Question

Find a current online article on the subject of Strategic Management and summarize and discuss the article. Your post must include a working link to your article. This will allow viewers to go read entire article.

Include, as a minimum, the following in your post:
1. Summarize and discuss the article and the subject of Strategic Management.

The question was asked on length for this assignment (Question #1). I would think to summarize a good article and discuss it would require 3-5 paragraphs.

2. Analyze the strategic planning function in your organization and relate how it does, or does not, help achieve a competitive advantage. Respond to Porter’s statement that, “The company without a strategy is willing to try anything” , in relation to your organization.

3. Please discuss the types of controls used in your organization.

Are they working? Would you leave it the way it is?

Answer 1

Strategic Management

Strategic management is once of the most important management framework used in running a business smoothly. Strategies are made in order to have a plan and understanding of the goals and objectives of the business. In modern times and with the increase in competition, there is an urgent need in the formulation of strategic management in order to sustain the business in the marketplace. Participating in the global economy is important for any business. Thus an organization needs to have a strategic plan which covers all the important areas of managing the resources with an action plan.

The recent technological and globalization changes have proved the need for and importance of strategic management in any business. A strategy is a framework of plans and policies adopted by the senior/top-level management which helps to show the path towards the organizational goals and objectives. In other words, strategy planning is a bridge between the organization and its objectives. It demands creativity, learning, and decision making. Without a perfect organized strategy and plan, a company would fall or wind up easily.

Strategic management consists of vision, objectives, implementation, control, and evaluation. These are day to day steps followed in every day of business life. An organization having pre-defined strategic planning has a serious competitive advantage in the market. Strategic management also helps an organization to understand the nature of its rival/competitors in the market. With its help, the company understands the blueprint or the game plan of the competitors.

Strategic management is a proposed plan of action that focuses on the external and internal environment in which an organization executes it's all operational work. Thus, helping to increase the overall operational efficiency.

• Strategic management also helps tremendously in decision making and planning the course of action in the organization. The purpose of strategic management is to meet the objectives of the organization by introducing new and innovative ideas and courses of action followed by a plan.
• It helps to understand the level of progress, the cost required, and the need to bring new strategies in the current scenario. Reducing cost is very important for the growth and profit of the organization in the long run.
• New opportunities can also be addressed,identified, and accomplished easily with the help of strategic planning and management.
• Although strategic formulation and management is a complex and time-consuming job, its outcomes are extraordinary and exceedingly great. Strategic management also brings long term profits and revenue for the organization.

Another important step in the strategic management is strategy implementation. Strategies formulated and planned should be implemented in such a way that it meets the expectations and objectives of the organization. Strategic management also brings long term profits and revenue for the organization. It also helps to identify risks and uncertain factors that are going to affect the operation and profit of the business.

Micheal Porter’s statement: “The company without a strategy is willing to try anything”

Micheal Porter's generic business strategy has helped the business a lot in many ways. Micheal Porter had a business perspective in formulating the strategy keeping in mind the three main components of any business: Cost Leadership, Differentiation, and Focus. These are the three important and essential basic strategies that will help a company to competitive advantage in the long run. The essence of the strategy is to make correct decisions with regard to the challenges and problems faced in operational scenarios.

“The company without a strategy is willing to try anything.” means that a company that doesn't have a strategy formulation plan or a company that copies the strategic plan of its rival firms will not be able to thrive in the competitive environment. The company will not get any success or rewards if it doesn't have their own plan of action.

Controls is a framework or policy that is made for the employee and organization interest. There are different types of control tools used in the organization. The three main organizational control used in my organization are strategic control, operational control, and management control. Each of these control frameworks is very important as it has its own agenda and objectives followed by a strategy formulation plan and control measures.