Strategic Management And The Corporate Entrepreneurship Model Essay

This paper will discuss some of the primary components of a strategic management process, while also explain why the process is crucial for a company success. This paper in addition will evaluate one organization that uses the strategic management process to accomplish their short-term, long-term goals, and objectives of the firm’s (University of Phoenix. (2015).

Nowadays, businesses endeavor to achieve a competitive advantage and so an outstanding performance by applying different strategies and examining various strategic analyses. Key role for this strategy is the manager’s contribution, as he is the one to defy the company’s objectives. The manager is responsible in order to exploit the firm’s available resources and strengthen its competencies in order to produce competitive goods and services. The resources and capabilities are among the fundamental sources a manager can use, when he structures the strategic management.

Pearce, J. A. II, & Robinson, R. B. (2009). Strategic management: Formulation, implementation, and control (11th ed.). [University of Phoenix Custom Edition e-text]. New York: McGraw-Hill. Retrieved August 20, 2011, fr

Even though companies have almost similar external conditions, some companies enjoy huge success for years, while other fail miserably, that depends on the sound of strategic management which is a high level plan to achieve one or more goals under uncertain condition. Mintzberg and Waters (1985) stated it is necessary to analyse the strategic formulation and management for the following tasks:

14. Pitts A. Robert & Lei, David, Strategic Management: Building and Sustaining Competitive Advantages, West Publishing Co., U.S.A, 1996.

Strategic management provides overall direction to the enterprise and involves specifying the organization 's objectives, developing policies and plans designed to achieve these objectives, and then allocating resources to implement the plans. Academics and practicing managers have developed numerous models and frameworks to assist in strategic decision making in the context of complex environments and competitive dynamics. Strategic management is

The areas of this research will be based on the internal and external business environment of the organisation. Having a big picture of the organisation will helps the senior executive to understand of where the business is headed and what actions might be aligned with the business goals (Armour, Kaisler et al. 1999). The big picture will also helps the senior executive in understanding which action or decision can be considered in order to support the business. The clear mind of how the business connects to and serves the overall purpose of the business is crucial in order to motivate every individual to work synergistically within the organisation for the success of the business (Stimpert and Duhaime 1997).

Igor Ansoff (1918-2002), is a Russian American scholar who published the book “Corporate Strategy” in the year of 1965. This book had a big role in shaping the business world. He was the first one who defined the term of strategic management. In this book the scholar tried to define in detail the strategic management role in companies. The aim of this was to develop a way where potential of the firm had to meet the firm’s objectives. He tried to introduce planning into the companies so there would not be any waste for the company. The book tried to explain the way how a company should operate individually as every company has their own goals and resources. He believed that every company should make strategies that suit their policy and their

Strategic planning, an umbrella term used that comprises of and condenses such events as forecasting, performance measurement, cost reduction, etc., has been confirmed to be very beneficial but it is also restricted. It is a fix that becomes only part of the inquiry of organizational efficacy and only deals with some of the problems organizations face. This paper presents of the strategic procedures as well as strategic strength to make important relations and important differences within an organization. The outcome is an outline of the basics of strategic management.

The concept of corporate strategy battles with the perennial issue of determining the overall purpose and scope of an organisation. From a contemporary perspective, it involves the specification of long-term goals and objectives that will add value to the business and cope with the uncertainty of modern times. As a practice, it consists of adopting courses of action and allocating resources in ways necessary for carrying out the overall objectives.

The study of strategic management is tasked with finding a way for a company to gain a

‘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

For an organization to be successful, it must employ good strategies in the running of its business. Strategies are needed to achieve the company’s objectives and give it a competitive advantage against its competitors. It determines the direction in which the organization is going in relation to its environment and how the business develops. Strategies are further segregated into corporate or business strategies where the focus is the formulation of plans and ideas to improve and increase its market share, and internal management strategies which

Chandler (1962) defined strategy as “The determination of the basic long-term goals and objectives of an enterprise, and the adoption of courses of action and the allocation of resources for carrying out these goals”. Strategy is related to long-term goals, policies and major issues of the business which determines the success or failure of the organisation. In simple words, strategy is something which accomplishes the firm’s goals. Strategy is about being different from competitors by performing better (Magretta, 2002). A strategy of an organisation should not be changed very often and should be planned for long-term because strategy needs a period of consolidation. Businesses follow strategy to have a competitive advantage over the other firms in the market.

Strategic planning is central to management study. It defines the long term direction for the company and all other business functions orbit around their established strategies. This article studies how a company formulates business-level strategies, optimize their competitive positioning and obtain a competitive advantage over their rivals.