Strategic Management Essay

2023 Words 9 Pages
Every firm competing in an industry has a competitive strategy. Strategy is the direction and scope of an organization over the long-term: which achieves advantage for the organization through its structure of resources within a challenging environment, to meet the needs of markets and to fulfill stakeholder expectations. In other words, strategy is about the direction in which the business is trying to move in the long term. A strategy should help in finding the potential markets in which the business competes and its corresponding activities. It should help in analyzing the resources needed to compete, example : skills, assets, finance, technical know-how etc. Strategies should help in Analyzing the external …show more content…
In other words, strategic planning is a systematic attempt to yield elementary decisions and actions that outlines and guides the various features of the organization and its functions with an insight on the future. The plan is then a set of decisions about what to do, why to do it, and how to do it. Strategic planning implies that some organizational decisions and actions are more important than others. It also implies that much of the strategy lies in making the tough decisions about what is most critical to achieving organizational triumph. Another important point to be noted about strategic planning is , it helps to anticipate the future and make the decisions in the present. Therefore, the plans made in the past may well be changed by those that have been made in the present. The strategic planning can be complicated and challenging, but it is defined by the above outlined ideas. This is followed by the strategic thinking. This concept has a strategy hierarchy as follows -Goals, Policies and Programmes. A well formulated strategy should be able to balance and incorporate the major aim of the organization along with the goals policies and the programmes into a consistent unit. This finally leads to the strategic management. Strategic management is about taking management verdicts. It involves the basic

Related Documents