Strategic Management: Process, Tools, and Importance of Change Management

Strategic management

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
Definition of strategic management.............................................................................................1
Critical assessment of process that is used in companies for determining strategy....................1
Evaluation of critical models along with tools that are used within business enterprise for
determining their strategy............................................................................................................4
Application of tools within real organisation..............................................................................6
Critical appraisal of importance of change management on the basis of complexity in
transforming process, risks, sustainability together with costs....................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Strategic management refers to stream of decisions together with actions that results in
development of effective strategy for attaining identified corporate goals (Al Shobaki, Abu
Amuna and Abu-Naser, 2016). In other words, it is a discipline that gathers numerous tools as
well as follows a legal procedure to devise a strategy. It involves management of all resources of
enterprise for reaching great heights in competitive business scenario. For understanding about
strategic management, considered company is Dyson Limited which is a UK based technology
entity that was founded by Sir James Dyson in the year 1991. The venture is specialised in
designing and manufacturing household appliances including air purifiers, hair dryers, bladeless
fans and many more.
The assessment addresses strategic management, process to determine a strategy, critical
evaluation of tools that are preferred in determining a strategy and application of all in real
company. It also appraises importance of change management on the basis of challenges in
transformation process and its cost, risks as well as sustainability.
MAIN BODY
Definition of strategic management
According to Barca (2017), strategic management can be termed as a discipline that
includes formulation addition to execution of major initiatives that are undertaken by top
managers of enterprise. It provides an overall guidance to involved parties in company, specify
objectives, devises plan so to attain all objectives by organising all resources for execution of
programmes. In Dyson Limited, strategic management is all about totality of strategic planning
addition to strategic thinking. It is about determining and describing strategies which
management carry out for attaining better performances, efficiency and competitive benefits. It is
a bundle of decisions as well as acts that is implied by a business administer to enhance
performances. For making wiser decisions making procedures, it is provital that all the strategies
should be placed for supporting all functions and activities. In this aspects, strategic management
entails evaluating goals, vision together with future plans. The discipline is considered as an art
together with science to develop, implement addition to evaluate cross functional decisions
which assist in accomplishing set objectives within bounded time.
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Critical assessment of process that is used in companies for determining strategy
In an organisation, strategic planning provides a place for recording organisational
mission, vision, objectives, purpose, values and action plan to reach towards all (Barney, 2020).
In relevance to Dyson Limited, following steps are taken into consideration for determine
meaningful strategy to stay ahead in game:
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