Importance of Strategic Management in Business - Desklib

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HRM 1
1. The capstone course aims to provide real world scenario with a more holistic approach
that is the aim of the strategy management. The strategy management course requires
learning and remembering the concepts that were studied previously. This class is a
culmination of all the learnings in relation to strategy and business management.
2. Generation of alternative strategies aspect of strategy formulation require the most time
because this aspect requires the organization to find out ways other than one specific
ways that should be implemented in case the business face difficulty (Chang, 2016).
3. Strategy implementation is considered most difficult stage of strategic management
process because implementation is a practical process that can be easily conducted using
the blueprint. Secondly, in most cases it is poorly defined due to which companies face
difficulty in managing it.
4. Mission and vision statements are effective guide for the organizations that helps them in
the process of decision making. These statements act as a guide for organization to
initiate activities based on their objectives in the environment. These statements help in
fulfilling the objectives without getting distracted in the environment (Jannesson,
Nilsson, & Rapp, 2016)
5. Strategies refer to the long term plans of the company than involve several long term and
short term objectives of the company. Whereas policies are formed in the environment to
make sure that, the strategies are implemented effectively and appropriately. All the three
aspects are aligned in each other and cannot be completed without each other.
6. It important for all business majors to study strategic management because this process
helps in developing the mind-set of people and initiating them to take part in strategic
management activities of business. With the help of this process, the people can actively
take part in the strategic management activities and decision-making process of the
organization. It helps in career development of an individual (Johnson, 2016).
7. The self-concept of my college or university is that one should study hard and learn new
concepts to become a competent person personally as well as professionally. The college
aims to groom the person so that they grow and become a market leader in the
environment.
8. Organization: Apple