Strategic Management

Strategic Management

Introduction

Strategic management can be defined as the process of formulating, implementing, and evaluating the cross functional decisions of an organization, thus enabling it to get hold of the objectives and succeed in achieving them. The process is an art and science in itself, and involves continuous and uninterrupted formulation, implementation and control of the broad plan guidelines, which thus help an organization in achieving the strategic goals set by the internal and external environment of an organization. The process of strategic management goes on throughout the existence of an organization, started with the formulation of goals by the managers and then going on through their modification and implementation.

Competitive Intelligence (CI)

Competitive Intelligence (CI) can be defined as the process of systematical as well as ethical gathering and analyzing information regarding the competition's activities and the general business trends. The gathering and evaluation of data is aimed at the furthering own goals of business, and is required by all the organizations in order to maintain the proper working of the organization. It is due to the same reason that majority of the organizations in USA agree that they need an effective and efficient competitive intelligence program, in order to maintain the functions of the organizations and assist in achieving goals. It is eminent to mention here that successful and efficient competitive intelligence program requires certain objectives, which are mentioned below:

Basic objectives of effective Competitive Intelligence Program

Following are the basic requirements of competitive intelligence program:

Provision of a general understanding regarding the industry in particular and its competitors in general.

The identification of areas which are vulnerable to competitors and also to assist the impact of strategic actions would have no particular competition.

The identification of the potential moves expected from the competitors that might cause the position of the organization to get endangered in the market.

Accessibility of information gathered during the research to all the members of the team, and to ensure that all of the team members get an equal opportunity to participate and present their opinion regarding the matters of organizational importance.

These three objectives highlight the major and most essential requirements of the strategic program, as this not only help in formation of goals and objective but also assist in providing protection against the competitors. In addition, it also provides the managers with an overall idea about the situation in market and allows them to understand the demands and dangers posed in the open market. It is also essential for implementing and evaluating decisions and an effective competitive intelligence program ensures that consistent and verifiable information is accessible by all the areas and parts of the firm. The provision of information to all sections of the firm is meant to assist in making decisions, and it is due to the same reason that effective competitive intelligence program allows all the members of the team have a feeling of belongingness and feel themselves as the part of the CI program. The effective CI program also includes usefulness, timeliness, flexibility and the cross functional ...