• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Issues in Strategic Management.

Extracts from this document...

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.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE People in Business section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE People in Business essays

  1. A REPORT INTO HUMAN RESOURCE MANAGEMENT AT SAINSBURY'S

    HRM to improve Competitiveness Human Resource Management is the most important department at Sainsbury's. As mentioned previously, the HRM department seeks to ensure that Sainsbury's has the right quantity of labour, the right skills of employees, the right degree of motivation to enable Sainsbury's to achieve its corporate objectives such as the target rate of profit.

  2. Investigate about the important roles that management plays in achieving my chosen organisation aims ...

    Managers are responsible for the administration processes of Tescos plc as I have said earlier on in this assignment, but managers roles is quite vast because they act or work on behalf of stakeholders and other part-owners of the business.

  1. Banquets Management

    FUNCTION FURNITURE The tables and chairs should be stacked neatly and taken back to the place from where it has been brought. They should be stacked systematically so that at any given time the count of your function furniture can be taken.

  2. Management science.

    Organisations where the vertical boundaries between levels are clearly marked and assume great significance for participants are said to have a strong hierarchy; while the horizontal boundaries between function and departments, are predominant in the term of relationship, product group and product organisation.

  1. The human resource function

    The Human Resource department must carefully plan interviews and must use appropriate methods of assessments to make decisions on each interviewee. It is important for a business to recruit and maintain a flexible workforce if the organisation is to remain competitive.

  2. H.R. Planning

    Labour Turnover Employee wastage rate Wastage rate = No. of staff leaving in a time period x 100 (%) Average no. of staff employed in a time period Labour Stability rate Stability index = No. of staff leaving with more than 1yrs service No.

  1. Operational Issues in the BPO industry

    Fourth Phase of Evolution: N the current and the fourth phase there is an increasing trend towards Indian companies acquiring small to medium size businesses in overseas locations. These foreign acquisitions mark a contrast to the practice of foreign MNC's setting up BPO units in India to take advantage of the lower costs here.

  2. US Army and the Homosexual propensity.

    were deemed by the Secretary of Defense that such questions are necessary. Applicants for military service are no longer asked about their sexual orientation. The Army policy became a balance of the legal prohibition of homosexual conduct while maintaining the privacy rights of soldiers.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work