Focus strategy emphasize on producing products and services that fulfill the needs of a small group of consumers. Management as a concept has broadened in scope with the introduction of new perspectives by different fields of study, such as economics, sociology, psychology and the like. Please click this link to view samples of our professional work witten by our professional essay writers. This involves a set of management decisions and actions that results in formulation and implementing strategies th view the full answer. (Hussain, n.d). Management is a thinking organ that furnishes the business a positive vision. The strategic management process involves delineating, implementing, and evaluating the organization’s strategy so that the organization will be able to best achieve their performance goals and attain a competitive advantage. (Jay Barney, 1991) Sustainable Competitive advantage is a value creating strategy not simultaneously being implemented by any current or potential competitors as well as competitors are unable to duplicate the benefits of these strategies. Ethnic balance is affected due to which of the following? C) A key role of strategists is to facilitate continuous organizational learning and change. Such changes have emphasized executives to focus on means that help to create and achieve competitive advantage. According to Porter, 1985 (as cited in Ulrich, n.d) competitive advantage can be defined as firm’s ability to generate unique products or services which are valued by users of those products. 1. establish the mission, vision, and values statements 2. assess the current reality 3. formulate corporate, business, and functional strategies 4. execute the strategies It aims to offer customers a range of products and services at the lowest price available compared to rival’s products with similar attributes. Functional level strategy emphasizes on continue improvement of functions within a business units including: research & development, marketing, manufacturing, finance and HR. It is the continuous planning, monitoring, analysis, and assessment of all that is necessary for an organization to meet its goals and objectives. Academia.edu no longer supports Internet Explorer. The strategic management process is best implemented when everyone within the firm understands the strategy. Looking for a flexible role? ( Lawler and Boardreu, n.d). According to Porter, 1985 (as cited in Ulrich, n.d) competitive advantage can be defined as firm’s ability to generate unique products or services which are valued by users of those products. Strategic Management refers to the continuous process to plan, monitor, analyze and assess all the necessary aspects on organization that are needed in order to achieve the ultimate objectives and goals of the organization (Hill, Jones and Schilling 2014). It has been highlighted with strong emphasize in the several strategic management literature that the synergy among different levels should be present. Using this process, decisions are made by the organization and stakeholders to implement a few selected strategies. Strategic management is a continuous process that appraises the business and industries in which the organization is involved; appraises it’s competitors; and fixes goals to meet all the present and future competitor’s and then reassesses each strategy. (Bratton, n.d). It can also refer as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objective. 1. establish the mission, vision, and values statements 2. assess the current reality 3. formulate corporate, business, and functional strategies 4. execute the strategies Strategic Management refers to the continuous process to plan, monitor, analyze and assess all the necessary aspects on organization that are needed in order to achieve the ultimate objectives and goals of the organization (Hill, Jones and Schilling 2014). • Strategic management is the set of decisions and actions that results in the formulation and implementation of plans designed to achieve a company’s objectives. Broad Plans Shaping : In this continuous process, the formulation & implementation of broader plans is made and finally these are also controlled. You can download the paper by clicking the button above. Registered office: Venture House, Cross Street, Arnold, Nottingham, Nottinghamshire, NG5 7PJ. The two alternative of Focus strategies are categorized as Type3 and Type 4. Strategic Management is the continuous process that takes place to the existence of the organization. It has been observed that, during the past decades HR was solely viewed as administrative support function, involved in processing employee paper work, benefits, maintaining personal files. The companies that produce great strategy take a different approach. It is a continuous process C. It applies mostly to large business D. It applies sometimes to small businesses 2. Place the steps in the strategic-management process in the correct order, with the first step listed at the top. Defenders are companies with limited product line and management focus on improving the efficiency of their existing operations. It’s flexible and it adapts when things change. Strategic management is an ongoing activity and requires an invariable modification among the three traditional poles of a strategic plan including: values of senior management, environment and the resources available. ( Ulrich, 1997). Several studies have highlighted that HR function has the essence to become a strategic partner and by doing so it would then be a more value-added function. (as cited in Lawler and Morhman, 2003) He has emphasized that the HR function should become strategically proactive, that it needs to go beyond administrative expertise