STRATEGIC MANAGEMENT

Strategic Thinking and Strategic Leadership

Strategic Thinking and Strategic Leadership

Abstract

Strategic management is of extreme importance in the highly competitive business environment and continuously escalating international business activities. This paper will provide a brief introduction of this significant concept of strategic management and will illustrate that why this concept is gaining so much importance these days. This paper will bring out some of the significant strategic management tools, models and theories for the better understanding of strategic management and its significance for organizations. It will lay down the theoretical base of some major strategic management models such as Porter's five forces framework, BCG matrix, Ansoff matrix, IS matrix, and SWOT analysis. It will then demonstrate the connection of strategy, innovation and change and will mention that these terms are tightly connected with each other.

Furthermore, in this assignment we will discuss some practical examples of the change and innovation. For that purpose we will not only identify the key strategic theories but we will also try to implement these theories and strategies in any organization. We will also discuss that how the strategies are planned and implemented. We will also try to establish relationship between strategy, innovation and change. There will also be discussion of the people who contribute to achieve the selected strategy which is adopted by an organization. Moreover, we will also give recommendations that how strategic processes within an organization can be improved for better performance.

Introduction

Strategic management is the most crucial and vital element of any organisation. It is responsible for the growth and expansion of any organisation. Similarly, it helps an organization to survive in the continuously enhancing competitive environment. Strategic management comprises of various strategies, which decides the mission and vision of the organization and takes it towards success. There are numerous functional department and activities as well, in any organization strategic management is responsible for the coordination and integration of these activities and functional areas so that long term organizational objectives can be achieved (Johnson, Scholes & Whittington, 2005)

However, it is considered that strategic management is a composite process, and thus it is essential that every level of management should contribute significantly in strategic decisions. In the present competitive scenario, strategic management is extremely pertinent, as it is necessary for organisations to do long term successful planning so that they survive successfully. The participation of the employees towards the selected strategy is also very important.

In addition, due to the highly changing environment, strategic management is gaining much importance as it is essential to follow such strategies that comprises of contingency planning. In this manner, strategic management is highly important for organisations as considering the future and at the same time anticipating for it. Additionally, strategic management helps in avoiding any kind of dilemmas and chaos in the future as the strategies and procedures to tackle unseen circumstances had already been planned in advance (Johnson, Scholes & Whittington, 2005).

This paper will throw light on some of the core concepts, strategic and theories of strategic management, at the ...