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Strategic Management

Essay by   •  October 9, 2018  •  Essay  •  965 Words (4 Pages)  •  49 Views

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        Strategy is an outline of getting near or achieving goals of an organizations. It can be defined in various methods. Objectives or goals of an organization indicate that something needed to be accomplished and the timeline of obtaining goal with different strategies. Every organization will have their own vision and mission where it includes what the organization wants to attain and the ways to achieve the vision. Strategies are the basic of success for an organization as it usually starts to outline a design plan for doing some activities.

Management have to proactively create the way of operating a business, so it is said that strategy is important towards every organization. (Thompson, Strickland and Gamble, 2007) They also declare that a clear and exhaustive considered strategy is management’s prescription for conducting business, its road map to competitive advantage, its type of action for satisfying customers and raise financial performance. Moreover, they say that a strategy centered endeavour will likely be a formidable indispensable concern performer that an organization whose administration sees strategy as discretionary and puts its needs some place else. Noticeable strategy and implementation have an altogether positive result on income growth, profit, and return rate for investment. O’Brien and Dyson (2007) demonstrated that strategic management process is a vital improvement process. They attest that the key advancement process grasps the administration procedure that advise, shape and bolster the key choices confronting a company. Their tendency towards the term strategic improvement process is prefaced on three key issues which they highlight. Firstly, the authors contend that strategy formulation and execution are indivisible business activities in which company connect on a persistent premise, henceforth the ideology of facilitate advancement is vital to their cogitation. The other objective at the back of their methodology is by the large adopt term “strategic planning” has turned out to be spoiled by association with the creation of certainty, one-shot 5- and 10- year projects, which prescribes unyielding nature in mulling what’s to come. Their last contention is that “strategic management” is as well free a term to portray the complement that must be put upon reflective commitment and systematic scrutinizing that portrays their endorsed strategy (Edgar, 2016)

Besides, according to Fred (2011), it also stated that organizations would take more initiative opportunity by having strategic management in the company, instead of modelling futures by control its own with impact activities. In today’s world, the benefits of strategic management are something that majority of the organizations out there are aware and understand about. When a company is planning strategy, it will also help to enhance the relationship between employees. (Nedelea and Paun, 2009) When the managers and employees are participating in planning and executing strategies, they will communicate and help each other to make a greater commitment towards organization success. With all the efforts done by all employees and managers of the organization, the strategy will be implemented successfully, and it will help the organization to earn more profit in return. (Athapaththu, 2016)



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