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Strategic Management: An Overview
Simply saying, Strategic Management is the method of designing, implementing, and managing the strategic decision making process.
It is a continuous process for a dynamic organization, since, a target oriented company needs to change their strategy as per the market requirements. Thus, formulation, adjustment and implementation of strategies never stop. The purpose of an organization depends on the two basic factors –
- The procurement of resources like men, money and machines.
- The short-term and long-term target of the organization.
Naturally, the strategic management of the company basically meant for these two fundamental aspects on which the success and failure of a company depend.
Strategic Management is nothing but some major decision making process on which company’s line of action depends. It inevitably includes the following aspects –
- The scope and need of the company’s major activities
- Rationality behind those activities to the environment within which the company is operating
- Matching the activities with the resources of the company and vice versa
- Procurement of the resources
- Distribution of major resources
- Taking feedback on the impact on various operational and marketing decisions
- Considering the standards, goals and expectations of those influencing strategy
- Designing the long-term operational process for the company
- Evaluating the implications of change processes
Experts describe Strategic Management with respect to the three main elements –
- Strategic analysis – It encompasses the business environment, key resources, expectations of the management and other stake holders, objectives of the company etc.
- Strategic choice – It encompasses selection of right strategy in a given context and evaluation of options.
- Strategy implementation – It is all about resource planning, organizational structure and the systems.
Thus, Strategic management is an on-going process, where the creation of a new strategy and review of an existing strategy have been continuously done by the experts. As every company is unique, there is no hard and fast rule for the professional to be used in different perspectives. Even, in the same company, strategy constantly changes depending on the several variable factors.
Successful Implementation of Strategy
Successful execution of a strategy practically and inevitably indicates effective deployment of a Strategic Management tactic.
At different points of time, the best known companies have proved repetitively the importance of right strategic management approach. Strategic Management is such a subject that can make or break an organization. That’s reason why the companies emphasize on this aspect of management so much. In recent past companies like Apple, Microsoft, Google, British Airways, Taco Bell, etc. have shown the power of Strategic Management. Some minor changes in the operation and management have bought some drastic changes in these companies and they become world leaders today.
So for the successful implementation of strategy, following characteristics in the concerned professionals are important –
- Clear understanding of all matters related to the company.
- Clear understanding of the external environment including supplier market, competitors’ position in the market, customers’ changing demands and so on.
- In-depth knowledge on the other streams of management.
- Excellent communication skill and ability to comprehend future aspects of the market.
Tougher sides of Strategic Management assignment
Thus, it is really hard to comprehend what skills are required to complete an assignment successfully. A student needs to be prepared for any kind of task accompanying an assignment. This is the toughest part of Strategic Management assignments, and for this reason students prefer to take expert assignment help from BookMyEssay.
Besides, many other technical issues often come up that hinder successful accomplishment of Strategic Management assignments. Some of these issues are like the following ones –
- Lack of references that are frequently needed to interpret a situation given in the assignment.
- Lack of flawless English writing ability.
- Inability to comprehend the basic task inherent in the assignment and adhering to that task only.
- Following the guidelines and deadlines.
The highly experienced Strategic Management Assignment writers are capable enough to fill-up these and many other deficiencies in a student. A writer expert in this type of writing, approaches an assignment in such a way that an examiner is sure to get impressed on the student. They follow the guidelines, referencing styles, deadlines and all other parameters very strictly. Thus, by getting Strategic Management Assignment Help, the best scores in the assignments are always assured.
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