Strategic Management Assignment & Homework Help Online
Strategic management is the process by which an enterprise aims to achieve its goals. It encompasses many sub-disciplines, including: marketing and sales, finance, logistics and distribution, operations management and engineering. Strategic management depends on a clear understanding of one’s business strategy which will influence: core business objectives for the next five years; product or brand; location of the company’s headquarters, research and development facilities and distribution facilities; allocation of capital to key products or divisions; manpower resources needed to achieve future performance levels; redesigning processes and structures among all departments.
It typically involves top-level managers and is often used to guide the overall direction of a company. Some of the steps in strategic management process include:
- Formulating a strategic vision and mission statement
- Conducting a SWOT analysis
- Setting strategic goals and objectives
- Developing a strategic plan and initiatives to achieve those goals
- Implementing the plan and monitoring progress
- Continuously evaluating and adapting the strategy as needed.
The purpose of strategic management is to direct the growth and development of a business enterprise or organization and it can be defined as the process including the creation, implementation, and maintenance of an effective and practical plan for achieving one or more goals in an industry, field of endeavor, company, or organization.
Types of Strategic Management
There are three main types of strategic management. The three main types of strategic management include analytical, contingency and adaptive management. Each of these focuses on different aspects of strategy and are important to consider when evaluating a business process.
Analytical Management:
Analytical management is a business process which emphasizes the evaluation of business risks and opportunities. Analytical management is marked by a focus on measurement and analysis as opposed to previous management approaches such as action or reaction, strategic planning and decision making. The main idea behind it is that there are no black or white choices; everything is defined in shades of gray and there are multiple ways of achieving a certain goal. It enables managers to avoid unnecessary risks while doing their jobs, yet make decisions which are grounded in reality. This is why it is used in various industries such as manufacturing, engineering, consultancy or sports marketing.
Contingency Management:
Contingency management is the use of alternative strategies when a specific strategic plan or a major assumption leading to the action is not achieved. Contingency management is typically used in long-term planning, in which a major assumption leads to contingency strategy. The main purpose of contingency management is to make decisions based on the results of previous actions or events. The main goal is to be able to take immediate actions if the original plan fails.
Adaptive Management:
Adaptive management is a process of learning from experience and adjusting management strategies in response to changing conditions. The goal of adaptive management is to improve management effectiveness over time by continuously monitoring and evaluating the results of management actions and using that information to inform future decisions.
Adaptive management is often used in natural resource management, where conditions and impacts are dynamic and uncertain. It is important to note that adaptive management is a collaborative process that involves multiple stakeholders, including scientists, resource managers, policymakers, and members of the public, to share information and perspectives, and to make decisions together.
Areas of Strategic Management
Strategic management typically involves several key areas, including:
Strategic analysis: This involves conducting a thorough analysis of the company’s internal and external environment to identify strengths, weaknesses, opportunities, and threats (SWOT analysis). This information is then used to inform the development of strategic goals and objectives.
Strategy formulation: This is the process of developing a plan of action to achieve the company’s goals and objectives. It involves identifying and evaluating different strategic options, and selecting the best course of action based on the company’s resources and capabilities.
Strategy implementation: This is the process of putting the strategic plan into action. It involves coordinating the efforts of different departments and employees to achieve the company’s goals and objectives.
Strategy evaluation and control: This involves continuously monitoring and evaluating the effectiveness of the company’s strategy, and taking corrective action as needed. This includes setting performance targets, monitoring progress, and making adjustments to the strategy as needed.
Innovation and corporate entrepreneurship: This is about creating new business opportunities, creating new and innovative products and services, and developing new business models.
International Strategy: This is about how a company will compete in the global market, and how to take advantage of the opportunities presented by different countries and cultures.
Sustainability: This is about how a company will operate in a way that meets the needs of the present without compromising the ability of future generations to meet their own needs.
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Language barriers: Students who are not fluent in the language in which the assignment is written may have difficulty understanding and completing the assignment.
Learning disabilities or special needs: Some students may have learning disabilities or special needs that make it difficult for them to complete assignments independently.
Stress and burnout: Some students may experience high levels of stress or burnout due to the demands of their coursework, and may seek help to manage their workload and improve their mental well-being.
Seeking better grades: Some students may want to improve their grades and seek the help of experts to complete the assignments.
Overall, online assignment help can provide students with the support and resources they need to succeed academically, and can help them to manage the demands of their coursework more effectively.
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