EVALUATE THE ROLE OF ANALYSIS IN STRATEGIC

Evaluate the role of analysis in strategic management



Evaluate the role of analysis in strategic management

Strategic management:-

Definition

Strategic management is a process that defines and controls the business and the industries in which the company is involved; assesses its competitors and sets goals and strategies to meet all existing and potential competitors; and then reassesses each strategy annually or quarterly [i.e. regularly] to determine how it has been implemented and whether it has succeeded or needs replacement by a new strategy to meet changed circumstances, new technology, new competitors, a new economic environment., or a new social, financial, or political environment.” (Lamb, 1984:ix)

Strategic planning

In the competitive business world, cost-driven planning or forecasting planning strategies are insufficient and in appropriate for a big company to survive and do well. The firm must adopt strategic planning that helps clearly define objectives and helps assesses both the external and internal situation and helps to implement the strategy, define the progress and make the necessary changes that are necessary. The strategic management of an organization primarily deals with creating management's strategic vision for existing situation of the company that represents the game plan for taking the company into a striking business place and structuring a sustainable competitive advantage. Actual strategy of the organization generally turns out to be both more and less than the planned strategy as new strategy features are added and others are deleted in response to newly rising conditions. Corporate approach deals with the way a diversified company is determined to establish business positions amongst various industries and the measures employed to develop the businesses of the company. Business strategy combines the actions and the methods planned to adopt by management to create successful environments in some specific line of business. The essential business strategy is shaping the business and building it into a stronger long-term competitive position. A business strategy therefore can only be prevailing if it produces a considerable and protracted competitive advantage and it will be weak if the consequences are in form of competitive disadvantage. The well-established corporate management is based on the superior internal foundation vigor's and competitive potentials that is a significant technique to compete the competitors. Determined strategic management concerns the plan of action for running a main functional activity or process within the research and development, production, marketing, customer service, distribution, finance, human resources, and so on. The business needs a lot of efficient strategies to produce results out of the major activities.

Effective strategy management encompasses the planned course of actions to manage vanguard organizational components within a trade in order to take them in a strategically significant direction to achieve the desired results in the field of materials purchasing, inventory control, maintenance, distribution, advertising drives. Leading managers are central ingredients of strategy development team of an organization since several of these have significant performance targets and need to have calculated action plans to achieve them.

Notwithstanding, a non-linear correlation was found, indicating that customers experience stages ...