1. In your own words and using referenced quotes describe what "Strategic Management" is?
Strategic management is the process of analyzing, deciding and taking actions by the top level management in order to maintain a sustainable competitive advantage.
Here, from the above definition, we can derive the idea that Strategic Management consists of the following fundamental elements.
The theme is that it consists of three primary processes; i.e. analysis, decision and action. Strategic management is concerned with the analysis of strategic goals(vision, mission, and strategic objectives) along with the organizations internal and external environment. Next,Strategic decisions are to be made by the top level management. It is necessary to formulate strategic decisions by the leaders in order to make choices for the organization. And lastly, actions are to taken in order to complete the analyzing and deciding procedure
According to Alfred D. Chandler, Jr., author of Strategy and Structure (1962), “the determination of the basic long-term goals and objectives of an enterprise, and the adoption of courses of action and the allocation of resources for carrying out these goals” (fba.aiub.edu,2013).
In short, Strategic Management plays the role of specifying the overall organizational mission, vision and objectives, developing plans and policies by the top level management on behalf of the owners.
2.How is business strategy similar to military strategy? How is it different?
Business strategy can be similar to military strategy in a number of ways. They are as follows:
Business strategy can be different to military strategy in the following ways:
4. Write about your experience with today's case study. What answers did you give? Was it easy to answer the questions? Did your group agree with each other?
References:
Strategic management is the process of analyzing, deciding and taking actions by the top level management in order to maintain a sustainable competitive advantage.
Here, from the above definition, we can derive the idea that Strategic Management consists of the following fundamental elements.
The theme is that it consists of three primary processes; i.e. analysis, decision and action. Strategic management is concerned with the analysis of strategic goals(vision, mission, and strategic objectives) along with the organizations internal and external environment. Next,Strategic decisions are to be made by the top level management. It is necessary to formulate strategic decisions by the leaders in order to make choices for the organization. And lastly, actions are to taken in order to complete the analyzing and deciding procedure
According to Alfred D. Chandler, Jr., author of Strategy and Structure (1962), “the determination of the basic long-term goals and objectives of an enterprise, and the adoption of courses of action and the allocation of resources for carrying out these goals” (fba.aiub.edu,2013).
In short, Strategic Management plays the role of specifying the overall organizational mission, vision and objectives, developing plans and policies by the top level management on behalf of the owners.
2.How is business strategy similar to military strategy? How is it different?
Business strategy can be similar to military strategy in a number of ways. They are as follows:
- Both military and business strategy's key aim is to gain "Competitive Advantage"
- Both uses their strengths to exploit competitors weakness.
- Achieving success on both the sides is the result of intense research, planning and hard work, not due to accidental strategy.
- A good leadership is vital for both the cases, in order to succeed.
- Timing is vital in both the strategies.
- Team approach is always preferred.
- Both the strategy require quick adaptation to change in order to success.
Business strategy can be different to military strategy in the following ways:
- Military strategies are vital for the national security, lives of people where as Business strategies focuses on shareholders value.
- Military strategies focuses on command and control where as Business strategies focuses on self benefit and profit maximization (scribd.com,2013).
3. What do you understand by the terms "strategic analysis", "strategic development" and "strategic implementation"
Strategic Analysis
Strategic analysis is the process of developing strategies for the business by researching the business and the environment in which it operates. it is constantly looking for what is happening around the organization now and in the future.
It is referred as "Strategic" because its a high level, for the longer term and for the whole organization and "Analysis" because it usually about breaking big and complex problems into manageable and simpler solutions (businessdictionary,2013).
Strategic analysis helps the organization through the following ways:
In short, strategic analysis helps the organization to lead a more clearer defined goals and objectives with better quality decisions and goals, thus making the organization more secure to the coming future.
Strategic Development
Strategic development also known as Strategic planning is a key fundamental part in creating and smooth operation of a business. Its like a game plan that sets a specific sets of goals and objectives which can be changed and modified according to the shifting market dynamics(fao.org,2013).
There are certain steps for the strategic development which are as follows:
Strategic analysis is the process of developing strategies for the business by researching the business and the environment in which it operates. it is constantly looking for what is happening around the organization now and in the future.
It is referred as "Strategic" because its a high level, for the longer term and for the whole organization and "Analysis" because it usually about breaking big and complex problems into manageable and simpler solutions (businessdictionary,2013).
Strategic analysis helps the organization through the following ways:
- Anticipate what might happen
- Evaluate how likely it is to happen
- Prepare for it to happen
In short, strategic analysis helps the organization to lead a more clearer defined goals and objectives with better quality decisions and goals, thus making the organization more secure to the coming future.
Strategic Development
Strategic development also known as Strategic planning is a key fundamental part in creating and smooth operation of a business. Its like a game plan that sets a specific sets of goals and objectives which can be changed and modified according to the shifting market dynamics(fao.org,2013).
There are certain steps for the strategic development which are as follows:
- Set your long term goals.
- Conduct a market and competitive analysis.
- define your company's current market status.
- Do the "SWAT" analysis.
- Compare where you are and where you want to be in five year time.
- Do timely review of your company's progress.
- Be as much flexible as possible according to the changing market dynamics.
Strategic Implementation
Strategy Implementation is the translation of the chosen strategic planning into organizational actions in order too achieve the predetermined organizational goals and objectives.
the 5 Essential steps to successful strategy implementation are as follows.
the five essential steps for successful strategic implementation are:
the 5 Essential steps to successful strategy implementation are as follows.
the five essential steps for successful strategic implementation are:
- Align your initiatives
- Align budgets & performance
- Structure follows strategy
- Engaging Staff
- Monitor and Adapt(bergconsulting,2013).
4. Write about your experience with today's case study. What answers did you give? Was it easy to answer the questions? Did your group agree with each other?
I learned a lot from my today’s case study. This case study speaks about three small growing cities from England namely Peterborough, Milton Keynes and Swindon. Here each of these three cities are doing their best to urbanize as much as possible.
Milton Keynes and Peterborough both ran a national TV advertising campaigns intended to attract families and businesses. Milton Keynes also has plots of land ready to be built on with roads and other infrastructures ready in place. Swindon has organized building sites and brand-new houses. All of these three cities want to build as much houses as possible. This caused the housing and commercial property costs to be much less than nearby cities. Affordable housing helped to retain the workers in these houses.
Even though, these three towns have difficulty in attracting highly skilled manpower. The towns lack decent bars and restaurants and are deserted after the worker’s drive home at six o’ clock. These towns want to build their own universities over the next decade so that it can bring certain changes over time.
References:
[Online] Available at: http://fba.aiub.edu/pages/files/cs/mgt/MGT110042.pdf [Accessed on 4th march, 2013]
[Online] Available at: http://www.scribd.com/doc/27131913/Business-vs-Military-Strategy [Accessed on 4th march, 2013]
[Online] Available at: http://www.businessdictionary.com/definition/strategic-analysis.html [Accessed on 4th march, 2013]
[Online] Available at: http://www.fao.org/docrep/w5830e/w5830e0f.htm [Accessed on 4th march, 2013]
[Online] Available at: http://bergconsulting.com.au/Berg_Consulting_Blog/5-essential-steps-to-successful-strategy-implementation [Accessed on 4th march, 2013]
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