BUS3005 Strategic Management

Strategic
Management

Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................2
PART A (1)......................................................................................................................................2
Critically evaluate the performance........................................................................................2
Evaluate strategy plan.............................................................................................................3
Reflection.........................................................................................................................................5
PART 2............................................................................................................................................6
Issue facing organization at the industry, national and global level.......................................8
Internal external factors impact on organizational innovation...............................................9
CONCLUSION................................................................................................................................9
REFRENCES.................................................................................................................................10

INTRODUCTION
SM is defined as it is a set of managerial decisions and actions that takes long run
performance of an organization. it involves the environmental scanning in overall aspect such as,
internal or external factor including the strategy formulation, strategic or long run planning,
strategic implementation evaluation and control. The study of strategic management therefore
emphasis the monitoring and evaluating of external opportunities and threats in the light of
corporation, Strength and weakness. It is also responsible for management decisions and actions
according to the Fred R David strategic management is an art of science of formulating and
implementing and evaluating cross functional decisions that enable an organization to acquire its
objectives. There is various aspect of strategic management they include the vision, mission and
objective, SWOT analysis, corporate level strategy business level strategy and strategic plan.
Also include the project, procedural, resource allocation, structural and behaviour and analysis
and assessment (Witcher, 2019). It strives to acquire wide goals such as integrates various
function, concerned with both efficiency and effectiveness. It also considers a broad range of
stakeholders that put stakeholder value creation first and entails multiple time horizons. It is
essential to give overall direction through developing plans and policies structure to acquire
objectives and then allocating resources to implement the plans. Strategic management also
focus on the organization to build best company at global level. CEO of organization is
responsible for make the strategy for the betterment of the company so that they are able to
generate revenue along with the profitability and make their own bench mark in the market
place. Ultimately, it also looking forward to gain competitive edge over their competitors. The
main purpose of strategic management is to help in commercial enterprise to meet their aims and
objectives and also outline the actions and decisions that allow an organization to acquire its
goals. It is very essential component of commercial enterprise therefore it entails evaluating
business aims and objectives, company mission and vison along with the future plans according
to the strategic management process is employed to assist that all the commercial enterprise are
able to run effectively and efficiently. It also gives the direction to the enterprise in ethical
manner to accomplish them require goals. If business man or entrepreneurship looking forward
to open a new business in international market they have to make strategy to do work a global
level after that they supposed to do research in multinational market to know about the customer
needs and wants to fulfil it. It is depending upon the company to clear understanding towards the
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