Note: Sample below may appear distorted but all corresponding word document files contain proper formattingExcerpt from Essay:
The concept of strategic management is one that is highly important to organizations around the world (David, 2009). It involves taking a look at the top management of a company and the resources that management team is using on behalf of the company's owners and in order to show a specific level of performance. The mission, vision, and objectives of the organization must be examined, and it is necessary for them to come into play when attempting to understand the issue (Mintzberg, Ahlstrand, & Lampel, 1998). Plans and policies also have to be developed, and programs and projects must be created to meet the objectives that have been set by the company. When resources are allocated in order to ensure that these objectives can be met, strategic management helps to set out the right resources in the right amounts and at the right time so that the company can become and remain successful (Dess, Lumpkin, & Taylor, 2007; Grant, 2010).
The company then uses a balanced scorecard to evaluate its performance and see how much progress it is making toward its objectives (David, 2009). Studies have indicated that the expectations of stakeholders should be used as a jumping-off point for companies that are attempting to determine what kinds of goals they should have and how they should go about reaching those goals (David, 2009; Dess, Lumpkin, & Taylor, 2007; Grant, 2010). Addressed here will be the current situation as it relates to strategic management, as well as the history of the issue. Both of these are important to understand, because where something came from is often just as important as where it is now and where it is going. Understanding the past can help a company make good choices about its future, and can help a person or a company determine whether there were mistakes made that should be corrected in order to keep moving forward and remaining successful.
In order to have a successful study, a review of the literature will be undertaken. Then the methods and standards that were used will be addressed, and any questions that are being considered for further research into the area of strategic management will be discussed. From that point, it is vital that conclusions be drawn and recommendations be offered to wrap up the study. Without these components, it is often not clear whether a researcher has a thorough understanding of what the study was designed to do, and it is also not clear if said researcher is certain as to what else should be done in the area and should be questioned when it comes to that particular issue. In short, studies without these components lack completeness and that can make it difficult for anyone in the future to use the study as a jumping off point for similar studies or studies into related issues.
Reviewing the literature is a significant part of any kind of study, and that is true when it comes to understanding strategic management. The goal is not to address how it works with every type of company because there are often differences that are significant. Instead, the goal is more about looking at the way strategic management was handled in the past and the way it is being handled now. There are important differences to address, and there are some things that have stayed virtually the same throughout any other changes that have been made to the business world. With that in mind, strategic management is an ever-evolving issue with roots that really do not change much from one time period to the next. Having a good understanding of that and being aware of how it plays into what companies do and do not do in order to be successful can go a long way toward being more effective in business (Dess, Lumpkin, & Taylor, 2007; Grant, 2010).
Strategic management is a term that came about in the 1950s (Grant, et al., 2011). It was started and utilized by several different businessmen during that time period, including Peter Drucker and Alfred Chandler (Grant, et al., 2011). The strategy and strategic thinking on which the term is drawn, however, goes back many thousands of years. There has nearly always been strategy of some kind. The value of having a management strategy that was coordinated and that encompassed all of the issue the company was facing was at the heart of strategic management (Grant, et al., 2011). With that in mind, others took that information and ran with it, formulating a vocabulary of words that went with strategic management concepts and defining them so that they could be built upon by others, as well. Since managers were generally in charge of a department and relayed various information between that department and other departments, it was vital that they were on the same page.
When it came to how management worked and how it interacted with one another, the employees, and other companies, there were many issues to address. The way a manager led his followers was a part of the strategic management of any organization, and people who had highly conflicting management styles could sometimes struggle with management issues because they were in disagreement about how the management should be handled (Lewis, et al., 1999). Not all managers disagreed with others who were handling their management goals and responsibilities differently, of course, but it was an issue and a concern that needed to be faced. One of the main issues of strategic management that all managers could agree upon was the idea of addressing issues long-term (Lewis, et al., 1999).
A long-term strategic outlook is a big part of the history of strategic management, as it encouraged people to look outside of their immediate area and time frame so that they could consider strategies that would help them further down the road. The structure of a company follows the strategy, and a company that does not have one does not have the other (Lewis, et al., 1999). Naturally, this is a serious concern for any company that knows it needs to move forward, since there are only so many opportunities for a company to achieve and hold onto success. Without a strategy, there is no proper structure for the company, and without a proper structure the company does not run smoothly and can have trouble making decisions and moving ahead with any issues it needs to address. The history of strategic management is full of fallen companies that did not heed advice and did not build a successful structure based on the proper strategy for long-term success.
