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strategic management: meaning

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The manager must have a thorough knowledge and analysis of the general and competitive organizational environment so as to … Strategic management requires reflection on the processes and procedures within the organization as well as external factors that may impact how the company functions. Strategic management is the sum of strategic planning and strategic thinking. These schools differ on whether strategies are developed through an analytic process, in which all threats and opportunities are accounted for, or are more like general guiding principles to be applied. Appreciative inquiry is an analysis mode that focuses on the best, most essential, and effective aspects of living systems and organizations. It also includes sending a representative to each retail location to explain how to correctly apply the shipping rate to all purchases. Descriptive strategic management means putting strategies into practice when needed. In this process, the strategists determine objectives and make strategic decisions. a strategic management system / process / … Strategic management can be either prescriptive or descriptive. Essentially, it is the act of making strategic decisions within a marketing plan in order to better that plan. Because of this reality, organizational leaders focus on learning from past strategies and examining the environment at large. Strategic management involves setting objectives, analyzing the … Strategic management can also be defined as a bundle of decisions and acts which a manager undertakes and which decides the result of the firm’s performance. Project management involves planning and organization of a company's resources to move a specific task, event, or duty toward completion. The collective knowledge is then used to develop future strategies and to guide the behavior of employees to ensure that the entire organization is moving forward. Strategic management is the strategic use of a business' resources to reach company goals and objectives. An organization that is working in unison towards a goal is more likely to achieve that goal. Strategic management is the ongoing planning, monitoring, analysis and assessment of all necessities an organization needs to meet its goals and objectives. Strategic planning is the identification of achievable goals. This is the time to answer any questions that will help solidify the necessary elements of the strategic plan. Strategic management ensures the steps necessary to reach a business goal are implemented company-wide. A strategy or general plan of … Strategic management extends to internal and external communication practices as well as to tracking, which ensures that the company meets goals as defined in its strategic management plan. Managers are also present to make sure this process is carried out correctly with customers. Finally, it sets up an internal messaging system so store managers can communicate with one another quickly and easily about challenges and successes in their stores. Inflexible companies may find it difficult to succeed in a changing business environment. Make sure that all stakeholders are implementing the plan as designed for maximum efficiency. Changes in business environments will require organizations to constantly assess their strategies for success. Prescriptive strategic management means developing strategies in advance of an organizational issue. the way that a company’s executives decide what they want to achieve and plan actions and use of resources over time in order to do this: Any system that combines strategic management with public accountability is going to be messy. Strategic management can be described as the identification of the purpose of the organisation and the plans and actions to achieve that purpose. The information on this site is provided as a courtesy. The college also invests in marketing and recruitment and implements student retention strategies. Both methods of strategic management employ management theory and practices. Was the process implemented appropriately company-wide? What input from organizational stakeholders can you gather? What is not working? Helping their company find ways to be more competitive is the purpose of strategic management. Strategic management helps keep goals achievable by using a clear and dynamic process for formulating steps and implementation. Evaluate the final product. Flexible companies may find it easier to make changes to their structure and plans, while inflexible companies may chafe at a changing environment. Creating a barrier between the development of strategies and their implementation can make it difficult for managers to determine whether objectives have been efficiently met. For example, a for-profit technical college wishes to increase new student enrollment and enrolled student graduation rates over the next three years. The strategic managers take this data and use it as they begin to plan for their next new product release.

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