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Strategic Management

What is Strategic Management?

According to investopedia: ‘strategic management is the process of setting goals, procedures, and objectives in order to make a company or organisation more competitive. Typically, Strategic Management looks at effectively deploying staff and resources to achieve these goals.’

In short, Strategic Management is what is used to optimise the organisation. Strategic Management is utilised to create goals and so that management can lead the workforce to reach company objectives. Since strategic management involves a conclusive and taking a whole-encompasing view of a company it is necessary that a company must be flexible and readily adaptable to get the most out of the process.

Variations of strategic management.

There are two main types of strategic management, which include a prescriptive approach, portraying how to develop strategies, as well as a descriptive approach which puts a larger emphasis on how strategies can be effectively implemented into business practice. Within this, there are further differences between ways that one can Strategically Manage.

Firstly, Linear Strategic Management is the simplest form of strategic management and relates to rational decision-making - how the consumer of the product is meant to act if they were to do so logically.

However, as we know, for the most part consumers do not always act in a rational way, and emotions and other issues can get in the way of a sensible decision making process.

Therefore, Adaptive Decision Making caters to this, by adapting for any problems that might cause an obstruction to an effective decision making process. This is generally what people think of when they think of Strategic Management.

What are the benefits of Strategic Management?

The topic of Strategic Management upholds financial, as well as non-financial, benefits. As the process forces the company to undergo a full assessment of itself, it means that the company can re-emerge stronger and therefore allow long-term growth and the implementation of strategies that prevent threats that might come from competitors in the industry.

It allows directors to effectively communicate what needs to be done, and to disperse the responsibility to the relevant people within the organisation. In addition to this, undertaking a strategic management assessment allows for the creation of a framework presented for decision making.

Strategic management involves analysing the strategy that the company takes, and deciding whether to change or allow elements to remain the same.

  1. Firstly, the company must set goals and objectives that they think would be beneficial to implement within the business, this can be done before relating and done in comparison to the business to get an objective viewpoint.

  2. Furthermore, after they set goals, it is necessary to assess the company objectively and fairly to see where they might be able to implement their goals.

  3. After finding out where goals can fit into the enterprise, then the business must find a way to implement these strategies within it.

  4. After doing this, then the business must evaluate the entire process and see if it has been a success or not.

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