ABOUT STRATEGIC MANAGEMENT
Strategic management involves the formulation and implementation of major goals and initiatives taken by an organization’s top management on behalf of the owners. Strategic management provides an overall direction to an enterprise and involves specifying the organization’s objectives, developing policies and plans, so as to achieve those objectives.
The field of strategic management involves many elements. These are listed below:
- Environmental Analysis: This includes contrasting the organization’s circumstance with threats and opportunities in the external environment. For example, factors such as the economy, regulations, technological advances, societal changes, competition and environment could affect the environmental output. Herein, appropriate analysis of strengths, weaknesses, opportunities and threats is done. By conducting SWOT analysis, it is possible to understand internal weaknesses and strengths relative to professional opportunities.
- Strategy Implementation: This includes strategic management implementation which includes taking appropriate action. The leaders of the organization communicate the procedure to internal leaders who have divided the roles and responsibilities with their colleagues.
- Evaluation and Control: Many times, inspection of things contributes to evaluation and control of elements of strategic management. The workers fulfil their responsibilities to so as to assess performance and goals.
Strategic Management describes the formulation and enactment of strategies, which needs to be in lieu with aims and goals of the company. Strategic management is implemented by keeping in mind the resources as well as internal and external environment of the organization. It is obvious that the policies and strategies of the organizations change with time due to varying nature of resources of the organization. As a result, it is important to cope up with such changes and formulate new strategies and policies, so as to achieve desired results of the organizations. The field of Strategic Management has certain fixed aims and objectives. It aims t developing core competency for the organization. It also assists the organization in developing competitive advantage. It assists the organization in developing and strengthening the marketing plans. It further allows the organization to form sustainable development. Strategic Management allows organizations to take strategic decisions and attain market synergy. It helps in creating value for customers. It helps the businesses become dynamic and achieve high profit.
Designing of strategies initially begins with assessment and analysis of the environment and factors affecting the organization. This is followed on by formulation of strategic decisions. Some of the necessary points of analysis are external environment and internal environment analysis. The external environment analysis is done via PESTLE analysis which covers political, social, economical, technological, legal and environmental factors of the organization. The internal environment analysis relates to strength and weakness of the organization. It relates much to industry analysis and assesses buying capacity of customers. The Porter’s five forces of demand are studied in detail so as to identify opportunities and threats of the company.
The following questions need to be answered well to take strategic decisions:
- What is the business of the organization?
- What is the income earning of the customers?
- What is the scope of the business on the grounds of geographic scope?
- What is the scope of growth of business in terms of core business and new strategies for the business?
- What is the point of distinction of the company from its competitors for its customers and stakeholders?
- What is the ground for value creation for the customers?
- What products and services should be included and eliminated from the business of the organization?
- What are the different skills and capabilities that need to be developed within an organization?
Strategy formulation is followed on by the stage of implementation. The stage of planning is termed as formulation whereas implementation is the actual stage of taking action on decisions. Implementation leads to use of resources of the organization that further leads to fulfilment of objectives and goals of the organization.
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