[SOLVED] Discussion response, strategic management
Im working on a Management question and need guidance to help me study.
Discussion question:
Discuss how you will apply the strategic management process in your Strategic Plan? Address the three stages of the strategic management process. How will this help you achieve the goal of producing above average returns for your selected organization? Provide specific examples.
My initial response:
Strategic management refers to the process and activities are undertaken in the daily management of both external and internal resources of an organization. Strategic management enables an organization to focus on its strategic objectives and goals by providing a clearly defined outline ad framework of pursuing such organizations. In my strategic planning, the strategic management process can be applied through continuous evaluation, monitoring, and assessment of the external and internal environment of various projects (Morden, 2016). A strategic management process can also be applied in strategic management to devise and implement strategies. It can also be sued to evaluate the progress of various strategic plans so that necessary adjustments are made whenever a deviation from the planned objectives is detected.
The strategic management process goes through three main stages beginning form the formulation, through implementation and finally, evaluation and control of the strategies. The strategic formulation stage entails the development of the mission and vision statement that forms the foundation of the strategic plan. It is important to take into consideration the SWOT analysis of the organization so that the strategic plans make use of the strengths of the organization to exploit the opportunities while minimizing the threats so that the effects of the weakness of the organization (Lasserre, 2017). A careful evaluation of the SWOT analysis of an organization aids in the formulation of the strategic objectives and goals that would be pursued in the next course of business activities.
At the strategy implementation phase, the strategic plan is set rolling through resource allocation and to facilitate the completion of projects. It is at this stage that the employees are supervised to ensure that all the deliverables in the vision and mission statements are implemented (Morden, 2016). Once the deliverables are implemented, the strategic management process enters the third phase, where all the outcomes are measured and evaluated against the objectives. To ascertain any need for correction in case of deviation.
The benefits of embracing the strategic management process in strategic planning facilitate the achievements of the goal of producing above average results for an organization through effective decision making. It, therefore, motivates employees and promotes low-cost and zero-waste operations with a focus on the strategic goals (Lasserre, 2017). For example, I would ensure that I engage all stakeholders in a conversation to buy-in their support so that the organization pursues common goals as a team.
References
Lasserre, P. (2017). Global strategic management. Macmillan International Higher Education.
Morden, T. (2016). Principles of strategic management. Routledge.
Respond to this from my classmate:
I agree with you. Strategic management is essential for businesses to succeed. Strategic management is simply a business strategy with clearly defined goals. The goal is for the organization to create clear and well-defined plans to achieve its goals. For companies to achieve the goals set, all moving parts and resources must align i.e., personnel, finance, marketing, production, etc.
When companies do strategic management right, it goes beyond making profit; it also incorporates social responsibility in their operations. This is an area that piques my interest. For example, a company will continuously make sure they are doing more harm than good in their environment. Nowadays, companies are showing more awareness of their products and also in the way they conduct business. A lot of companies like Amazon continuously revise their policies to reflect ethical standards and environmental consciousness. Social consciousness or conscious capitalism, when included in the strategic plans of a business, will ensure long term sustainability.
