Core Concepts of Strategy and Strategic Management

Core Concepts

Table of Contents
TASK 1 ...........................................................................................................................................3
TASK 2............................................................................................................................................3
TASK 3............................................................................................................................................4
TASK 4............................................................................................................................................5
REFERENCES................................................................................................................................6
Books and Journal ......................................................................................................................6

TASK 1
Strategy
Strategy can be characterized as a plan of action that is incorporated by the management
of an organisation in order to accomplish the goals and objectives of the same in the long run. It
can be termed as a specific direction that is set out by an enterprise and its respective elements
so as to realise the goals of the company effectively and efficiently. It is a process of facilitating
integration in the organisational operations and activities (Fraser, 2019). It involves the effective
allocation and capitalisation of the resources available with the company in order to meet the
concerned objectives of the business organisation.
Three major elements of strategy definition are listed below :-
The long term : The implementation of long term focus and perspective is very essential
for the company as it ensures the involvement of three horizon framework wherein an
organisation is required to operate three types of business operations and activities. The horizons
are determined in respect with the years.
Strategic direction : The strategies formulated by the organisation are provided with a
long term direction so that they are aligned and directed towards a predetermined path in order to
achieve the goals set by the company within the time phrase assigned to the same (Johnson and
et. al., 2017).
Organisation : The organisation comprises of internal and external variables which
encompasses together in order to establish the organisation as whole. While formulating a
strategy, the internal as well as external components of organisations needs to be taken into
consideration so as to identify the effect of the strategy on the same.
Strategic Management
Strategic management is the systematic process which provides assistance to the mangers
of the concerned organisation to formulate, analyse and implement and monitor the
organisational strategies in order to enhance the productivity as well as overall performance of
the business enterprise.