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DEFINITION

The logical analysis of factors associated with customers and the external environment (competitors) and the organization itself to provide the source for maintaining most advantageous management practices. The objective of strategic management is to achieve better alignment of corporate strategic priorities and policies.

 WHAT IS A STRATEGY?

Basically a strategy is a plan of action that is designed to achieve a explicit (specific) goal.

 WHAT ARE THE KEY POINTS OF STRATEGIC MANAGEMENT?

  • Strategic management is a set of executive decisions that conclude the long term concert of a business motion.
  • Strategy specifying the organization's vision, objectives and mission; developing plans and policies; and allocating the resources to execute those plans and policies.
  • Strategy is all about ahead a position of improvement over adversaries or best exploiting promising possibilities.

THE NATURE OF STRATEGIC MANAGEMENT

The process of strategic management is basically concerned with decisions. Organizations create about their future trend and the implementation and development of strategies. This will improve a competitiveness of the organizations. Thus there are many diverse approaches to strategic management. They all have their aim of establishing the rationale of the organization and guiding managers on how to execute strategies to accomplish organizational goals.

THE IMPORTANCE OF STRATEGIC MANAGEMENT TOWARDS THE SUCCESS OF A BUSINESS

Strategic Management (SM) is used to play a diverse role in more conventional times after Second Word War. Strategic tactics of the past typically range 3 to 5 years. Strategic management involves making a sequence of decisions regarding what type of actions the company intends to obtain to become more flourishing. A company frequently goes through a strategic planning procedure once a year, creating a document that is, in essence, a guidebook for management team to use in upcoming year. Companies should endeavor to make the strategic management a continuing, year-round practice. The strategic management is the ability to predict major shifts in the competitive marketplace and identify the emerging opportunities.

TYPES OF STRATRGY

1. Business strategy: - Business strategy is the primarily concerned with how a company will move towards the marketplace (where to play and how to win). Where to play answers the questions similar to, which geographies will we wrap, what services and product will we bring to market, which customer segments we will target. How to win answers the questions like, how we will position ourselves beside our competitors, what unique approaches will we apply to build new markets and what capabilities will we utilize to differentiate us from the competition.

2. Operational strategy: - Operational strategy is mainly concerned with precisely translating business strategy into a actionable and cohesive implementation plan. This type of strategy answers the questions, which capabilities require to be enhanced, what type of technologies do we require, which processes require the improvement, and do we have the people we require.

3. Transformational strategy: -Transformational strategy goes beyond typical business strategy in that it requires the highly and radical disruptive changes in process, technology and people. Transformational strategy is usually the domain of organizational development, consultants and Human Resources.

FUNCTIONS OF STRATEGIC MANAGEMENT

*The functions of the strategic management describe the strategies of organization. The top managers are the one who define the strategy of an organization, but the company workers put their effort to accomplish the goals.

*Strategic Management is to develop the strategic plans of the firm. Strategic plans are attached to the departments of organization and may be a certain object the department may want to get for the advantage of the whole organization.

*The main Functions of Strategic Management is to check the success of the strategies already locate. Monitoring involves the checking process if the strategies are performing in conflict to the expectation of top manager.

SCOPE OF STRATEGIC PLANNING FOR MARKETING

Strategic planning is a managerial task concerned with the future and growth of a business enterprise. Strategic planning can be viewed as a flow of actions and decisions that pilot to effective strategies and which help a firm to achieve its growth objectives. The process involves a methodical self-appraisal by the corporation, including an assessment of the businesses it is occupied in and environment in which it operates.

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