Strategic Management

Running Head: STRATEGIC MANAGEMENT
Strategic Management
Name
Institution Affiliate

STRATEGIC MANAGEMENT 2
Strategic Management
A strategy is a plot of action calculated to attain a future desire through the achievements
of long-term goals. Thus, Strategic management is the constant planning, monitoring, analysis
and assessment of all the required resources and services for an organization to achieve the goals
and objectives set for the company to accomplish. (Reeves, Haanaes, & Sinha, 2015) In an
organization, a strategy can be defined as an initiative that managers or company C.E. O`s take
to achieve one or more of the goals set by their respective organizations. Strategy normally
involves the integration of a company`s activities through the utilization and allocation of
different resources found in the organization surroundings so as to achieve the intended goals.
(Barney, 2007). When strategizing, decision making is critical and thorough. Consideration of
the outcomes that may follow the decisions made is needed for the organization to know how to
deal with the changes (Samson & Bevington, 2012).
I believe that strategy is like a blueprint in an organization that tends to govern the day to
day activities of a company. Strategic management involves the analyzing of both internal and
external strengths and weaknesses, formulation, and execution of action plans and also the
evaluation of which type action plans have been fruitful and are causing changes when the
desired results are not being achieved. (Mintzberg, 1994) All organizations policies, missions,
and operations depend on the strategies implemented by the managers in an organization about
how to achieve them. Company leaders are able to assess their organization's current situation,
come up with strategies, means to initiate them, and scrutinize the influence of the executed
strategies. Strategy`s wide range of meaning has helped me understand that there are five types
of strategies. Namely, they are Corporate Strategy, Business Strategy, Competitive Strategy,

STRATEGIC MANAGEMENT 3
Functional Strategy, and Operating Strategy (Hanson, Hitt, Ireland, & Hoskossin, 2011). All
these strategies have different meanings, roles, and are implied differently in the organization.
I came to the conclusion that some ideas must be implemented in order for strategies
placed in an organization to have a full effect. The organization's leader or owner must have a
clear vision for the company and he or she should inform the whole employee staff about it and
make sure they implement it all in their future endeavors. The organization's owner should have
his or her own personal vision about the company he or she has created. The vision should
incorporate what you want your business to bring to your life be it profit, help you grow your
community or become a successful entrepreneur (Irwin, 2018.). The owner should align his or
her vision to that of the company he or she has created to ensure that both visions help each other
flourish. One should know the business he or she has created to aid them in executing the
running of the business. The leader is able to know where the company state is at the current
moment and also what to do in order to help navigate it to a brighter future (Hamel & Prahalad
1994). It encourages employees to come up with innovative ideas and inspires teamwork
between them. This helps them improve their skills and equips the company with efficient labor
supply that helps the organization better the services and goods it offers. The company should
outline the strategies to the employees so that it maintains corporate values. Through maintaining
business ethics, the company creates a good customer relation and encourages more customers to
join the company. (Setili, 2014)
I have learned that having a strategic plan in running a business is essential as it helps
the organization flourish. The strategies tend to give the business direction by ensuring that the
entire organization is working hard towards achieving the same goals and instilling responsibility
amongst employees through encouraging teamwork. Strategic management creates a measure of