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Issues in Strategic Management.

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Introduction

Issues in Strategic Management IBO3006 Assignment 1 - Reflective Essay What is Strategy ? What is Strategic Management ? What are the Boundaries of Strategy and Strategic Management Name : Claire Duff Student Number : Course : BA Business Studies Year : Year 4 Tutor : David Shuttleworth Introduction In the late 1960's and early 1970's performance and planning actions were amalgamated to became known as strategic planning. The main purpose of this new function was to enable a company to achieve a competitive edge over its competitors. However, in the fast and changing markets of the 1980's and 1990's strategic planning struggled to deliver a future direction for an organisation to take and it was claimed that strategic planning was archaic and ineffective. What is Strategy There are many definitions of strategy, the word dates back to ancient Greek times (Strategos - a general - stratos - an army - agein - to lead). Strategy was originally used as the art or science of conducting a military campaign or manoeuvring an army. It wasn't until the end of the Second World War that the correlation between a military campaign and a business venture became obvious and strategy was recognised as being an extremely successful tool in the business world and the more successful elements of waging a war could and should be applied to business. ...read more.

Middle

It is recognised that every company has managers who think strategically. However, it is proven to be very difficult to have just one strategic manager. Many organisations have a small sub strategic management team. These are normally head's of departments, who are looking to reach their own personal targets and not necessarily that of the organisation's. This could have an adverse effect on the direction of the company, as it may hinder the organisations progress in reaching its targets. Within a multi national organisation such as Rolls Royce Plc, there is one overall strategy in place, controlled by strategically thinking managers. However, this is a very broad strategy, so in order to compliment it a number of more defined strategic objectives within the area are compiled. These then filter into the main strategy in order to help the organisation reach its targets. Strategic management is found in most large companies. Most of these organisations have one overall management of strategy, setting the goals, objectives and mission statements. However, to achieve these targets, these ideas most flow down the hierarchical structure of the company, e.g. to marketing and human resources. These functions, in turn, have their own strategic manager, who then sets the departments targets in alignment with the overall strategy of the company. ...read more.

Conclusion

Companies with cash restraints might not opt to pursue a strategy policy, due to the fact that it is a long term investment. These are just a few of the boundaries that organisations face when implementing strategic management and policies. Conclusion In conclusion strategy management is extremely hard to define due to the topic area ever evolving. This is because of the vast ideas and theories on strategy management, all with their own thought and opinions. It is extremely difficult to establish what the accepted view is concerning strategic management. This is due to the fact that all the theories are different to an extent. However, at some point the theories all overlap as defined in the cultural web. So what are boundaries ? I believe boundaries are targets to reach and to overcome and then demolish again and again, thereby ensuring that the organisation is continually reassessing itself and expanding its goals and objectives. This will ensure that the company is continually striving to improve its performance and competitiveness. A company has to be creative and constantly honing its acumen if it wants to hold its own in today's highly competitive market place. This is an analogy with a military campaign and brings us back to the original Greek meaning of the word strategy. ...read more.

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