These dispositions affect a company's strategic management process which makes some organizations more interested in profits while others are interested in growth. The strategic management process is important for both domestic as well as global firms but while the process of making a strategic plan is far more complex though the process is the same for both.
The Strategic Management Process within the Global Environment The strategic management process is carried out in four main stages. Although strategic planning is related to the first two stages, the last two are also an important part of planning. Furthermore, the strategic planning process is an interactive process that should result to continuous feedback pertaining to changes in the environment or the organization to enable creation of a revised plan to deal with these changes.
The four main stages of the strategic planning process within a global environment are: Implementation of policy and; 4. Evaluation and control This is not a continuous process but rather a cycle that is completed by the continuous feedback linking each of the four processes. The first process is strategic analysis. What is the current position if the organization?
Where do we want to go? How are we going to get there? Accordingly, the mission and external and internal environmental condition affecting the company are evaluated and the information gathered from the process is used to formulate the organization's overall strategic plan. The second stage of the strategic management process is strategy formulation. Assume that you are one of the members of the management group of this university.
Suggest some strategies in order to improve the overall goodwill and image of East West University. The primary mission of East West University EWU is to provide, at a reasonable cost, quality tertiary education characterized by academic excellence in a range of subjects that are particularly relevant to current and anticipated societal needs and eventually not only to be the best university in the country but also to be the best in the South Asian region.
As a not-for-profit organization, EWU should focus on creating value and knowledge in society and educate leaders for a better tomorrow, and should not focus solely on being profitable. Keeping these points in mind, as a member of the management group, I would like to suggest some strategies in order to improve the overall goodwill and image of East West University, so that the quality of its education can meet international standards.
In diversified, multi-business companies, the strategy-making task involves four distinct types or levels of strategy: But for a single- business enterprise, the strategy-making task involves only three levels of strategy- business strategy, functional strategy and operating strategy. Few of these strategies are discussed in the following sections in the context of EWU.
At present, EWU is a single-business entity. EWU aims to provide quality education at reasonable cost and eventually not only to be best in Bangladesh but also to be the best in the South Asian region, and for that reason EWU can adopt certain strategies to improve its overall goodwill and image.
There is ample room for various functions of EWU to improve themselves. By doing so, EWU can improve its goodwill and image, and achieve its higher level strategy of providing quality education in the South Asian region at reasonable cost. The Marketing division can generate greater media coverage of the university, its staff and its students locally, nationally and internationally through a refreshed media strategy, and develop stronger relationships with the media and other commentators for enhancing the reputation of EWU.
Page 1 of 9. The demand of higher education is equally increasing in the whole country, not in any specificarea. But private universities are mostly centralized in Dhaka. This way it can expand its geographical reach and serve a greater portion of the society. The strategic management process, he explains, is the full set of commitments, decisions and actions required for a firm to achieve strategic competitiveness and earn above-average returns.
With this information, the firm develops its vision and mission and formulates its strategy. To implement the strategy, the firm takes actions towards achieving strategic competitiveness and high returns.
The sequence of the strategic management process can therefore be summarised as follows: Hoffman Spring however stresses that the strategic management process should be dynamic considering that there is ever changing markets and competitive structures.
As such, as firms face increased environmental changes e. Moreover, Hanson et al indicate that the strategic management process should be a rational approach that firms must use to achieve strategic competitiveness in the market. The strategic management process should therefore be the full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn profitable returns Hitt et al However, business strategies built upon single competencies may not provide the competitive position and financial performance a firm is seeking to achieve, as indicated by Olson He observes that the most successful firms in the current decade are learning to become highly flexible, operationally integrated, and delivering value to customers, partners, and alliances in revolutionary new ways that are not easily leap-frogged or imitated.
Blumentritt and Danis Summer observe that one key to successful strategic management is the ability to achieve fit or coherence among a set of competitive factors, both internal and extent, to the firm, in a manner that facilitates high performance. In such a case, firms must not simply react to their environments but should dynamically interact with them via the strategic actions of top managers.
In this case the formulation of a strategy should be scientific as it looks into data and information that are relevant to the firm. Strategy, according to Guttman and Hawkes , is about the future and thus requires certain assumptions about upcoming product, market, technological, governmental, and competitive trends.
Such assumptions are worthless, and maybe even deadly, unless they are tested and validated. While formulating assumptions is a legitimate task for the top team, its members rarely posses the first-hand knowledge needed to confirm or deny the validity of those assumptions.
Using this approach makes strategy formulation scientific. Nevertheless, effective industry analysis is a product of careful study and interpretation of data and information from multiple sources Hanson In this regard, a wealth of industry-specific data is available to be analysed.
In fact, research shows that in some industries, international variables are more important than domestic ones as determinants of strategic competitiveness. In fact, movement into international markets enhances the chances of success for new ventures as well as more established firms. Research therefore has revealed that firms that engage in strategic management generally outperform those that do not but when a firm fails to execute effectively, the culprit is often how and why of countless individual decisions and actions Chehade et al June Wheelen and Hunger observe that in a survey of nearly 50 corporations from various countries and industries, there are three highly rated benefits of strategic management, namely: On occasion, fine-tuning the existing strategy is not enough and major strategy shifts are called, for, such as when a strategy is clearly failing and the company faces a financial crisis, when market conditions or buyer preferences change significantly and new opportunities arise, when competition do something unexpected, or when important technological breakthroughs occur.
Some industries are more volatile than others. Adapting to new conditions and constantly learning what is well enough to continue and what needs to be improved is consequently a normal part of the strategy-making process and results in an evolving strategy.
Strategic management is a consistent level of managerial activity of setting up goals and tactics and ensures a variety of decisions by the top management to successfully achieve those aims or goals in the long term and at the same time providing for adaptive responses in the short term.
- Strategic Management Plan Strategic management is an essential task for a company as massive as PPQ Parts Company. PPQ Parts is a manufacturing company based in US .
Short Essay on Strategic Management April 4, 1 Deﬁnition of Strategic Management Strategic management is the process where managers establish an organi-zation’s long-term direction, set the speciﬁc performance objectives, develop. Nov 10, · View and download strategic management essays examples. Also discover topics, titles, outlines, thesis statements, and conclusions for your strategic management essay.
Strategic Management This Essay Strategic Management and other 64,+ term papers, college essay examples and free essays are available now on kitchen-profi.ml Autor: noman • April 4, • /5(1). Strategic management process sets the long-run performance by undertaking environmental scanning, strategy implementation, and evaluation and control. The process of strategic management is a mixture of several ingredients. It is a science because it requires scientific research when formulating plans for the firm.