Essays

Strategic management is the process of specifying an organizations objectives, developing policies and plans to achieve these objectives, and allocating resources so as to implement the plans. It is the highest level of managerial activity, usually performed by the companys Chief Executive Officer (CEO) and executive team. It provides overall deputation to the whole enterprise. An organizations schema must be appropriate for an organizations resources, circumstances, and objectives. The process involves matching the companies strategic advantages to the business environment the organization faces. One objective of an overall corporate system is to put the organization into a position to carry step to the fore its missionary work effectively and efficiently. A good corporate dodge should integrate an organizations goals, policies, and action sequences (tactics) into a glutinous whole. To see how strategic management relates to other forms of management, see management.

outline formulation and implementation

Strategic management can be seen as a combination of strategy formulation and strategy implementation. schema formulation involves:
Doing a situation analysis: both intimate and external; both micro-environmental and macro-environmental.
Concurrent with this assessment, objectives are set.



This involves crafting vision statements (long term), mission statements (medium term), overall corporate objectives (both financial and strategic), strategic business building block objectives (both financial and strategic), and tactical objectives.
These objectives should, in the light of the situation analysis, signal a strategic plan. The plan provides the details of how to obtain these goals.
This collar-step strategy formation process is sometimes referred to as determining where you are now, determining where you want to go, and then determining how to make up there. These three questions are the essence of strategic planning.
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