Strategic Management : Strategic Planning

Today, Strategic Management is something really important for companies in order to remain competitive. It is also important to know the definition of this term in order to well understand it. According to the Contemporary Strategic Management 2nd edition book (Grant, Robert, Bella Butler, Stuart Orr and Peter Murray – 2013), “Strategic Management is the process of thinking strategically, setting objectives for the organisation, planning and implementing the necessary changes, and measuring the outcomes.” By knowing it we can see that strategy management is very important for a company. Indeed, strategy is essential for the surviving of the company but also essential to know how the company allocates its resources and how it will achieve its

"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

Sustainable development is defined as “Development that meets the needs of the present generations without compromising the ability of future generations to meet their own needs” (IISD, par. 1 ).

Sustainable development means that the present generations should be able to make use of resources to live better lives in such a manner that it does not compromise the ability of future generations. For sustainable development to occur, there needs to be sustainable economic, ecological and community development. Society needs to be educated about ways in which they can use resources, especially natural, in such a manner that it does not cause harm to the environment and put future generations lives at risk.

Sustainable development is an action plan to save the earths resources for future generations like fossil fuel. It is also an initiative to preserve the environment we live in. The table below shows the progression of sustainable development over years:

When it comes to strategic management many defined it as the management that link strategic planning decision-making. It is sometimes over looked unless it is specifically brought up when it comes up in strategic planning. With this management in place an organization can achieve its long-term goals. As well as plan out its future goals and endeavors for the organization to be successful.

Strategic planning is a management tool, as with any management tool, it is used for one purpose only: to help an organization do a better job - to focus its energy, to ensure that members of the organization are working toward the same goals, to assess and adjust the organization 's direction in response to a changing environment. Basically, strategic planning is a disciplined effort to produce fundamental decisions and actions that shape and guide what an organization is, what it does, and why it does it, with a focus on the future. The process is strategic because it involves preparing the best way to respond to the circumstances of the organization 's environment, whether or not its circumstances are known in advance; often must

How do you conduct your strategic planning? Strategic planning is a joint endeavor that involves field operations, headquarters and mission support. The agency’s strategic planning practices entail brainstorming new ideas, implementing innovations and reflecting on past practices in developing action plans to improve daily functions, upcoming operations and immediate response actions to crisis situations. The operational plan or warning order provides mission critical information regarding equipment, personnel and objective, it also denotes the time frame to fulfill mission requirements. The agency’s human capital strategy is based on comprehensive research methods to identify activities and operating costs which are key in driving risk mitigation factors.

Blue Nile, Inc. is considered the world’s largest online retailer of diamonds. Founded in Nineteen-ninety nine, the Blue Nile offers gold, platinum, pearl and silver

Strategic Management is the spirit for a corporation all over the world. A corporate’s strategy mainly based on three steps: Identify the strategic position, make strategic choice and make strategic actions. Each step includes different aspects. When we identify the

Strategic management covers enterprise wide strategy formulation, implementation and evaluation. It emphasizes sustained wellbeing of organizations. Why? According to Thomas and Strickland (1996) strategic management

• Lack of trust in management – People don’t understand the implications of change and perceive that it might cost them more than they will gain.

Strategic planning aids a business in laying out a direction and path for the business to follow in order to increase its chances of being successful and prosperous. According to the textbook “Strategy Planning” by Bethel University, strategy is defined as “A company’s strategy consists of the competitive moves and business approaches management has developed to attract and please customers, conduct operations, grow the business, and achieve performance objectives” (2011, p. 3). From this definition, one can also ascertain the importance management plays in the strategic plan. The plan allows the managers of a business to make decisions that will be supported by all of the stakeholders involved in the organization. As the plan is developed three key questions need to be addressed. The first of these will establish the position and status of the company now. The next of these three questions will seek to establish a direction for the company moving forward. The final of the three questions will lay out a plan for achieving the targets established in the second question.

According to International Institute for Sustainable Development (n.d), “sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs” (para. 1). This notion was created in 1992 by Bruntland Report for the World Commission on Environment and Development.

• Lack of strategy. If there is no any sequence of realizing goals in a company, employees will feel uncertainty about possibility of constant professional and carrier growth. Organization should have continuously realizing strategic plan where considerable part should be devoted to questions of quality improvement.