STRATEGIC MANAGEMENT

Strategic Management

Strategic Management

Introduction

Strategic management refers to the branch of Business Administration, which deals with the development, planning and implementation of content, goals and direction of organizations concerned. The time horizons in strategic management generally include two to five years, and not strategically equivalent to the longer term is to have strategic plans but usually a longer-term time horizon. Due to the strong overlap with the subject matters of the product policy of the marketing and the importance to the stakeholders of the company's strategic management corresponds strongly with the concept of corporate governance. The core of strategic management is the system of strategies, including a number of interrelated specific businesses, organizational and labour policies. Strategies are a pre-planned response to changes in the organization of the environment, the line of conduct, chosen to achieve the desired result. In dealing with these recurring challenges of strategic management decisions are usually characterized in that they take longer-term goals in the eye, to be implemented by mid-and short-term approaches and methods. The aim of strategic management is to make a rule, the development of enterprises. While the available scope for extending the total planning, the possibility of all-embracing control of a company's development just mentioned, to the view that companies are basically uncontrollable. Within this broad field of strategic management is a conscious form of thinking about the development of businesses and to act accordingly. This paper discusses the concept of strategic management and reviews the application of strategic management with reference to an organization.

Discussion

The current global economic scenario is characterized by constant change, its dynamism, its competitiveness and where organizations play a significant role, which requires management to be careful about how it should be the organizational behaviour of the company to survive and continue on course. The business world moves and turns ever faster speeds given the competitive level of other organizations. To compete and be among the best, they must feed on various nutrients that make business and strong sturdy trees.

Distinguishing between effective and ineffective management practices is a primary focus for much of management research. In the early part of the 20th century, Frederick Taylor and other management pioneers sought to identify the “one best way” of solving managerial problems. From this point of view, organizations were best understood in terms of direct, linear relationships between variables often represented by main or direct effects. In an effort to make organizations understandable, predictable, and controllable, management scholars and practitioners have advanced a rational approach to the practice of management. The 17th-century invention of the scientific method fostered a worldview of thought and practice based on reason (Toulmin, 2001, Pp. 13-54). Adopted by F. W. Taylor (1911, Pp. 23-45), the scientific method was translated as “scientific management,” which has evolved and continues to exist in the more technically sophisticated methods of “management science”. Wheatley (1992, Pp. 43-68) notes that most strategic management theorists, from Chandler to Porter, have been influenced by the scientific logic of engineering, which has resulted in attempts ...