Strategic Management INTRODUCTION 1 MAIN BODY1 1. Key Activities in the Strategic Management Process

Concept of any strategic management1 2.Key activities in the strategic management process 1 3.Corporate Governance and its key element et2 4. hierarchy of goal3 CONCLUSION 3 REFERENCES 4 INTRODUCTION Strategic management include the planning, monitoring, implementation of the activities which is important for the organisation to achieve its overall goal. How is “strategic management” defined , andits four key attribute Strategic management is the management process which works for continuous planning, executing, monitoring, analysing and assessing

Strategic Management

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
1. Concept of strategic management ..........................................................................................1
2.Key activities in the strategic management process.................................................................1
3.Corporate Governance and its key element.............................................................................2
4. Stakeholder management........................................................................................................2
5. Greater management perspective for the managers................................................................3
6. hierarchy of goal.....................................................................................................................3
CONCLUSION ...............................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
Strategic management include the planning, monitoring, implementation of the activities
which is important for the organisation to achieve its overall goal. This report will include the
concept of strategic management and key activities of strategic management process. This will
also include the corporate governance which direct the firm. Further more this will explain the
stakeholder management and hierarchy of goals.
MAIN BODY
Question 1. How is “strategic management” defined , and its four key attribute
Strategic management is the management process which works for continuous planning,
executing, monitoring, analysing and assessing all the implementation which is necessary for an
organisation to meet its organisational goals and objective.
Key attributes of strategic management
 Strategic management work toward to organisational go0als and objective.
 Strategic management include the multiple stakeholder in the decision making (Ansoff
and et.al., 2019).
 Strategic management focus on both future long term vision and short term and present
needs as well.
 Strategic management recognise the organisational needs to work effectively and
efficiently.
Questions 2. Key activities in the strategic management process and its importance to managers.
There are five main key activities in the strategic management process which is apply by
the management in order to meet the organisational objective.
Clarifying the Vision – Firstly clarify the vision by sting the goal and and its purpose. For this
set the long term and short term objective of the organisation and then identify the process
through which the goal is to be achieved. And also clarify the goals, its process and purpose
which will help to achieve the objective.
Analyse the information gathered – In this stage all the information and relevant data which is
gathered to give the shape to next activity, are evaluated.
Formulate the strategy – In this stage of activity, strategy is to be reviewed and determine the
available resources that can help in reaching the goals and identify the areas in which business
need external resources (Noe and et.al., 2017).
1

Implement the strategy – In this successful strategy is to to be implemented. If the strategy do
not work with the current structure, new structure to be installed at the beginning of the stage.
Evaluate and control – This stage of activity include the action performance measurement,
review and monitor the external and internal issue and made sustainable correction in them to
achieve the final goal and objective of the organisation.
Importance
This is very important for the managers to recognise the interdependent nature of these
activity because each activity is inter connected with each other and manager must know the
nature of theses activity to formulate, implement and continuous follow the strategic process in
order to achieve the target.
Questions 3.Corporate Governance and its key element
Corporate governance is the set of rules, regulations, principles and norms by which any
company is to be governed, directed and controlled.
Key elements of corporate governance
There are eight elements of the good governance which are as follow
Rules of law
Transparency
Responsiveness
Consensus Oriented
Equity and Inclusiveness
Effectiveness and efficiency
Accountability
Participation
It is difficult to achieve the good and ideal governance for the company. Governance
could involve the initiated people who can give new ideas, experience, preferences and other
strengths in the company (David and David, 2016). Should make sustainable and good relation
with the stakeholders that will help the organisation to grow more in the market. And the interest
of the stakeholders are addressed and reflected in the policy.
Question 4. Stakeholder management
Stakeholders are the individual, group or organisation which can affect, be affected by a
programme of the organisation. And the stakeholder management is the systematic process of
2

analysing, planning and implementation of the activities and actions in order to engage with the
stakeholders.
Questions 5. Greater management perspective for the managers
Any firm need to have the greater strategic management perspective because it gives the
broader perspective to the employees of the firm and with this they can better understand their
role and plan how it co relate to other organisational members (Wheelen and et.al., 2017).
It is the art of managing employees in a manner that they can maximise their ability to
achieving the objective and helps to increase the empowerment. Employees become more
trustworthy, committed and satisfied and effectively correlate with the organisational task.
Question 6. hierarchy of goal
Hierarchy is the way of organising things on the basis of their level of significance and
importance. As according to this goals are also be organised on the basis of their importance and
time limit what target and goal is important which is achieved to be first priority. There is
Primary goals, Long term goals, short term goals, recurring goals, immediate goals (Rothaermel,
2015).
There should be consistency to be achieved these goals because they are set accordance
to the priority and importance and for business its is very necessary to achieve each and every
kind of goal weather it is primary, long term or short term goal.
CONCLUSION
From the above study it has been concluded that the strategic management is very
important for any organisation which help the organisation to setting the vision and purpose of
the goals and all the necessary resources which required to achieve its goal. Also concluded that
this strategic management helps the organisation to set the hierarchy of their goals and planning
to achieve them as accordance to their need and importance.
3

REFERENCES
Books and journals
Ansoff and et.al., 2019. Implanting strategic management. Springer.
David, F.R. and David, F.R., 2016. Strategic management: A competitive advantage approach,
concepts and cases. Pearson.
Dess, G.G., McNamara, G., Eisner, A.B. and Lee, S.H., 2019. Strategic Management: Creating
Competitive Advantages. McGraw-Hill Education.\
Lumpkin, G.T. and Eisner, A.B., 2008. Strategic management: Creating competitive
advantages. McGraw-Hill Irwin.
Noe and et.al., 2017. Human resource management: Gaining a competitive advantage.
NewYork, NY: McGraw-Hill Education.
Rothaermel, F.T., 2015. Strategic management. McGraw-Hill Education.
Wheelen and et.al., 2017. Strategic management and business policy (p. 55). Boston: pearson.
Online
strategic management.2019.[Online].Available
through<https://searchcio.techtarget.com/definition/strategic-management>
4