We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy

Strategic Management Essay Sample

essay

Get Full Essay

Get access to this section to get all help you need with your essay and educational issues.

Get Access

Introduction of TOPIC

The management process is more than just a set of rules to follow. It is a philosophical approach to business. Upper management must think strategically first, then apply that thought to a process. The management process is best implemented when everyone within the business understands the strategy. The five stages of the process are goal-setting, analysis, strategy formation, strategy implementation and strategy monitoring. Management skills increase the more experience you have in the field of management. Goal setting is one of the most important steps in the process because it allows you to make sure yourself and your employee have the same common goals. Each person is assigned a duty to complete the goals and their task. Also, goal-setting is to clarify the vision for your business. This stage consists of identifying three key facets: First, define both short- and long-term objectives. Second, identify the process of how to accomplish your objective. Finally, customize the

process for your staff; give each person a task with which he can succeed. Keep in mind during this

Sorry, but full essay samples are available only for registered users

Choose a Membership Plan
process your goals to be detailed, realistic and match the values of your vision.

Typically, the final step in this stage is to write a mission statement that succinctly communicates your goals to both your shareholders and your staff. When using analysis focus should be on understanding the needs of the business as a sustainable entity, its strategic direction and identifying initiatives that will help your business grow. Make sure to identify both the strengths and weaknesses of your organization as well as any threats and opportunities that may arise along the path. Implementation is critical to the success of the business venture, another key concept to a successful business. This is the action stage of the strategic management process. If the overall strategy does not work with the business’ current structure, a new structure should be installed at the beginning of this stage. Everyone within the organization must be made clear of his or her responsibilities and duties, and how that fits in with the overall goal. Additionally, any resources or funding for the venture must be secured at this point. Once the funding is in place and the employees are ready, execute the plan. In conclusion, based on the facts of building a successful business using the strategic process, if you execute these steps properly it will happen over time. Be sure to elaborate and input your own creativity into your business.

Sources:

Krishnan, V., & Loch, C. H. (2005). A retrospective look at production and operations management articles on new product development. Production and Operations Management, 14(4), 433-441.

We can write a custom essay on

Strategic Management Essay Sample ...
According to Your Specific Requirements.

Order an essay

You May Also Find These Documents Helpful

Business organization - Management and control

Distribution is the movement of a good or service from the source to the final customer, consumer, or user. This process is made through a distribution channel for example wholesalers and retailers. The purpose of a distribution channel is to supply a link between production and consumption. There are 2 types of distribution channels these are indirect and direct. An indirect distribution channel relies on middle men to perform most if not all of its product handling functions. This is known as wholesale distribution. Businesses that have indirect distribution channels have to set up relationships with third-party selling systems. An indirect distribution channel would look a little something like is: Producer-Wholesaler-Retailer-Consumer. An example of a business that does this would be Pretty Little Thing. A direct distribution channel is both organized and managed by the business. These businesses will have their own logistics teams transport vehicles warehouses and driving staff. A...

US Education vs European Education

Analyzing from the world university rankings compiled by the time's organization, almost half of the best universities in the world are located in the US and Europe. This is mostly due to the fact that they have a high regard for education, have access to the best research facilities and have rich intellectual culture. The aim of this paper is to analyze the education systems in the two regions, demonstrate major differences and identify areas that the US can do better so as to achieve similar or better results compared to Europe. In Europe the system of education is set out as follows; as of the year 2007/08, approximately over 55% of the population aged between 0-29 were in school spreading from preparatory to postgraduate, adult school and in special needs. The official teaching language is English although welsh and Irish languages are also selectively applied. Public sponsored schools are...

The outlet business Nordstrom

Nordstrom is an American upscale design retailer and is beating each other retail organization. Nordstrom\'s prosperity is based on brilliant client benefit. The retail chain has concentrated on a couple of parts of the business to emerge. Here is the way Nordstrom is beating retailers from Macy\'s to T.J. Maxx. All through their history, they have reliably given a portion of the best administration in the business which is the guidelines of retail while contending on the planet\'s hardest commercial center. Nordstrom is selective about enlisting pleasant, competent individuals. Clients cherish the arrival approach, Nordstrom will reclaim any stock individuals bring back, no inquiries inquired. The first rate client benefit is a major piece of Nordstrom\'s long haul achievement. Nordstrom Rack is an immense money machine for the organization and there is just a 10-20% cover between Nordstrom Rack clients and the top of the line retail establishment, implying that...

Popular Essays

logo

Emma Taylor

online

Hi there!
Would you like to get such a paper?
How about getting a customized one?