Global Strategic Management Essay

Strategic management is the art and science of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its objectives. It involves the systematic identification of the firm 's objectives, nurturing policies and strategies to achieve these objectives, and acquiring and making available these resources to implement the policies and strategies to achieve the firm 's objectives. Strategic management, therefore, integrates the activities of the various functional sectors of a business, such as marketing, sales and production to achieve organisational goals. It is the highest level of managerial activity, usually

Strategic Management is the theory and practice of making decisions that shape the future of the firm. This course looks at the content and process of strategic decision making from the perspective of managers who are responsible for an entire business unit. These may be individuals who are acting in the capacity of a Chief Executive of a company, divisional General Managers, or departmental heads. It is also the perspective most

2-3). These categories are tools which management must become familiar with in order to shape the decisions and behaviors of their organizations to ensure success and growth. The first category is strategy, which is usually addressed first since it focuses on the direction that the company would like to head in (Kates & Galbraith, 2007). A company’s strategy outlines its goals and objectives that it would like to achieve; this is normally reflected in the company’s vision and mission statements. Structure, the second category, determines where formal power and authority are located in the organization. Typically, this category is described as being a “hierarchy” since it determines who comes into contact with whom (Kates & Galbraith, 2007). The third category, processes, incorporates both vertical and lateral movements. Vertical processes usually involve business planning and budgeting processes since the scarce resources of funds and talent are being allocated. In this process, the needs of different departments within the organization are collected and decisions on what takes priority is made for the budgeting and allocation of the resources (Kates & Galbraith, 2007). Lateral processes, on the other hand, are essentially designed around the workflow such as product development.

Chandler (1977) believes strategy is about using the necessary recourses so the organizations are able to carry out their long-term goals and aims. Which relates to Johnson (1987, pp. 4-5) who states, “Strategic decisions occur at many levels of managerial activity and will be concerned with the long-term direction”.

The purpose of this paper is to explain the definition of Strategic Management and why it is critical to the success of an organization in meeting its goals and mission. The paper will include a brief analysis of the situation and pending decision problem, as presented in the case and in relevance to the answer. In addition, the major issues will be surrounding the organization or individuals involved with the organization. Included will be alternate courses of action to

Strategic planning involves a variety of considerations and possible solutions, which need to be examined. Making strategic decisions becomes easier if the alternatives are classified into various categories. In the paper written by Nataraajan, Boulton and Balakrishnan (2000), they develop and provide a systematic approach for strategic decision makers in an organization, which they call the Alternative Classification Scheme. The process includes grouping alternatives into a spectrum of completely constrained alternatives to completely unconstrained alternatives, which are ranked. Step 1 is to specify the issue(s) of interest. Step 2 is to identify salient constraints (a maximum of 7). Increasing the number of constraints reduces the number of alternatives. Step 3 is to prioritize constraints. Finally, Step 4 is to classify alternatives by constraints. When these alternatives are laid out next to each other, it is to see the

(6) What is the five-year forecast for global annual growth in the athletic footwear industry? In which regions of the world is growth expected to be highest?

Different levels of managers evaluate and make strategic decision from different aspects. They contribute to strategies establishment based on their own areas.

Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2013). Strategic Management: Concepts and cases: Competitiveness and globalization (10th ed.). Mason, OH: South-Western Cengage Learning.

During this week’s assignments, the authors discussed the primary components of the strategic management process. In order for a company to be successful, the

The division’s strategic plans were presented to corporate management by each division in a planning review meeting and subsequently evaluated in a planning response meeting (Lee & Ke 2004). Unlike 1981, these meetings followed each other on the same day in 1982.

Understandably, organizations with diverse operations due to multiple products, markets or technologies also tend to use more complex strategic management systems. Despite differences in detail and degree of formalization, the basic components of the models used to analyze strategic management operations are very similar.

“Strategy can be thought of as a long term plan of action or execution designed to achieve particular objectives, such as achieving competitive advantage for an organisation. It reflects the values, expectations and goals of those who are in power within the organisation.” (RDI course material-Strategic Management module; Unit 1-Nature and scope of strategic management; Lesson 1-Nature)

‘Strategic Management’ is a very complex term as many eminent researchers and scholars have had different views and conclusions on strategy. According to White (2004), “Strategic Management involves both systematically developing an idea together with its implications and testing the empirical validity & usefulness of that idea against the real world.” Thus strategy is not only about planning for future but also about confirming the validity of the hypothesis considered and implementing it successfully. Strategy formation may take various forms such as implicit, explicit or emergent. Implicit strategy is a strategy formed by intuitions of an individual. As per implicit strategists, strategic management is about reading the environment

Strategic management can be defined as a bundle of decisions and acts which a manager need to do to achieve better performance and a competitive advantage for their organization. Also, strategic management is a continuous process that evaluates and controls the business and the industries in which an organization is involved. First need to evaluates its competitors and sets goals and strategies to meet all existing and potential competitors; and then reevaluates strategies on a regular basis to determine how it has been implemented and whether it was successful or does it needs replacement. Moreover, strategic Management gives a broader perspective to the employees of an organization and they can better understand how their job