Strategic Management Models and Concepts : Report
Added on -2020-07-23
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INTRODUCTION TOSTRATEGICMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1Strategic management.....................................................................................................................1Nature:....................................................................................................................................1Process:...................................................................................................................................1Key concept:...........................................................................................................................2Strategic management models and concepts..........................................................................3Conceptual and theoretical basis of strategic management....................................................7Application of Strategic management models.................................................................................7Evaluation and critical analysis.......................................................................................................8CONCLUSION................................................................................................................................8REFERENCES..............................................................................................................................10
INTRODUCTIONChang, S. and et.al. (2017), defined strategic management as the preparation andexecution of goals by the top-level management. The concept was formed for military initiallybut later evolved into distant industries. It was taken from military to bridge the gap betweenpolicies and tactics _____. Its main purpose is to help the organization accomplish its goalsthrough the preparation of different strategies, their implementation, and evaluation. It is alsosynonymous to the word “Strategic Planning”. Strategic management helps the management tobuild a plan, implement it and track its success in formal way. It is a process, or set of processeswhich are used to formulate a strategy for the business. It focuses on wide areas includingintegration of management, accounting, research and development, production, information. Theauthor comments that strategic management is concept, which is too wide to be defined undercertain paragraphs of definition. Strategic management involves in itself plan, poly, perspective,position and pattern _____. Strategy is not static in nature, it leaves a loop for feedback duringexecution so that is can be corrected in the next level of planning. Strategic managementNature:On the contrary statement, Chang and et.al. (2017), argued that the strategic managementmay be effective but has many negative aspects. Strategic planning is a long process and takes alot of time, the analysis, preparation and communication of the strategy eats up a lot of time ofthe management. This strategy is also considered very complex to build which needs skilledmanagement personnels as it involves analysis of the environment, strategy formulation andother processes of highly complex nature. Strategy making is hard, without skilled management,it cannot be prepared. Once strategy prepared by the management, it is to be implemented.Implementation of the strategy is difficult process and most of the strategies fail on this stage asthe organisation is unable to implement the planned strategy in a proper way. Thus planningformulates goals for long-term purpose, its a process of implementation and resource allocationfor the same in the execution for achievement of the goal set.Process:strategic management or planning constitutes a number of steps and components of studyand execution and evaluation. This process is a step by step model of achievement of1
organisational goals or objectives through a strategy. This process includes environment study,formulation of strategy, implementation of strategy, evaluation.Key concept:Formulation of the strategy starts with analysation or study of the environment and laterfocuses on the setting up of a series of goals for the organisation to achieve. This processinvolves a lot of time, study, information and planning part. The goals are in series andsometimes they form a loop. A formal strategy includes a wide tactical approach in theformulation of the policies. This step refers to the formulation of strategy for thriving theorganisational objective. This stage of process of strategic management takes into account thegoal, business needs and also the analysis of business environment.A thorough study of the environment is done. This analysis refers to collection and givinginformation about the strategic planning. Under this the internal and external factors of theenvironment are analysed to make the strategies which may be able to deal with both. Theenvironment is dynamic and management needs to make continuous changes in the strategies todeal with it (Dodd III and et.al. 2013). The management also analyses to find out the needs of thebusiness and the direction and strategic hands which can help the business to grow further. Implementation of the strategy is done after the strategy has been fully formulated. Changand et.al. (2017) calls it the action stage of the process. Onto this stage the strategy first comesinto action. If the structure of the organisation does not suit the strategy for its implementationthen the structure must be re-model before the implementation of the strategy. After that, theraising of the funds is done so that proper implementation can be done. Under this process alsoallocation of resources is to be done by the management for effective strategy implementation.Human resources are included and assigned with the tasks or duties for working according to theformulated strategy. The process of decision making is developed by the management under thisprocess. The strategy once implemented needs to be evaluated on a regular basis for thesuccessful outcome. The continuous evaluation and control helps the strategy to executesuccessfully. For evaluation of strategies standards are set which are compared with the originalfigures.2
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