STRATEGIC MANAGEMENT ASSIGNMENT

Strategic Management Assignment

Executive Summary

This paper intends to discuss the basic concept of strategy. Strategy basically refers to underlying plans for the purpose of future success. Planning for smooth business operations in present and in future is another name for successful strategy management. Strategy remains one of the most important tools of making the business successful. Strategic management has gained immense recognition in recent years. Strategic management is an ongoing process of formulating strategies which enables organizations success and consistent growth over time. It creates balance between organization and its environment. Strategic management points out the potential strengths of the organization that it possesses for achieving its goals; weaknesses that hinder in goals accomplishment; opportunities and markets that can be exploited in favor; and threats that are present in internal and external environment.

Strategic planning also is typically distinguished from strategic management. Strategic planning is the cornerstone of strategic management, but the latter is a far more encompassing process, concerned with managing an organization in a strategic manner on a continuing basis. Strategic management links strategic planning and implementation by adding ongoing attention to budgeting, to performance measurement, management and evaluation, and to feedback relationships among these elements.

Further, the paper will also provide the basic learning outcomes through this project and the entire course contents related to the development and management of business strategies. If it is said that businesses cannot survive without strategies, it would not be such a wrong statement. Businesses without proper strategies and its implementation in place do not remain in the market for a significant period of time. Only companies, which have strong and efficient strategies, survive in the long run; for instance, Wall Mart, Zara, and IBM are the few ones to name. The purpose of this paper is to make the reader aware about the significance of strategies development along with its management and implementation.

Strategic Management Assignment

Introduction

This paper intends to discuss the basic concept of strategy. Strategy basically refers to underlying plans for the purpose of future success. Planning for smooth business operations in present and in future is another name for successful strategy management. Strategy remains one of the most important tools of making the business successful. This paper will explore about the various theoretical concepts related to strategy and its associated aspects. The most important tools which are considered the backbone of making strategies like SWOT analysis, PEST Analysis and Porter's Five Forces Analysis will be developed and explored upon within this paper.

Further, the paper will also provide the basic learning outcomes through this project and the entire course contents related to the development and management of business strategies. If it is said that businesses cannot survive without strategies, it would not be such a wrong statement. Businesses without proper strategies and its implementation in place do not remain in the market for a significant period of time. Only companies, which have strong and efficient strategies, survive in the long run; for instance, Wall Mart, Zara, and IBM ...