Strategic Management : Objectives And Objectives Essay

ASOS is an international fashion retailer, which offers an extensive line of products, varying from high street to

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

See Chapter 1, Exhibit 01: Strategic management consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages:

"Strategic management is a set of managerial decisions and actions that determine the long-run performance of a corporation" (Wheelen & Hunger, 2006, p.3). The benefits of strategic management helps the firm focus on the objectives and develop the steps involved in obtaining the vision and financial wealth of the organization. An effective strategic management plan should include the following three questions: (1) Where is the organization now? (2) If no changes are

Strategic management is the process where leaders establish an organization’s long-term direction, set the specific performance objectives, develop strategies to achieve these objectives in the light of all external and internal changes, and undertake effective strategies to manage these changes and execute action plans.

The many factors of strategic management are implemented in every form. That is the separation between a business/organization and just an idea. The strategy of developing methods based on data, implementing the methods and then reconstructing the strategy as you see the uncover opportunities for improvement. Strategic management is a relevant to every organization or company that has a goal to be effective and progressive in their

Strategic Planning is one of the most fundamental factors in the success of an organization. This research project will discuss the importance of strategic planning as well as the different components of strategic planning. Many organizations fail to accomplish their goals and tasks due to the lacking of strategic planning. In order for their businesses to be successful, organizations need to be well informed about how the strategic planning process works.

What Is Strategic Management a process for defining and addressing the management implications of an organization's strategic and operational plans? A long-term context for short-term activities. Strategic management is the analysis of the work done by the management of an organization on behalf of the owners. It gyrates around expressing the purposes of the organization and coming up with an appropriate mission and vision statement. Mission and vision statement together are used to help develop policies and plans to be used in long term and short term goals often categorized as projects or programs. It also involves the right resources of management to ensure that the business profit are maximized to grow the company. Strategic Competitiveness

Therefore, strategic management is an all-encompassing approach for formulating, implementing and evaluating managerial decisions in a way that permits the business to reach its objectives.

The strategic management is actually defined as the process in which an organization actually formats and also implements the plans which espouse the objectives and goals of that organization (Diana Wicks, 2011). The process of the strategic management is continuous and it changes with the evolution of the organizational goals and objectives.

Thru the course I have learned that Strategic Management builds on many processes and that various companies and organizations with diverse backgrounds can teach us valuable lessons. To be on the lookout for what can be considered a beneficial development in an organization or perhaps what can be a bad plan plausibly implemented at the wrong time.

‘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 planning clearly defines organisations’ objectives and assesses both the internal and external situation to formulate strategy, implement the strategy, evaluate the progress, and make adjustments as necessary to stay on track (Bradford et al, 2008). According to Robbins and Coulter (2005), the strategic management process model is given below:

Fred R. David (2007:5) defined strategic management as “the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organisation to achieve its objectives.

Operational management processes in a firm involves overseeing, formulating and reformulation of the operations of a business. The processes are meant to ensure efficiency in administering resources whilst ensuring there is effective management of client’s specifications and or directions. This is achieved by adding value to the firm’s processes. Such achievements are experienced when a firm embarks in directing its physical and or technical functions towards enhancing its development, production and manufacturing. These should be pre-determined and controlled by market opportunities if a company is to reach its ultimate production levels. Their realisation adds up to ensuring the future of a firm, offering operational