Applicants must complete one short answer question and three essays.
Essay on Strategic Management: Top 7 Essays Article shared by: Definition of Strategic Management: Some of them are: Thus a Strategic management is an on-going process of analysis, planning and action.
It attempts to keep an organisation aligned with its environment while capitalising on organisational strengths and environmental opportunities and minimising or avoiding organisational weaknesses and external threats, and b Strategic management is also a future-oriented provocative management system.
The managers, who use strategic management skills, are seeking a competitive advantage for their organisations and long-term organisational effectiveness.
It is, therefore, a complex function covering all activities connected with formulating, implementing, recycling and reformulating strategies.
In short, an effective strategic management translates a sound strategy into action. As otherwise, even a sound strategy would be rendered ineffective if it cannot be converted into action. Hence, it is the duty of the strategic managers to do environmental scanning, assess internal strengths and weaknesses, set goals, mobilise resources, design action plans, implement actions, monitor progress, and control resources and deviations from goals for the achievement of goals and key results areas.
Process of Strategic Management: The strategic management process is most often described as a rational and analytical one. The process consists of the following activities in different phases: Threats and opportunities analysis.
This involves analysing each threat and opportunity according to its time frame i. Mission, Strengths and Weaknesses analysis. An organisational analysis begins with an analysis of how the organisation is performing and why. A broad statement about purpose, philosophy, and goals would guide executive actions, by the processes of evaluation.
Understandable, measurable, achievable and challenging long-term goals. It is necessary to consider all possible alternatives to make the base for a choice.
An action plan to achieve the goals. Strategic actions flow from the goals of the organisation. A strategy sets forth a general programme of action and an implied development of employees and resources to obtain goals.
This strategic action can be taken from three approaches: All these approaches involve choosing target markets, and product and product development plans, capital expenditure plans, and marketing plans.
For all major actions, the aspects of timing and sequencing should be considered.
Q: Are there right or wrong answers? A: No. This isn't a test. We use the video essay to gain additional information about you and get to know you in a more personal way. Explore each step of the Kellogg Full-Time MBA Application process and apply today! Jan 01, · The Essay portion of the exam on strategic management consisted of three questions which required short answers ( words each). The questions were as follows: Question 1: How does strategic control differs from operational control/5(2).
Spelling out effective policies or operating procedures to initiate actions for implementing strategy. This involves translating the strategies into organisational actions. Strategy implementation is, thus, the action phase of the strategic management process.
This step, therefore, encompasses the operational details to translate the strategy into effective practice. A simple chart below sums up the implementation phase: Monitoring progress of strategic actions and controlling the resources.
It is important to note that traditional control parameters are not adequate here as they delay the results and thereby become a useless exercise to face the environmental risks and uncertainties.
Stages of Strategic Planning Process: Evaluating Environmental risks and opportunities. Strategies are designed by top management of an enterprise.Get essay on cross cultural management or intercultural management assignment help, defining their benefits and features, cross cultural management coursework done by our professors.
– Extensive use of Internet Technology and E-commerce business practices, real time data and information systems, greater reliance on online systems for transacting business with suppliers and customers, and Internet based communication and collaborations with suppliers, customers, and strategic partners.
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Jan 01, · The Essay portion of the exam on strategic management consisted of three questions which required short answers ( words each). The questions were as follows: Question 1: How does strategic control differs from operational control/5(2).
Short Essay on Strategic Management April 4, 1 Deﬁnition of Strategic Management Strategic management is the process where managers establish an organi-zation’s long-term direction, set the speciﬁc performance objectives, develop • deﬁning the organization’s business and developing a strategic mission.