and try to be an expert in three important roles that are strategic business partnership, change management, and employee advocacy. Management integrates the 6Ms namely material, machines, market, money, men and methods, which aids in achieving the expected results economically and quickly in terms of sales, profit, production, and goodwill. To understand the definition of management and its nature, a threefold concept of management for emplacing a broader scope for the viewpoint of management. • Strategic management is the continuous process of creating, implementing and evaluating decisions that enable an organization to achieve its objectives. The way to stay nimble is to make strategic planning a continuous process that connects your vision to a roadmap for execution and delivery. Published Date: 23 Mar 2015 Last Modified: 24 Apr 2017 Disclaimer: This essay has been written and submitted by students and is not an example of our work. Which leadership theory assumes that people are naturally lazy and will avoid work and responsibilities if possible? Other studies also highlighted the need and emphasized the fact that due to the increased competition for HR talent, HR must mould itself in strategic business partner role. Free resources to assist you with your university studies! The second major process of strategic management is implementation, which involves decisions regarding how the organization's resources (i.e., people, process and IT systems) will be aligned and mobilized towards the objectives. 100% (1 rating) Strategic management is an ongoing process of managing an organization strategically. Strategic management process is a continuous culture of appraisal that a business adopts to outdo the competitors. This is the essence of Continuous Planning, a vision for finance and business leadership to drive a more continuous and agile planning and decision-making culture. Components of a strategic management planning process are It involves 7 steps. We're here to answer any questions you have about our services. If you need assistance with writing your essay, our professional essay writing service is here to help! Disclaimer: This is an example of a student written essay.Click here for sample essays written by our professional writers. It is a set of managerial decisions that determine the long term performance of a business enterprise. It is something that is difficult to imitate and hence it creates uniqueness. Strategic management is the continuous process of creating, implementing and evaluating decisions that enable an organization to achieve its objectives. Research by Becker and Huselid (1998) (as cited in Lawler and Morhman, 2003) also identified a relation between HR practices and the performance of an organization. In this capacity HR professionals are the human resource specialists, involved in strategic planning of organization to improve business performance and develop organizational culture. Published Date: 23 Mar 2015 Last Modified: 24 Apr 2017 Disclaimer: This essay has been written and submitted by students and is not an example of our work. It requires a constant evaluation of the company and its competitive edge and reevaluates the strategies panned out in order to compensate for the changing environment. 2. Ulrich (as cited in Lawler and Morhman, 2003) has also highlighted the fact that HR function has been viewed an administrative function led by individuals who was primarily responsible to control cost and look after the administrative affairs. Ulrich emphasized that HR professional who contribute to CA must become strategic business partner and acquired new set of personal and professional competencies. The strategic management process can be defined as the organization’s strategy. (Dash et al, n.d) Lawler and Boardreu shared their views on HR as strategic business partner and highlighted that in this new role HR is a member of senior management team and is directly involved in the major business decisions of the organization, including the formation of strategy, the design of the organization and the implementation of the business model. No plagiarism, guaranteed! The strategic management process has five steps; mission and goals, environmental analysis, strategic formulation, strategy implementation and strategy evaluation. After which, the organization establishes objectives to meet all the present and future goals, and then formulates the best course of action for ac… (CIPD, n.d). It is a process of deciding in advance what is to be done, when it is to be done, how it is to be done, and who is going to do. Introduction. Strategic management is not a one-time process but instead, it is a continuous process. Strategic Management Process Definition The Process of Strategic Management is a continuous process that defines the making of a strategy in an organization so as achieve the desired goals. Our academic experts are ready and waiting to assist with any writing project you may have. Strategic Planning Process  Strategic management is process of the regular and continuous planning, leading and analysis of all the necessary actions that help an organization to meet its goals and objectives. Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of UKEssays.com. From simple essay plans, through to full dissertations, you can guarantee we have a service perfectly matched to your needs. Strategic management is a continuous process that centers on the analysis, decisions, and actions an organization performs in order to create and sustain competitive advantages. The process improvement strategy refers to the vision, goals and set of steps that will enable an organization's processes to achieve a sustainable competitive advantage by addressing inefficiencies, waste, plant and asset condition, and culture within the process and its stakeholders. Components of a strategic management planning process are Decisions pertinent to strategic management include those on changes in product lineup or features, locations of new manufacturing plants, selection of new technology systems and whether to outsource. Info: 2270 words (9 pages) Essay We can say management is a; Differentiation is a strategy focused at producing products and services considered unique industry wide and intended for consumers who are relatively price insensitive. Related Papers Presented to the Interdisciplinary Studies Program: Key Stages of Strategic Information System Planning (SISP) Methods and Alignment to Strategic Management Planning Concepts Executives have realized that additional sustained competitive advantage lies in recognizing and creating organizational capabilities through better deployment of human resources. It is a process of deciding in advance what is to be done, when it is to be done, how it is to be done, and who is going to do. It is referred as the most difficult stage of strategic management process. The use of a strategic swot analysis … The process improvement strategy refers to the vision, goals and set of steps that will enable an organization's processes to achieve a sustainable competitive advantage by addressing inefficiencies, waste, plant and asset condition, and culture within the process and its stakeholders. Type 2 can be described as a best value strategy that offers of products and services to a wide range of customer at the best price value on the market. (Ulrich, n.d). Throughout the process the firm may need to cycle back to a previous stage and make adjustments. Cost leadership strategy emphasize on producing standardized products at a very low per-unit cost for consumers who are price sensitive. Simple as it may sound, this is a complex process that also covers formulating the organization’s overall vision for present and future objectives. In order to remain competitive and perform effectively in rapidly changing environment, decision-makers need to seek out factors that provide organizations sustainable competitive advantage. To export a reference to this article please select a referencing stye below: If you are the original writer of this essay and no longer wish to have your work published on UKEssays.com then please: Our academic writing and marking services can help you! This is done by periodically examining and improving your processes to smash bottlenecks, use the best software, and take advantage of the most efficient … Strategic Management is the continuous process of creating, implementing and evaluating decisions that enable an organization to achieve its objectives. Strategy Implementation the fourth step which means involving employees and managers in order to execute the formulated strategies. VAT Registration No: 842417633. The strategic management process is dynamic and continuous. Strategic Management process may be described as an unbiased, rational, systematic approach for making major decisions in an organisation. The strategic management includes various types of continuous process which checks all type of major critical components. Process Improvement Strategy and continuous improvement strategy. Strategic human resource management has some presence in manpower planning literature. Which statement is CORRECT about strategic-management process? It occurs once a year It is a continuous process It applies mostly to large business It applies mostly to small businesses. The process of strategic management should guide top-level actions and decisions. Strategic management is a continuous process of formulating, implementing and controlling broad plans that facilitate an organization in achieving the set objectives. Find Business Process Design for Strategic Management program details such as dates, duration, ... within your organization and the development of a structured problem-solving document based on the A3 approach to continuous improvement which was first employed at Toyota and successfully adopted by many companies. In diversified business organization, strategic management is applied on different levels of hierarchy based on their strategic needs. As such, the process must be repeated frequently in order to adapt the strategy to environmental changes. D) Effective strategic planning should accept the assumptions underlying the current corporate strategy. The final stage in strategic management process is strategy evaluation in which management analyzes the consequences of implemented strategies and controls it by adopting corrective measures. Phase IV joins strategic planning and management in a single process. Strategy is a framework of plans or methods that help and organisation to achievement of the main objective. Previous question Next question. (Pankaj Ghemawat, 1986) Sustainable competitive advantage has three categories: size in target market, superior access to resources and restrictions on competitors options. Strategic management is a continuous process that evaluates and controls the business and the industries in which an organization is involved; evaluates its competitors and sets goals and strategies to meet all existing and potential competitors; and then reevaluates strategies on a regular basis to determine how it has been implemented and whether it was successful or does it needs replacement. C) A key role of strategists is to facilitate continuous organizational learning and change. 