What is strategic management

Creating a Vision and Mission statements. The starting point of the process is initial assessment of the firm. Business' vision answers the question: What does an organization want to become?

What is strategic management

Strategic planning is analytical in nature and refers to formalized procedures to produce the data and analyses used as inputs for strategic thinking, which synthesizes the data resulting in the strategy.

Strategic planning may also refer to control mechanisms used to implement the strategy once it is determined. In other words, strategic planning happens around the strategic thinking or strategy making activity. While described sequentially below, in practice the two processes are iterative and each provides input for the other.

Formulation ends with a series of goals or objectives and measures for the organization to pursue. Environmental analysis includes the: Where are the customers and how do they buy?

Strategic Management Definition | Investopedia

What is considered "value" to the customer? Which businesses, products and services should be What is strategic management or excluded from the portfolio of offerings? What is the geographic scope of the business?

What differentiates the company from its competitors in the eyes of customers and other stakeholders?

What is strategic management

Which skills and capabilities should be developed within the firm? What are the important opportunities and risks for the organization? How can the firm grow, through both its base business and new business?

How can the firm generate more value for investors?

Outstanding support

Bruce Henderson [15] InHenry Mintzberg described the many different definitions and perspectives on strategy reflected in both academic research and in practice. Because of this, he could not point to one process that could be called strategic planning.

Instead Mintzberg concludes that there are five types of strategies: Strategy as plan — a directed course of action to achieve an intended set of goals; similar to the strategic planning concept; Strategy as pattern — a consistent pattern of past behavior, with a strategy realized over time rather than planned or intended.

Where the realized pattern was different from the intent, he referred to the strategy as emergent; Strategy as position — locating brands, products, or companies within the market, based on the conceptual framework of consumers or other stakeholders; a strategy determined primarily by factors outside the firm; Strategy as ploy — a specific maneuver intended to outwit a competitor; and Strategy as perspective — executing strategy based on a "theory of the business" or natural extension of the mindset or ideological perspective of the organization.

The first group is normative. It consists of the schools of informal design and conception, the formal planning, and analytical positioning. The second group, consisting of six schools, is more concerned with how strategic management is actually done, rather than prescribing optimal plans or positions.

Prior tothe term "strategy" was primarily used regarding war and politics, not business. He addressed fundamental strategic questions in a book The Practice of Management writing: He recommended eight areas where objectives should be set, such as market standing, innovation, productivity, physical and financial resources, worker performance and attitude, profitability, manager performance and development, and public responsibility.

Andrews in into what we now call SWOT analysisin which the strengths and weaknesses of the firm are assessed in light of the opportunities and threats in the business environment.

Interactions between functions were typically handled by managers who relayed information back and forth between departments. Chandler stressed the importance of taking a long term perspective when looking to the future.

In his ground breaking work Strategy and Structure, Chandler showed that a long-term coordinated strategy was necessary to give a company structure, direction and focus. He says it concisely, " structure follows strategy.

He developed a grid that compared strategies for market penetration, product development, market development and horizontal and vertical integration and diversification.

He felt that management could use the grid to systematically prepare for the future.

The Instrumental Approach

In his classic Corporate Strategy, he developed gap analysis to clarify the gap between the current reality and the goals and to develop what he called "gap reducing actions". This supported the argument for achieving higher market share and economies of scale.Strategic management is the comprehensive collection of ongoing activities and processes that organizations use to systematically coordinate and align resources and actions with mission, vision and strategy throughout an organization.

Strategic management process is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. Management Master's and Doctoral Programs Graduate opportunities. To maximize your career potential, the Department of Management at the University of North Texas offers coursework leading to a Master of Business Administration and a Doctor of Philosophy degree in Business Management.

Strategic Management - An Introduction. Strategic Management is all about identification and description of the strategies that managers can carry so as to achieve better performance and a competitive advantage for their organization.

Strategic management is a continuous process of strategic analysis, strategy creation, implementation and monitoring, used by organizations with the purpose to achieve and maintain a competitive advantage. Vision. The vision of the Office of Strategic Enrollment Management is to have a university that uses a data driven approach to enrollment management, including recruitment, access, retention, educational plans, enrollment pattern data, and constraints of financial, physical and human resources while in support of the University’s strategic plan and Mission.

Strategic Management