Another issue that came about with strategic management was the idea of making sure that the internal factors of the organization matched the external circumstances of the environment (Hamel, 2002). In other words, an organization does not (and cannot) exist in a bubble of its own making. No matter what it plans to do or what it is doing internally, it still must exist in and interact with the outside world. Because of that, it cannot ignore all of the issues that are faced by that outside world, or the changes that may be taking place there. Business regulations, the economy, and all types of other issues affect any organization, and the strategic management of that company must focus on the proper understanding of the outside issues as they relate to internal concerns in the company (Hamel, 2002). If the company does not spend time considering how it will work internally with the issues and requirements of the external world, it will not have an effective strategy that will carry it through problems that could arise (Hamel, 2002).
As strategic management started to evolve, one of the most important issues was to create objectives that were well-defined (Mintzberg, Ahlstrand, & Lampel, 1998). The idea was to ensure that the company knew where it came from and where it was going, and it was not able to do that unless it had objectives that were actually properly defined. A lack of objectives means a lack of direction, and not knowing where it is going can be the kiss of death for any company. In short, a company that does not know where it is going will not be able to formulate a plan for how to get there - and thus will not get anywhere (Mintzberg, Ahlstrand, & Lampel, 1998). Many companies that simply languish do so because they have no clear goals and objectives. They certainly want to succeed and grow and prosper, but they do not know how they can do so and they have no real idea of how they wish to go about moving in the right direction. A company needs to know what it wants.
When managers of a company are unclear about the objectives they want to meet and the time frame in which to meet them, very little gets done. However, it is also highly important to be realistic when…[continue]
Indeed, if we consider a hotel, for example, in an internal analysis, the financial analysis will evaluate the financial health of the hotel, keeping in mind some of the industry's characteristics (such as seasonality) and the fact that the hotel's revenues may somewhat depend on the period it operates in. However, similar to other industries, financial ratios will be calculated based on the basic statements. An internal diagnosis of functional
3) Whether or not I would encourage an entrepreneurial mindset would depend on the type of business I had. Many firms require constant innovation to excel, others do not. Internal innovation can drive business forward, but this does not need to come from the entire company. If the business is one that is well established the preference may be for incremental innovation, in which case the entire firm need not
Strategic Management at McDonald's McDonald's Strategic Management Strategic Management at McDonald's Strategic Management at McDonald's McDonald's: Introduction Organizational Structure and Corporate Governance Industry Sector Analysis Michael Porter's Five Forces Model Key conditions in the External Operating Environment of McDonald's and its Industry The Value Proposition on McDonald's Products Financial Performance SWOT Analysis for McDonald's TOWS Matrix for Alternative Strategies BCG Growth Share Matrix for McDonald's Marketing, Financial, and Research & Development Strategies McDonald's Leadership Joint Ventures, Strategic Alliances, and Partnerships Performance Measurement Methods and Benchmarks Recommendations References Table of Contents Sr.
Strategic Case Study Woolworths Supermarkets Strategic analysis External analysis Turbulence model Porters' five forces 6O/Ts evident Competitive strengths Competitive position in the market Weakness evident Mission statement Vision Strategic objectives Ethics matrix Stakeholder theory analysis Key broad business-level and international strategies Strategic implementation: General perspective Key strategic implementation issues Strategic evaluation Current and future prospects and recommendations Woolworths Supermarkets Woolworths Supermarkets is one of the largest supermarkets in Australia. The Woolworths Supermarkets has been in service for the last decade and has done a lot of production and growth in the
Transforming HR Management to a More Strategic Partner Importance of HR Management Transformation: Throughout the years, human resource management has continued to be an important aspect in many organizations because of its impact on productivity. As a crucial department in the effective functioning of an organization, human resource management has mainly been used as a synonym for personnel management. In order to improve an organization's productivity, human resource management has primarily
In addition, given its bureaucratic and restricted nature, budgets become out of date within a few months. This challenge is associated with the frequent changes to assumptions arising from changes in the market like commodity prices, demand, exchange, and interest rates. A tight budget presents a challenge to an organization and management today in terms of loss of competitive edge (Steele, 2008). This is associated with the current driver's
Management Course The field of management is one that has evolved over centuries and continues to transform to meet the needs of the ever-changing globalized world of business. I have long been interested in this arena of business and its powerful influence and strong importance to virtually every sector and industry. I hope to one day occupy a managerial position and use my knowledge and skills to improve the efficiency,
"Strategic Management The Concept Of Strategic Management" (2012, October 11) Retrieved October 21, 2016, from http://www.paperdue.com/essay/strategic-management-the-concept-of-trategic-82473
"Strategic Management The Concept Of Strategic Management" 11 October 2012. Web.21 October. 2016. <http://www.paperdue.com/essay/strategic-management-the-concept-of-trategic-82473>
"Strategic Management The Concept Of Strategic Management", 11 October 2012, Accessed.21 October. 2016, http://www.paperdue.com/essay/strategic-management-the-concept-of-trategic-82473