Strategic Management Assignment Help
To plan a strategy and manage a strategy comes under the subject known as “Strategic Management”. MBA students basically deal with this particular subject and required to do lots of assignments of Strategic Management. Although it is not so complicated, but students take it as a boredom task
What is strategic management?
Strategic Management basically includes two factors “Formulation” and “Implementation”. These both elements are important in every initiative taken by a top management of the company. It oversees and specifies the organization’s objectives to formulate and implement the planned strategy. Expert writers have developed various frameworks and models to easily implement the proposed strategy. Strategic Management is not a onetime process; it is a dynamic process which keeps on change time to time. Strategy Management is also related to Strategic Planning and Strategy Thinking.
3 main elements of Strategy
The strategy has three main elements: strategic analysis, strategic choice and strategy implementation. Strategic management is an iterative process and can be represented as a loop. Hence:
Strategic analysis involves:
• The environment
• Expectations, objectives and power
Strategic choice includes:
• Evaluation of options
• Modification of existing alternatives
• Right selection of strategy
Strategy implementation involves:
• Planning of resources
• People & Systems
• Organization structure
Strategy at Different Levels of a Business
A strategy is a key element to run a business successfully, hence it is applied at various levels in an organization.
Level Of Strategy Definition
Corporate Strategy Focuses on determining which businesses the company should be in.
Business Unit Strategy Develops competitive advantages within a business segment.
Marketing Functional Strategy Operates at the level of marketing, operations and finance to ensure that each part of the company has strategies to support the business
Strategic Management process is not just a set of rules, in fact, it is a philosophical approach which helps in managing various types of strategies to grow the business. Here are five stages:
• Goal Setting – This stage consists of three aspects:
1.To define short term and long term objectives.
2.Identify the process of accomplishing the goal.
3.Customize the process for your staff.
• Analysis – It is one of the important stages amongst all because here only analysts gather the valuable information and relevant data to accomplish vision. It identifies strengths, weakness, threats and opportunities of the organization.
• Strategic Foundation – It actually determines the resources, business currently has that can help reach the defined goal and objectives. In this, issues are prioritized by their importance to your success. Once all are prioritized begin formulating them.
• Strategy Implementation – The next step is to implement the formulated strategy. Successful strategy implementation is critical to the success of the business venture. If the overall strategy does not work out with the expected result with the business’ current structure, a new structure should be installed at the beginning of this stage.
• Evaluation and Control – This is the final step of the process. It measures performance, implemented action, consistent review of internal and external issues and finding their effective solution.
Topics already cover by our writers
• Strategic Leadership
• Corporate Level Strategy
• Cooperative Strategies
• Competitors Analysis
• Organization Structure and Control
• Strategic Competitiveness and Planning
• Corporate Governance
• Internal Environment Analysis
• External Environment Scanning
• International Business Strategy
• International Entry modes
• Strategic Entrepreneurship