STRATEGIC MANAGEMENT
1.0 Background of the Study
Strategic management is the process of developing and executing a series of competitive moves to enhance the success of an organization both in the present and in the future. These competitive moves are derived from the demands of the external environment in which the firm operates as well as the internal capabilities, which it has developed or can reasonably hope to build or acquire. While managers may follow somewhat different strategic management routines, a sound process should include an analysis of the current business situation, the formulation of objectives and strategies based on that analysis, and an implementation and evaluation procedure that ensures progress toward each strategy and objective (1996). It can also refer to the art of planning a business at the highest possible level. Strategic management focuses on building a solid underlying structure to a business that will subsequently be fleshed out through the combined efforts of every individual employed. Simply put, strategic planning determines where an organization is going over the next year or more, how it is going to get there and how it will know if it got there or not. The focus of a strategic plan is usually on the entire organization, while the focus of a business plan is usually on a particular product, service, or program.
In addition, the scheduling of strategic planning process depends on the nature and needs of the organization and its immediate external environment. Strategy formation and implementation is an on-going, never-ending, integrated process requiring continuous reassessment and reformation (1995). Strategic management is dynamic–it is partially planned and partially unplanned. Strategy is planned and emergent, dynamic, and interactive.
2.0 Statement of the Problem
The achievement of having a fluid strategic management is the main issue here. What are the factors that contribute to the interrupted execution of efficient strategic planning? What does the business managers as well as the employees is doing in playing a part in the success of a business is critical. How effective are leadership and strategic management? Sustainable employee management and strategic management would be a key in combating the threats of most competitors and if intelligently executed, can place them at the top of the game. How are strategies developed? What is the importance of information technology in strategic planning? Leading change and implementing technology often go hand in hand. The key to success in both is a thorough, inclusive planning process. The processes described and tools provided in an organization will assist the people involved in leading change and planning for a strategy that is connected with technology.
3.0 Objectives of the Study
The main purpose of this study is to analyze the several activities or events that jeopardize effective execution strategic management. This research, specifically, purports to determine how these activities affect a business enterprise and to distinguish the role of the people within the business and the leaders in managing and devising strategies that would lead to the make or break of a business. This research takes into account the practices that hinder efficient strategic management, recognizing the economic and social obligation of the people involved. The study also intends to evaluate the importance of strategic analysis and the different methods businesses engage to in having competitive advantage. This research will delve also into the strategic hierarchy of management and seek to explore the psychology of strategic management.
4.0 Research Methodology
This study will use the descriptive type of research. A descriptive research intends to present facts concerning the nature and status of a situation, as it exists at the time of the study and to describe present conditions, events or systems based on the impressions or reactions of the respondents of the research (1994). It is also concerned with relationships and practices that exist, beliefs and processes that are ongoing, effects that are being felt, or trends that are developing (1970).
In this study, primary and secondary research will be both incorporated. The reason for this is to be able to provide adequate discussion for the readers that will help them understand more about the issue and the different variables that involve with it. The primary data for the study will be represented by the survey results that will be acquired from the respondents. On the other hand, the literature reviews to be presented in the second chapter of the study will represent the secondary data of the study.
The research will be presented in written form with the addition of data charts, which will present the project’s results. Pie charts and network charts will be needed to illustrate some of the analyzed data. This cannot be confirmed, however, until the research data have been analyzed.
5.0 References
Credit:ivythesis.typepad.com
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