STRATEGIC MANAGEMENT

Unit 7008

Strategic Management

Executive Summary

The purpose of this paper is to identify that it is very important for the managers to understand that an effective marketing plan of the organization supports the strategic objectives of the organization, and enables an organization to achieve its strategic objectives. It is very important for managers to understand the right and effective way of constructing an effective marketing plan for the organization. It is also very important for the managers to learn and develop the skills for analyzing the external environment of the organization to develop the marketing plan in accordance with the external obstacles that could affect the performance of the organization. The paper focuses on identifying the importance of analyzing the external factors that affect the business functions of the organization. This helps in developing an effective marketing plan for achieving the strategic objective of the organization. This is th4e basic purpose of this paper and a brief discussion about these concepts will be presented as follows.

Strategic Management

Introduction

Strategic Management basically refers to the concept that is used by the strategic managers of an organization to analyze the external environment of an organization to develop effective plans for tackling the external factors that affect the business functions of the organization. Strategic Management also analyzes the initiatives taken by the senior management of an organization to develop efficient and effective plans for the development of the organization. The main functions of strategic management include designing the policies and programs for the organization to achieve the underlined objective of the organization. The main aspects that are considered very important in order to achieve the strategic objectives of an organization through strategic management is discussed as follows.

Strategic Managers Should Be Able To Understand How the Marketing Plan Supports Strategic Objectives

The Strategy Of The Organization Impacts On The Marketing Plan And The Identification Of Issues Of Risk Within A Marketing Plan (considering the overall external environment the organization operates within).

In today's world where entrepreneurship and owning your own business is considered to be the latest fashion to acquire wealth and status we see a lot of new businesses launching every month and every year but only few of them are able to maintain their position in the cutthroat competition and rivalry (Wheelen, 2010, pp. 90). Maintenance of the success of the business totally depends on the strategies a business owner adopts to operate it. Strategies are the nub that decides the success or failure of an organization. Without the proper, effective and efficient management of strategies an organization cannot survive. And, when the business is so huge and spread all over the world like Global Hyatt Corporations then in such a situation the need of the management of strategies increases even more. Global Hyatt Corporation with the aid of their skilled and competent management staff is successful in the management of their strategies. Strategies made by the management of the Hyatt Hotels are influenced by the external environment of the organization (Barney, 2010, ...