Strategic Management
Posted 22 Jul, 2020
Author - Abidemi Owolabi
Strategic Management

Strategic Management is the on-going planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its goals and objectives.
The strategic management process helps organizations take stock of their present situation, chalk out strategies, deploy them and analyse the effectiveness of the implemented management strategies.

Strategic Management Concepts
Strategic management is based around an organization's clear understanding of its mission; its vision for where it wants to be in the future; and the values that will guide its actions. The process requires a commitment to strategic planning, a subset of business management that involves an organization's ability to set both short and long-term goals. Strategic planning also includes the planning of strategic decisions, activities and resource allocation needed to achieve those goals.

Five Stages of Strategic Management Process
There are many schools of thought on how to do strategic management, and academics and managers have developed numerous frameworks to guide the strategic management process. In general, the process typically includes five phases:
1.      Assessing the organization's current strategic direction
2.      Identifying and analyzing internal and external strengths and weaknesses
3.      Formulating action plans
4.      Executing action plans
5.      Evaluating to what degree action plans have been successful and making changes when desired results are not being produced.
Types of strategic management strategies
1.      Plan: Strategy as a consciously intended course of action to deal with a situation.
2.      Ploy: Strategy as a manoeuvre to outwit a competitor, which can also be part of a plan.
3.      Pattern: Strategy stemming from consistency in behaviour, whether intended or not and which can be independent of a plan.
4.      Position: Strategy as a mediating force or match between the organization and environment, which can be compatible with any or all the Ps.
5.      Perspective: Strategy as a concept or ingrained way of perceiving the world e.g., aggressive pacesetter vs. late mover which can be compatible with any or all the Ps.
Source: TechTarget
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