Well Written Essays - 3000 Words)
https://studentshare.org/management/1475941-stratigic-management.
“Stratigic Management Essay Example | Topics and Well Written Essays - 3000 Words”, n.d. https://studentshare.org/management/1475941-stratigic-management.
  • Cited: 0 times

CHECK THESE SAMPLES OF Stratigic Management

Strategic Management: Strategic Choices

Strategic management: Strategic Choices Training and Doctrine Command (TRADOC) Mission of TRADOC Training and Doctrine Command (TRADOC) mission is to develop the soldier, train and educate the soldiers, the leaders and the civilians; supports unit training, designs, integrates and builds a versatile mix of formations, capabilities and equipment in order to strengthen the US Army (TRADOC, 2012)....
3 Pages (750 words) Essay

Importance of Resource Based View for Strategic Management

Strategic management Table of Contents Introduction 3 Importance of Resource Based View for Strategic management 3 Conception and Importance Of Strategic management 4 Role Of Strategic management In Helping A University At The Quest For Competitive Advantage And Real Life Examples 5 6 Conclusion 7 Reference List 8 Introduction Strategic management is regarded as a procedure that takes into consideration aspects like actions, analysis as well as decisions supporting an organisation towards the attainment of organisational objectives....
4 Pages (1000 words) Essay

Strategic Management and Critical Challenges in Crisis Management

Strategic management INTRODUCTION The contemporary business environment has become highly dynamic and uncertain.... Strategic management in crisis situations, also referred as crisis management in organizational contexts, is the art of designing as well as executing plans to mitigate the obstacles witnessed in particular circumstances towards the ultimate achievement of organizational goals.... hellip; Crisis management plan must be prepared keeping into consideration the overall safety of the strategic planning process....
15 Pages (3750 words) Essay

Dewhurst Major Supplier for Mark & Spencer Company

New management and armies of consultants have worked frantically to reverse the trend and in the autumn of 2001, George Davies the creator of Next, launched a new range of fashionable clothes to tempt shoppers back.... Marks & Spencer has existed since 1884 (when it was founded as a market stall by Marks); it became a partnership in 1894 when Spencer - a clerk for a clothing company, Dewhurst, which is still a major supplier for M&S - joined him....
14 Pages (3500 words) Essay

Stategic management (strategic thinking)

In order to understand the importance of strategic management and strategic thinking, it is first important for an individual or group to fully understand strategy, why it is difficult to be a strategist, and be able to appreciate how strategic decisions are made in an organization....
3 Pages (750 words) Essay

Strategic Management

The bank has viewed itself as more than a bank; it sees… lf as a member of the Australian financial services industry, diversifying its services into insurance, credit cards, building societies, and wealth management services. 2.... These achievements prove that Bank of Queensland has applied sound strategic management principles and practices....
11 Pages (2750 words) Essay

Strategic Management of Google

By 2000, the search engine started operating in around 15 languages and has gained a huge reputation in the international market (Priem & Butler, 2001).... It proved… In 2004, the company gained reputation in the market with around 19,606,042 shares and at a starting price of $83 per share. In 2002, Google launched a new program known as Adwords, which is a cost per click In 2010, Google was considered as the leader of technology that aimed at providing information to the people from any part of the world and the Google maps helped the customers to find directions as per their requirements (Hamilton & Nickerson, 2003)....
5 Pages (1250 words) Case Study

Strategic Management Techniques in the Public Sector

… 343300 - Strategic ManagementStrategic management Techniques in the Public SectorWhat is strategic management?... trategic management, on the other hand, is the larger, more holistic process that encompasses the planning, implementation, evaluation, and 343300 - Strategic ManagementStrategic management Techniques in the Public SectorWhat is strategic management?... trategic management, on the other hand, is the larger, more holistic process that encompasses the planning, implementation, evaluation, and updating of a strategic agenda aimed at maintaining the most viable fit between an organization and its external environment and moving into the future in a deliberate, purposeful manner....
8 Pages (2000 words) Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us