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
On approaching this module I expect to broaden my understanding of strategic marketing and that is exactly what I did, with research and extensive reading I was further educated on the history of marketing, why marketing is essential for businesses, ways to apply different type of marketing strategies. My expectation of strategic marketing was advertising and external customer attraction base on supply and demand, however, I learned that internal marketing is equally as important as external marketing. I also found out that customer voice does drive the decision company marketing team makes base on customer demand thus solidifying the fact that customers are always right and the organization exists because of customers. I also expect to learn
Strategic planning involves deciding on the actions and resource allocations in order to build a strong foundation for an organisation. Not only do they set a clear goal, but they provide structure and direction which increases an organisation’s chance of succeeding (Kumpf, 2004). Many authors appreciate the benefit of incorporating these plans into businesses. Kaplan describes how many executives fail to see the value of strategic planning yet argues that strategic planning need not be a waste of time if approached with the right goals in mind, arguing that the key is to create an environment of preparedness (Kaplan, 2003). Lauenstein echoes this idea emphasising the importance of strategic planning whilst stressing that many executives do not fully understand the functions of this strategy, hence not being able to reap the full benefits of this approach (Lauenstein, 1986). Nevertheless, strategic planning is not a standardised process across every organisation, and must be adjusted to fit each organisation taking into consideration a number of factors.
Main Idea: This article discusses the transformations of strategic marketing. Marketing is not what one initially assumes it is, and with the technological changes and innovations coming about, marketing has faced several barriers and future impact.
“although marketing has basically an strategic conception of the selling activity, we use to distinguish between strategic marketing and operational marketing, depending on long term or short term objectives. Strategic marketing starts in thoughts about current situation of the
Strategic planning is defined as a “process” (Abraham, 2012). Strategic planning can help you advance the performance of your organization for the next few years by outlining some of the really big issues facing the organization. It is the size and impact of these
To deal effectively with the wide array of factors affecting the ability of a business to grow and prosper, managers need advanced processes they feel will facilitate the optimal positioning of the business in its competitive environment. Such positioning is possible with strategic management because this process improves preparedness for unexpected internal or competitive demands.
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
Strategic Management, according to the text, involves conducting an environmental scan which includes customers and knowing competition, establishing goals, setting targets, developing an action plan, implementing the plan, and evaluating success (Hubler, 2014, p. 331) This is used to establish a company’s vision or mission. This process helps a company to gain awareness of things that they need to do in order to become more successful than they are or against their competition. This process begins when an organization realizes their need for change or improvement to a more competitive position within their market or when they are seeking some other status such as seeking Magnet status as mentioned in the text. (Hubler, 2014) There are three questions that need to be addressed when a plan is being implemented the questions are about where the company is currently sitting, where they want to go, and how they will get to their end goal. They then need to create an organizational vision or a mission. (Hubler, 2014) Strategic management boils down to being the foundation of the company, the structure, and is the source of power.
Strategic Management and Planning is a course of decisions and actions which ultimately lead to the development of a strategy to help a company achieve their objectives. Strategic planning focuses on the company’s long term range and how to accomplish what is laid out. Effective planning will help to prevent problems, provide a response if problems occur, and make available information and support needed to maintain public awareness, safety, and confidence.
Marketing management consists in distributing resources in order to produce net present value to shareholders among an environment of market-product investment involving risks. A. Rappaport, 1981). As a result, a marketing strategy is defined as the method on how the organization’s resources are put at risk seeking to get competitive advantages (V. Cook, 1983).