Strategic Management : Strategy Formulation And Strategy Implementation

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.

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

• Organisation strategic goals which reveal what the organisation aims to achieve in the medium and long term.

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.

‘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 or business policy is treated as a means to achieve the organizational purpose. The process of strategic management involves determining the mission and objectives, identifying the opportunities and threats in an environment and evaluating

Strategic Management is the understanding of the information received collectively of the transition of the company or organization resources, the implementation of the mission, vision and the overall goal of the business. Also, it is the fixed alignment plan that is used to transform the company into a systematic objective to provide strategic performance feedback to the decisions that is incorporated to enable the plan to evolve and mutual above performance measurements. Jurevicious (2013) suggests 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” (Jurevicious, 2013).

Strategic managementis the planning, development, and implementation of the organization’s goals and objectives by senior management in regard to the company’s internal and external resources. Strategic management also involves examining the competitors and comparing them to identify which ways to be better than them. An organization should look at their strengths and weakness and compare them against those of their competitors. It should also search for opportunities available in the market and the threats the competitors face.Organizations need to understand how to identify the critical factors that affect the implementation process of strategic management and address them effectively to reduce risk and

Strategic management is defined as a process where various strategies and several policies are put into action by the development of programs. Through budgets and processes, the objectives of an organization are identified so that the policies and strategies are developed. The chief executive officer and the executive team are tasked with developing such plans. What direct the whole direction of an enterprise is knowns as strategic management. The factors that affect strategic management are; resources, objectives of the organization and the prevailing circumstances. Strategic management involves procedures that include development, drafting the issues involved, implementation and finally assessing the decisions that affect several functions that are put into use in an organization. Strategy is the main criteria that is employed in the assessment of an organization‘s vision, mission, policies, goals and on their implementation. Long ago strategies were used in local organizations where the objectives and goals of organizations were not globally oriented. But due to the changing times, they are now being implemented in the world stage. Due to this nature of strategic management, it is now commonly referred to as global financial management.

Strategic management is majorly the work of the highest-level management which involves perpetual planning and implementing objectives of an organization in line with its resources and taking in consideration areas of competition such as internal and external environment (Pearce, Robinson & Subramanian, 1997). Strategic management occurs in four levels: analysis, formulation and implementation and execution of strategies.

What is strategic management? The set of managerial decisions and actions that determines the long-run performance of an organisation.