12. (Schuler & MacMilan, 1984; Ulrich 1986; Ulrich, n.d). The hierarchy of strategy can be classified into three levels as: corporate, business and functional. Expert Answer. Since then the prefix “strategic” has been attached to “human resource management”. Strategic planning is a philosophy and more of a thought process; an intellectual exercise than a prescribed set of and seek to learn what opportunities and threats they face. It is also a continuous process. We've received widespread press coverage since 2003, Your UKEssays purchase is secure and we're rated 4.4/5 on reviews.co.uk. Strategic planning is the process of documenting and establishing a direction of your small business—by assessing both where you are and where you’re going. B) Most organizations today recognize that strategic-management concepts and techniques can enhance the effectiveness of decisions. Enter the email address you signed up with and we'll email you a reset link. Strategic planning is the process of documenting and establishing a direction of your small business—by assessing both where you are and where you’re going. The strategic management process helps organizations take stock of their present situation, chalk out strategies, deploy them and analyze the effectiveness of the implemented management strategies. Introduction to Strategic Planning Process. Name the strategic management process. Porter (1985) (as cited in Bratton, n.d) had introduced a framework for business strategy which is based on three competitive strategies; cost leadership, differentiation and focus. It provides the overall strategic direction in diverse areas of an organization that facilitates in smooth running of its different business units. 2. Type 5 is a best value focus strategy that offers products or services to a small range of customers at the best price value available on the market. This includes the internal and external environments, long term and short term goals, strategic control of the company’s resources and last but not the least it also has to check the organizational structure. Strategic formulation is the third step in the strategic management model which involves making strategic choices and making strategies at three different levels corporate, business and functional. It requires personal discipline and commitment. (Jay Barney 1991) Four attributes that gives potential to firm recourses to achieve sustained competitive advantage are: valuable, rareness, imitability and substitutability. Therefore, when the strategies at different levels are fully integrated, organization would effectively able to achieve its sets targets. Change in ethnic values Awareness of ethnic norms Presented to the Interdisciplinary Studies Program: Key Stages of Strategic Information System Planning (SISP) Methods and Alignment to Strategic Management Planning Concepts, Strategic Planning Models in Publicand Non Profit Sport Organizations, Measuring strategic performance in construction companies: a proposed integrated model, The Importance of Strategic Management to Business Organizations, Strategic Management for Senior Leaders: A Handbook for Implementation. These strategies are worldwide known as Michael Porter’s Generic strategies. The continuous aspect is quite a challenge, as is realizing business performance improvements — especially once the easy and obvious changes have been made. The concept of strategic management involves a continuous process of planning, monitoring, analyzing and assessing everything that is necessary for an organization to meet its goals and objectives. Strategic management is the management of an organization’s resources to achieve its goals and objectives. In search of its sources, executives have come across three traditional means of gaining competitive advantage (economic, strategic & technology capabilities). This continuous process begins by assessing the business and industries in which the organization is involved as well as its competitors. Strategic management is a continuous process that evaluates and controls the business and the industries in which an organisation is involved; evaluates its competitors and sets goals and strategies to meet all existing and potential competitors; and then revaluates 1. Mission Statements are essential for effectively establishing objectives and formulating strategies. Two alternative cost leadership strategies are classified as Type 1 and Type 2. Management integrates the 6Ms namely material, machines, market, money, men and methods, which aids in achieving the expected results economically and quickly in terms of sales, profit, production, and goodwill. Related Papers Presented to the Interdisciplinary Studies Program: Key Stages of Strategic Information System Planning (SISP) Methods and Alignment to Strategic Management Planning Concepts Defining the mission and goals of the organization. Analysers are companies that operate in at least two different product areas, one stable and one variable. Strategies are valuable when they facilitate an organization to envision of or implement strategies that improve efficiencies and effectiveness and recourses are rare when a value creating strategy not simultaneously implements by large number of other firms, the resources must be imperfectly imitable and it is possible when any firm has one or a combination of three reasons (a) unique historical condition (b) causal ambiguity (c) social complexity, the resources cannot be substituted with another resources by competing firms. It is also a continuous process. Prospectors are companies having broad product lines that focus on product innovation, creativity and market opportunities. Strategic management requires reflection on the processes and procedures within the organization as well as external factors that may impact how the company functions. 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