Strategic Management

 Introductions 

                                           In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organisation's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organisation operates. Strategic Management provides overall direction to an enterprise and involves specifying the organisation's objectives, developing policies and plans to achieve those objectives, and then allocating resources to implement the plans. Strategic Management is not static in nature, the models can include a feedback loop to monitor execution and to inform the next round of planning. 

Definitions

                      a) Strategic Management is a stream of decisions and actions which leads to the development of an effective strategy or strategies to help achieve corporate objectives. The strategic management process is the way in which strategists determine objectives and make strategic decisions. 

                      b) Strategic Management is systematic approach to major and increasingly important responsibility of general management to position and relate the firm to its environment in a way which will assure its continued success and make it secure from surprises.  

                      c) Strategic Management can be defined as the art and science of formulating, implementing  and evaluating cross-functional decisions that enable an organisation to achieve its objectives. 

                     d) According to Hofer - Strategic Management is the process which deals with fundamental organisational renewal and growth with the development of strategies, structures and systems necessary to achieve such renewal and growth and with the organisational systems needed to effectively manage the strategy formulation and implementation processes.

Types Of Strategic Management

1) Linear Strategic Management

                           In Linear Strategy, leaders of the organisation plan how they will deal with competitors to achieve their organisation's goals. In linear strategic management, an organisation is engaged in basic rational decision making process. The organisation identifies a series of possible outcomes based on the internal and external environments and chooses courses of action best suited for the organisation. Organisation engaged in linear strategic management react to changes in the internal and external environments. These reactions do not result in substantive changes to the products and services offered by the organisations.

 

2) Adaptive Strategic Management 

                               Adaptive Strategic Management is the flexible decision making process of adaptive management combined with the concept of collaboration. Adaptive Strategics Management involves two or more stakeholder committed to jointly implementing the adaptive management process through a collaborative process. Adaptive Strategic Management is designed to improve understanding of how a resources system work, so as to achieve management objective. Adaptive Strategic Management make use of management interventions and followup monitoring to promote understanding and improve subsequent decision making. 

3) Interpretive Strategic Management

                            Interpretive Strategic Management is a model focuses on understanding and implementing the mission and vision of the organisation. Here, the organisation is constantly seeking to evaluate itself to determine if it is satisfied with the direction and mission of the organisation.

4) Expressive Strategic Management

                             An organisation using the expressive strategic management types is focused on adapting to changes in the internal and external environments and constantly clarifying, communicating and validating its mission and vision. In expressive strategic management a manager building relationships between all team members, including themselves and their employees to ensure all team members feel supported, motivated and appreciated.

                           Expressive strategic management allows the team to remain collaborative, productive and efficient as they contribute valuable work to the organisation. Expressive strategic management believe in maintaining open communication with employees by regularly holding one-on-one performance review sessions, providing resources when needed for certain projects and assisting employees on complex work items or problems. 

5) Transcendent Strategic Management

                                  In transcendent strategic management the organisation seems to transcend traditional planning models, rising above the external environment. The organisational actions begin to define the external environment rather than having the external environment define organisational actions. In transcendent strategic management a manager is a strategic leader who leads within and amongst the level of self, others, and organisation. Leadership of self includes the responsibility of being self-aware and proactive in developing personal strengths. Leadership of others involves the mechanism of inter personal influence a leader has upon followers. Leadership of organisation comprises the alignment of three interrelated areas : environment, strategy and organisation. 

Advantages Of Strategic Management

 1) Plays an important role in decision making.

2) Guides the companies in prepare and face the challenges which may occur in future.

3) Make sure to fight the competitions and have long term survival assurance. 

4) Strategic management involves planning and implementing strategies to ensure the long term growth and success of company by preventing threats from other market players.

5) Strategic management ensures an organisation's ability to adopt, innovate, and align with changing circumstances that can hugely impact its goals. 

6) Strategic management defines an organisations mission, vision, direction core competencies and competitive strengths vital to ensure its success.

7) Strategic management represents a framework for improved coordination and control of activities.

8) Strategic management allows more effective allocation of time and resources to identified opportunities. 

9) Strategic management benefits the organisation to construct economic planning.

10) For accomplishing the objectives, strategic management needs to have appropriate communication and governance at all stages of operations. 

11) Strategic management helps to personnel of the organisation to execute their duties within a proficiency which serve to increase their efficiency. 

Conclusion

                             Strategic management is the process of setting goals, procedures, and objectives in order to make a company or organisations more competitive. Typically, the strategic management looks at effectively deploying staff and resources to achieve these goals. Strategic management is the ongoing planning, monitoring, analysis and assessment of all necessities an organisation needs to meet its goals and objectives. 

                           The strategic management process helps organisations take stock of their present situation, plan strategies, deploy them and analyze the effectiveness of the implemented management strategies. Strategic management strategies consist of five basic strategies and can differ in implementation depending on the surrounding environment. In above article we understand, what is mean by strategic management, what are the its types, and how it is beneficial to organisations to achieving the management goals or objectives by doing the work as a team.