Strategic Management The Importance Strategic Management Organization Essay

Strategic Management The importance strategic management organization operating a competitive environment. A case a small business building material business.

The importance of strategic management for small organizations

Strategic management is an integral part of every organization. At its core, strategic management entails utilizing the resources of the firm in a goal-directed manner. Strategizing means the firm has a clear sense of its values and mission and how to achieve goals over the long-term, through short- and long-term planning. The process is as follows: to "set a goal which matches the duly considered expectations of the stakeholders; work out a feasible strategy to achieve that goal; put in place an organisation which can carry out the strategy and attain the goal; [and] set up a control and reporting function to permit management to drive the organisation effectively and make necessary adjustments to the strategy or even the goal" (The importance of strategic management, 2012, Applied Corporate...

...

The last aspect of strategic management is extremely important. Because the external market environment is always changing, there is an invariable need to 'tweak' strategy. For example, in the wake of the 2008 credit crisis, many firms were forced to scale back plans for expansion and to make their product seem more attractive to budget-conscious consumers.
However, changing aspects of the strategic plan does not mean that the firm abandons its core principles. The firm must have a sense of the value it brings to the customer. In the wake of the recession many higher-end stores and brands like Whole Foods and Coach may have been tempted to focus on value rather than quality alone. Although value and a realistic assessment of what an organization's core demographic is willing to spend are important on one hand, on the other hand, there are already many discount firms within the market providing groceries and handbags. A value-oriented strategy alone is not enough to generate customers: such firms'…

Sources Used in Documents:

References

The importance of strategic management. (2012). Applied Corporate Governance.

Retrieved from: http://www.applied-corporate-governance.com/importance-of-strategic-management.html


Cite this Document:

"Strategic Management The Importance Strategic Management Organization" (2012, August 15) Retrieved April 25, 2024, from
https://www.paperdue.com/essay/strategic-management-the-importance-strategic-81689

"Strategic Management The Importance Strategic Management Organization" 15 August 2012. Web.25 April. 2024. <
https://www.paperdue.com/essay/strategic-management-the-importance-strategic-81689>

"Strategic Management The Importance Strategic Management Organization", 15 August 2012, Accessed.25 April. 2024,
https://www.paperdue.com/essay/strategic-management-the-importance-strategic-81689

Related Documents

Managing Organizations/Hotel Management Managing Organizations The Marriot Corporation A look at Six Sigma and the 7S McKinsey Framework The Marriott Hotel Chain is a global brand offering resort and luxury hotel furnishings at popular vacation and business destinations. As the Events & Kitchen Management for global operations, my responsibility includes the overseeing of banquet operations including the process management of the cooking and serving efficiency. I receive complaints from hosts and others that contract

This is because many of the technological resources of the Army are at once more expendable and more expensive than the human resources. There are a variety of new technologies available that could change the way battles are fought, particularly in cities and other situations with many obstructions and secured hiding places, for example (RDECOM 2010). But although these technologies are available, they are not infinitely available nor cheaply

Strategic Management: Management, Organizational Structure, And Corporate Strategies Manager, management, and organization The significance of managers . Size and strategy of a company Mission, vision, and corporate strategy Organizational culture. In an organizational setting, strategy has always been more of a high stakes game where the management team identifies the company's mission and makes important decisions that focus all the company's capital, resources, and energy towards its attainment. With the dynamic nature of the current business

Human Resources Managing Organisational Culture The values and behaviors that contribute to the unique social and psychological environment of an organization make up the organizations culture. Organizational culture is the summation total of an organization's past and current suppositions, incidents, viewpoint, and values that hold it together, and is articulated in its self-image, inner workings, connections with the outside world, and future prospects. In dealing with the management of organisational culture, it is

Management Organization Learning The efforts of a collective group of people can often transcend that of an individual; teams have been a functional part of the business culture for over twenty years with the goal of accomplishing just this feat. While "system thinking," "mental models" and "team communication" continue to hold great importance in the synergy of multi-contributor accomplishment, it hasn't proven to be quite enough. Working teams accumulate an almost infinite

Change Management Organizational Change Organizational change aims at ensuring that the implementation of changes in an organization is smooth and successful. Moreover, it ensures that the benefits of these changes are achievable (Burke 2010). The introduction of social media and technology has recently had much effect on business in the recent past. Accessing information by the organization is easier nowadays thus; the need for introducing changes to business to cope with the