Key Concepts For Strategic Management
Strategic Management is the process in which an organization develops and implements plans that espouse the goals and objectives of that organization. The process of strategic management is a continous one that changes as the organizatinal goals and objectives evolve. Several key concepts characterize strategic management and the development of organizational goals.
At the core of strategic management process is the creation of goals, a mission statement, values, and organizational objectives. The creation of these guides the organization in its pursuit of strategic opportunities. Through ...view middle of the document...
The analysis also facilitates in strategizing ways of adapting to changing technology and emerging markets.
The third concept is strategy formation. Strategy formation is a concept that entails developing specific actions that will enable an organization to meet its goals. This section entails using the information from the analyses, prioritizing and making decisions on how to address key issues facing the organization. Additionally, through using this concept an organization seels to find ways of maximizing profibility and maintaining a competitive advantage.
The fourth concept is called strategy implementation. Strategy implementation is putting the actual strategy into practice to meet the organizational goals. The idea behind this concept is to gather all the available and necesary resources required to bring the strategic plan to life. For the successfil implementation of a strategic plan, cooperation between management and other personnel is absolutely necessary.
The fifth and final concept is monitoring of the strategy after its implementation. Strategy monitoring entails evaluating the strategy to determine if it yeilds the anticipated results as espoused in the organizational goals. In the final stage an organization determines what areas of the plan to measure and the methods of measuring these areas, and then compares the anticipated results with the actual ones. Through monitoring, an organization is able to understand when and how to adjust the plan to adapt to chaning trends.