Strategic Management and Its Importance

The assignment discusses the concept of strategic management and its significance in ensuring the success of an organization. It highlights the need for a course of action and planning to make business operations easier and more efficient. The document also mentions the importance of setting clear objectives and workers working systematically to meet organizational goals.

Strategic Management

INTRODUCTION
Based on the internal and external factors the top management takes some initiative on
major goals on behalf of the owners and implements and formulates them, this is known as
strategic management. Three principles by Michael Porter are making trade-offs by choosing
“what not to do”, creating a valuable and unique position and to support the chosen strategy.
Main Body
Strategy According to B.H. Liddell Hart
"The craft of spreading widely and applying service intends to satisfy the parts of the
bargains."
Strategies According to H. Mintzberg
Strategic management according to the author can be used by various company to create
and develop long term and short term goals. These can be achieving by allocating resources
adequately. In this various skills can be acquired by effective training which can
Strategies According to G. Steiner
Plan of action is what top administration does that is key to the association. Methodology
imply to fundamental directional choices, that is, to mission and purposes. Methodology
comprises the notable activities important to understand these headings. Methodology responds
to the inquiry: What should the association do? Procedure addresses the query: What are the
finishes we look for and by what means would it be preferable for us to accomplish them?
Strategy According to K. Tregoe
The major 9 factors for strategic management by K. Tregoe are- Strategy for deal, Items
advertised, Creation ability, Common assets, Market needs, Size/development, Strategy for
dissemination, Innovation and Return/benefit.
Strategy According to K. Andrews
Corporate technique can be defined as company’s choice that shows the objective of
business unit. Strategies are planned for meeting organizational goal and meeting financial needs
in effective manner.
Strategies according to M. Robert

Four factors by M. Robert are Customers, Products and services, Market segments and
Geographic areas. Each firm has to understand the needs of buyers and make strategies in such
manner so that it can satisfy consumers.
Role of Strategic Management
Strategic management can be divided into four roles of strategy. They are-
Structure for Operational Planning
It makes proper arrangement of all activities so that activities can be achieved in
appropriate manner (Ansoff and et.al., 2018). Better the meaning of these zones, better will be
the arrangement of assets.
Directory Activities with Clarity
They make the authoritative goals all the more clear and explicit. Yet, these definitions
are too expansive and even unclear for placing them into activity. Systems center around course
of exercises by indicating what exercises to meet hierarchical end. (Frynas and Mellahi, 2015).
Strategic management if implemented in organization makes sure that each employee is provided
with role and responsibility which can make them more satisfied. This can also help company in
managing and maintaining the resources adequately.
Increase in Effectiveness
Strategic management involve strategic planning Which means that resources will be
allocated effectively. It also includes planning related to resources so that the work of
organization can be effectively managed. Organization can make use of strategic tools so that
efficiency of employees can be improved. This also makes them more satisfied. This also creates
employee loyalty. It also creates (Meyer, Neck and Meeks, 2017). (Trigeorgis, L. and Reuer,
J.J., 2017).
Satisfactory personally
In association where formal vital administration procedure is pursued, individuals are
progressively fulfilled by unequivocal remedy of their jobs accordingly lessening job strife and
job equivocalness. (Noe and et.al., 2017).
Impact on the Organization
Without utilizing lively administration, the basic leadership can help in getting desired
results to business. Leadership can lead the people well and they can get better support. But in

the absence of leadership individuals may find problems and can fail to perform the task in
effective manner (Lasserre, 2017).
Stimulation
As the owner, how can one execute key objectives impacts the association's presentation.
The company will have to make temporary objectives for chiefs and representatives that fit in
general key arrangement, just as long trail objectives. Incentive representatives to perform well
by setting elevated standards for every one of them and binds their objectives to explicit business
objectives(Morschett, Schramm and Zentes, 2015). Make it simple for them to see the effect of
their work for the gain in the firm.
Aims
The main aim of strategic management is to ensure success for organization. In this the
planning is done in such a way that goals and objectives of business can be achieved. It can help
and support firm in growing and establishing their market share in areas where it has not be
settled. There is requirement to understand significance of use of objectives and workers must
work in systematic manner to meet the organizational goal. (Morden, 2016).
Conclusion
Strategic management is a must in a organisation to make the company run smoothly and
efficiently. If there is a course of action and a plan to do things then the work gets easier and the
business can run properly and achieve its aim and goals. After strategic planning there is a clear
path for the organisation to follow and the company also knows what to do and what not to do
for the benefit of the organization.

References
Books and Journal
1. Ansoff, H.I., Kipley, D., Lewis, A.O., Helm-Stevens, R. and Ansoff, R.,
2018. Implanting strategic management. Springer.
2. Frynas, J.G. and Mellahi, K., 2015. Global strategic management. Oxford University
Press, USA.
3. Lasserre, P., 2017. Global strategic management. Macmillan International Higher
Education.
4. Meyer, G.D., Neck, H.M. and Meeks, M.D., 2017. The entrepreneurship‐strategic
management interface. Strategic entrepreneurship: Creating a new mindset. pp.17-44.
5. Morden, T., 2016. Principles of strategic management. Routledge.
6. Morschett, D., Schramm-Klein, H. and Zentes, J., 2015. Strategic international
management (pp. 978-3658078836). Springer.
7. Noe and et.al., 2017. Human resource management: Gaining a competitive advantage.
New York, NY: McGraw-Hill Education.
8. Trigeorgis, L. and Reuer, J.J., 2017. Real options theory in strategic
management. Strategic Management Journal. 38(1). pp.42-63.