Strategic Management - Explained
What is Management Strategy?
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Table of ContentsWhat is Management Strategy?What Makes up a Business Strategy?Academic Research on Strategic Management
What is Management Strategy?
Strategy is the process by which one achieves her objectives. Strategic management is the process employed by a company (through its managers) to achieve its identified goals and objectives. More specifically, strategic management simply refers to the regulation, planning, monitoring and controlling of an organizations resources to achieve its goals.
A company's managers are charged with both developing and implementing a company's strategy.
Strategic management has both prescriptive and descriptive approaches. While the prescriptive approach shows how the strategies should be developed, a descriptive approach concerns the practice of these strategies.
Back to: STRATEGY & PLANNING
What Makes up a Business Strategy?
Strategy is made up of the following:
- A general orientation regarding how you want your company and its activities to perceived by third parties.
- Objectives that will lead you to your goals.
- Tactics used to achieve individual objectives.
All of these must be organized in what we call a Strategic Plan. The tactics will be carried out in a way that is consistent with the company's strategic orientation. These tacts will carry out the company's objectives. Accomplishing the objectives will lead to achieving the company's goals. When developing, implementing, and evaluating a strategy, managers must generally understand various aspects of the firm, the market, competitors, and the customer. Some commonly employed frameworks are the SWOT Analysis, PESTEL factors, and BCG Matrix.
- What is Strategy?
- What is Business Strategy?
- What is Management Strategy (Strategic Management)?
- Types of Business Strategy?
- Competitive Advantage
- Organizational Dynamics
- Business Model Overview
- How Management Develops a Strategic Plan