Strategic Managment

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Category: Business and Industry

Date Submitted: 10/25/2010 04:06 PM

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What is Strategic Management and why is it critical to the success of an organization in meeting its goals and mission? This is a tough question that all companies must eventually look at to become successful. How do you reach one while balancing the other. In researching for this case study there are a few key elements that needed to be addressed. First is a brief analysis of the situation and pending decision problem, as presented in the case, and as relevant to your answer. Second is the identification of the major issues surrounding the organization or individuals involved with the organization. Next is the identification of alternate courses of action to address the issues identified. Finally is the decision or recommendation for action that should take place.

So first we need to look at exactly what is strategic management. is a field that deals with the major intended and emergent initiatives taken by general managers on behalf of owners, involving utilization of resources, to enhance the performance of firms in their external environments. It entails specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs. A balanced scorecard is often used to evaluate the overall performance of the business and its progress towards objectives. Recent studies and leading management theorists have advocated that strategy needs to start with stakeholders expectations and use a modified balanced scorecard which includes all stakeholders.

Strategic management is a level of managerial activity under setting goals and over Tactics. Strategic management provides overall direction to the enterprise and is closely related to the field of Organization Studies. In the field of business administration it is useful to talk about "strategic alignment" between the...