Paper on Importance of Strategic Management

Added on - 28 May 2020

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Running head: STRATEGIC MANAGEMENTSTRATEGIC MANAGEMENTName of StudentName of the UniversityAuthor Note
1STRATEGIC MANAGEMENTExecutive SummaryStrategic management is an essential requirement for gaining success in the business world.This paper focuses on the nature, process and importance of strategic management. It is areport on the effective strategic management of successful companies and points out the needfor an effective strategic management in companies that have not implemented itsuccessfully. It has been seen that an effective strategic management system is not justfinancially beneficial but also provides benefits to the company such as customer retentionand sustainability of resources. In conclusion, strategic management is a highlyrecommended practice that must be adopted by any organization that wants to stand out in thehighly competitive business environment.
2STRATEGIC MANAGEMENTTable of ContentsIntroduction................................................................................................................................3Discussion..................................................................................................................................3Task 1: Strategic Management and its Concepts...................................................................3Stages of Strategic Management........................................................................................3The Strategic Management Model.....................................................................................6Importance of Strategic Management................................................................................8Task 2: Strategic Management Practices of Apple and Google.............................................8Adoption of an Exemplary Innovation Strategy................................................................8Strategy Management System at Apple and Google........................................................11Task 3: Strategic Management of Eastman Kodak..............................................................12Task 4: Recommendations of Strategy for Kodak Based on Task 2....................................13Conclusion................................................................................................................................15References................................................................................................................................16
3STRATEGIC MANAGEMENTIntroductionStrategic managementrefers tothe process of creating, implementing and assessingcross-functional results that helps an organization in attaining its goals and objectives.Strategic management concentrates on incorporating management, accounting, marketing,operations and development to accomplish success in the organizational level. This paperanalyses the concepts of strategic management and evaluates the manner in which a companyhas successfully incorporatedor has failed to do so.The first section of the paper provides ageneral idea of strategic management and its contexts. In the second section of the paper, twocompanies are chosen, Apple and Googlebothwith strong innovation strategies and theirpractices in the strategic management are being discussed.In the third section of the paper,another company Eastman Kodak is selected.This company shows weak formulation orimplementation of innovation strategies and a description of their strategic management andof the organization is provided. In the fourth section of the paperI take lessons fromthebusiness strategies of Apple and Google andI formulaterecommendations for theimplementation of business strategies that can be beneficial for Eastman Kodak.DiscussionTask 1: Strategic Management and its ConceptsStages of Strategic ManagementStrategic management is the process of forming and implementing initiatives to attainthe major aims and objectives of a company by the management team and officials of thecompany taking into consideration the available resources and on having evaluated thecompetitive environment in which the company functions (Rothaermel, 2015). The process ofstrategic management takes place in three phases –strategy formulation, strategyincorporation, and strategy assessment. The first phase involves the development of a missionor vision, recognition of the company’s threats and opportunities, determination of the weakand strong points of the company, establishment of long-term goals, generation of secondaryand alternative strategic options, and choosing certain particular strategies to follow(Wheelen & Hunger, 2017). Among the issues that fallunder the strategicformulation phasethat should be looked after are: deciding on the new business area that one wishes to or canenter, deciding on business areas that should be avoided, deciding on the ways to make usefulallocation of resources, choosing between the options of expanding or diversifying thebusiness, deciding if it would be wise to expand the business on aninternational level,
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