Strategic Management 3900 Words on Strategic Management

Why are you taking this course?

I am undertaking this course in strategic management because not only is it a field that I am greatly interested in, but it is also largely for the reason that strategic management is a course that is important and applicable in different fields and aspects. To begin with, strategic management is greatly applicable to globalization which can be deemed to be imperative for the existence of business. Any global aspect has an influence practically on all strategic decisions that are made. In the present day society, the borders of nations do not have any restrictions to the ingenuities that we have and organizations can only continue to exist and flourish if they used the different perspectives of the world. Through the knowledge and understanding of strategic management, managers are able to have clear apprehension of markets, prices, suppliers, creditors, stakeholders and consumers all over the globe. It is imperative that the level of quality as well as the set price is reasonable on a global basis. This is simply because the distance and restriction between business sectors has become almost negligible through globalization (Virtual University, 2014).

Secondly, there is e-commerce which has presently come to be an integral constituent for strategic management. More and more institutions are attaining a comparative advantage by making use of the internet for retailing and also for communicating with the various stakeholders and concerned parties of the company. Not only can companies be able to retail products through e-commerce, they can also undertake advertisements, get rid of paperwork and also be able to convey information. In general, e-commerce is reducing the costs incurred and time spent as well as resources and space and distance used in undertaking business which in turn brings about better service for the consumers, increased efficiency, superior products and higher levels of profit (Virtual University, 2014).

The third aspect is that the natural setting and environment that we live in has come to be a significant and integral strategic subject matter. Since communism is no longer there and with capitalism taking a strong place, perchance there is currently no bigger threat to the society and to commercial activities than the incessant exploitation of the natural environment. There are unlimited wants and desires but the resources required are very much limited. Therefore, so as to satisfy the wants, it is imperative to ensure that there is proper utilization of resources. By studying strategic management one is able to incorporate different themes and subject together. Different courses such as Finance, Research, marketing and management are incorporated and brought together through strategic management in order for companies to flourish and thrive in every industry (Virtual University, 2014).

2.

What do you expect to learn in this course?

I have several expectations from this particular course. I expect to attain knowledge of strategic management which adds to accomplishing the education result concerning comprehensive understanding of economic, management, and environmental characteristics of project management in industrial situations. I expect to gain knowledge in different fields and areas such as viewpoints, contexts and perceptions within business level strategy, corporate level strategy, and network level strategy; the setting in which a company's strategy is undertaken, as well as viewpoints on companies' strategic tenacity, visualization and corporate social responsibility in addition to conceptions and contexts within these viewpoints (NTNU, 2014). I expect to gain competencies and understandings in the analysis of a firm's situation with particular focus placed on the business, corporate and network levels. I also expect to develop recommendations for the modification and enhancement of the strategy of a company (NTNU, 2014).

3.

How will this course help you in your current employment or future career?

In the culmination of this course, I will have the ability to make application of particular processes or procedures of making strategic decisions so as to detect and ascertain strategic selections and opportunities and thereafter be able to come up with a strategic idea for a business corporation within a certain cultural or global setting, and in the end be able to substantiate the inferences or commendations drawn. This in particular will be of great significance in my future career. This course will also assist me in being able to evaluate the impact of the internal environmental factors as well as the external environmental factors that influence the capability of a business organization to attain its strategic objectives and goals. I will also be able to mirror and replicate upon individual and professional understandings, abilities and proficiencies...

Through gaining knowledge form this particular course, I will be able to make rich and intelligible demonstrations of pertinent strategic management understanding and philosophies or ideologies indicating logical objectivity and the instigation and cultivation of novel conceptions (NTNU, 2014).
Assignment Two

Briefly define Strategic Management, its key processes and pinpoint its benefits as why this management approach has come so important to today's corporations

Strategic management can be described as a group of activities and resolutions undertaken by the management that in the end govern and regulate the performance of the company in the long-run. It encompasses making consideration of the internal and external factors affecting the company environment, the formulation of strategies and forecasting of plans, the execution of these particular strategies, assessment and in the end control and regulation. Taking this into account, it can be defined that the study of strategic management focuses on the checking and assessing of the external prospects and intimidations as well as the company's strong suits and weak points (Wheelen and Hunger, 2012: pg. 5).

Strategic management encompasses key procedures. It makes an analysis the main creativities taking into account resources and the performance in external environments that a business's topmost administration and executive team takes in the best interests of the stakeholders. The three initial strides in the whole strategic management process are included in the phase of formulating the strategy. This takes into account the examination, the formulation of the strategy and setting the objectives into place. The last two steps in the whole process consist of execution and enactment. They consist of coming up with the internal system of the organization and thereafter obtaining response or reaction from the process. Having all of these steps incorporated into the whole process of strategic management, the executive managers of the company can make sure that the allocation of resources goes hand in hand with the main objective and values of the organization (Boundless, 2015).

Research undertaken indicates that in general, establishments which take part in strategic management have a better performance compared to the companies which do not employ strategic management. Obtaining the proper fit regarding the company's setting and its strategy, system and procedures have constructive influences in the performance of the company. According to a study undertaken by Wheelen and Hunger (2012: pg. 6) of just about fifty companies in a diverse number of nations and industries located the three most valued and esteemed benefits and gains of strategic management to be a stronger sense of the company's strategic visualization, a better understanding of what is strategically significant and an enhanced comprehension of a greatly shifting and varying setting.

Assignment Three

Based on the reading from week one, Chapters One through Five and Chapter Twelve, write a report on what elements constitute a viable strategic analysis

A strategy audit consists of evaluating the actual course or path that a business is currently taking in comparison with the path that the business is required to take in order to succeed in a changing and altering environment. The actual path of a firm is the total of what the company undertakes and does not undertake, how well the company is internally affiliated to backing the strategy and the viability of the strategy when matched to the actualities of competitors, financial aspects and the external market. It is imperative to take note that the internal evaluation and the external evaluation are exactly what form the main constituents of a strategy audit. The main reason why this strategy is undertaken is to provide the managers of a company with the elements, knowhow and the devotion to assess the extent and magnitude of focus and advantage that is offered by their prevailing strategies. In general it can be said that an audit process brings about the information necessary to determine whether there is a need for change in strategy and the precise changes that ought to be undertaken (Carey, 2009).

Environmental Scanning

The environmental scanning is the analysis of the internal as well as the external environment. This covers the analysis of the threats and opportunities to the company as well as the strengths and the weaknesses to the company in a respective manner. The main elements in this analysis include environmental monitoring as well as the determination of strategic impacts. Environmental monitoring consists of three phases. The first phase includes examining the environment to seek for indications…