STRATEGIC MANAGEMENT

Strategic Management Competitiveness

Strategic Management Competitiveness

Introduction

What is planning?

On a regular basis, manager must have to practice the vital skill of planning because it creates the basis of some major actions manager must have to take in his career for the betterment of the organization. It also includes an important part of designing and setting expectations and goals for organization and its employees. This planning helps organization in its growth towards achieving organizational and personal objectives. According to Morey and Frangeoso, the importance of planning can be defined as, “Failing to plan is planning to fail” (Morey D., et.al, 1998, P 306-314).

What is Strategic Management?

Strategic management can be defined as “it is the management which can be used to determine vision, mission, values, objectives, goals, roles, timelines and responsibilities, etc that helps organization in its growth very effectively.

What is strategic planning?

The planning of strategy that has to be used by the organization is a management tool that helps organization in performing a better and effective job. It allows the organization to try to focus on its energy that used to achieve goals. It helps in ensuring that all the members or employees of the organization are going in one positive direction towards achieving the same goals for the organization. It also provides so much help in adjusting and assessing the direction of organization as a result of any change happen within or outside it to change the environment. In summarized way, according to Iles, strategic planning try to produce basic actions and decisions that guide and shape what is that organization, what operations it performed and why this organization performed such operations with a touch of its future (Iles P., 1994, P 3-9).

This strategic planning allows the organization management to describe and maintain its policy for any circumstances that may have face by the organization in the future. It also explains the method discussing how to deal with these circumstances irrespective of the fact that these circumstances discovered in advance or not. After being strategic, it also discussed means of being very clear and specific about the objectives of organization by providing awareness about the resources of the organization.

Features and benefits of Strategy

Strategy plays a vital role for the growth of any organization by providing a way to forecast the future for that organization based on the past planning and implementation experiences. On behalf of this forecasting organization becomes aware of the future problems they have to face and also defines how to overcome or completely neglect these problems from occurring.

Strategy always relates or deals with the future problems and planning rather than current operational issues. For example, it deals with new production methods, probability of success of innovations and new products if launched, and also deals with new developed markets in the future.

Strategy considered as very important part of management as it describes and can predicts the behavior of company's competitors and customers in response of any activity or product. In addition with this, Strategy dealing employees of organization also describes ...