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

strategic management

Extracts from this document...


"Compare and contrast different perspectives of strategic management, and how and why is 'context' important?" 1. Introduction The assignment is written to provide argument over the statement mentioned above. To understand this statement fully it is crucial to understand the meaning of strategic management. Therefore, this assignment, first of all presented the definition of strategic management and its elaboration. Later, different perspectives of strategic management are discussed in the assignment. Final section elaborates on the importance of 'Context' for strategic management. 2. Strategic Management Johnson and Scholes (2005) stated that strategic management is the set of decisions and actions resulting in formulation and implementation of strategies designed to achieve the objective of an organization. It involves attention to no less than nine critical areas: 1. Determining the mission of the company, including broad statements about its purpose, philosophy, and goals. 2. Developing a company profile that reflects internal conditions and capabilities. 3. Assessment of the company's external environment, in terms of both competitive and general contextual factors. 4. Analysis of possible options uncovered in the matching of the company profile with the external environment. 5. Identifying the desired options uncovered when possibilities are considered in light of the company mission. 6. Strategic choice of a particular set of long-term objectives and grand strategic needed to achieve the desired options. 7. Development of annual objectives and short-term objectives and grand strategies needed to achieve the desired options. 8. Implementing strategic choice decisions based on budgeted resource allocations and emphasizing the matching of tasks, people, structures, technologies, and reward systems. ...read more.


It has spun off its parts division under the name Visteon. Its prestige brands, with the exception of Lincoln, are managed through its Premier Automotive Group (www.answers.com, 2005). ii. Issue-Based (or Goal-Based) Planning/Model As per Dobson et. al. (2004), those organizations that start with this "basic" planning approach generally adapt to more thorough and more effective type of planning. The planning process is as under: a. "SWOT" analysis (Strengths and Weaknesses and Opportunities and Threats) so as to measures the performance. b. Strategic analysis to spot main objectives and goals c. Devise major strategies (or plans) to achieve goals. d. Design/update vision, missions and image of the organization. e. Formulate action plans to achieve objectives. What resources are needed and roles and responsibilities for implementation) f. Account for issues, targets, strategies and programs, updated task and vision, and plans of actions in a Strategic Plan document attaching SWOT, etc. g. Make the yearly Operating Plan document (from year one of the multi-year strategic plan) h. Make and plan the Budget for year one (allocation of funds needed to fund year one) i. Manage the organization's year-one operations j. Regular monitoring, evaluation, reviewing and updating of the Strategic Plan document For example, Nirula's, a fast food chain of India, has high levels of international focus in their current activities. Nirula's wants to expand to other countries, for this purpose the company has to conduct a more detailed study that will contain detailed analysis of the target countries. ...read more.


The models generally describe the logical or analytical steps many businesses actually use in their strategic activities. However, it does not describe the procedures or routines necessary to carry out each step. As a result, no model should be seen as providing a prescription for the way strategic planning should be done. Therefore, when the strategic management model is used it should be remembered that the model builders are recommending the general approach they believe will provide a sound basis for strategic planning, not a model they are certain will lead to the best results (Johnson and Scholes, 2005). The strategic management process undergoes continual assessment and subtle updating. While elements in the basic model rarely change, the relative emphasis each element receives varies with decision-makers and the environments of their companies. 6. Conclusion The complexity and sophistication of business decision making requires strategic management. Managing various internal activities according to the external environment is only part of the modern executive's responsibilities. Strategic management only helps to achieve the goals of the business entity. Different strategic models discussed above are only the tools in the hands of the business executives to determine mission, vision, goals, objectives and the ways to achieve these. No single model is completely suitable for a particular business entity. To deal effectively with all decision making problems and to affect the ability of a company to increase profitability, the executives design strategic management processes that will facilitate the optimal positioning of the firm in its competitive environment. Such positioning is possible because these strategic processes allow more accurate anticipation of environmental changes. Different strategic approaches are to be mixed to gain maximum. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our University Degree Management Studies 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 University Degree Management Studies essays

  1. General Management - organisation, leadership and theories.

    In addition, employees tend to focus on the attainment of departmental goals. They see only their respective tasks and not the big picture. Because of this narrow task specialization employees are trained to become experts in their fields and not to manage and coordinate diverse departments, thus, they fail to become groomed for top management and general management position.

  2. Leadership Theories - this review seeks to determine which theoretical perspectives, theories and schools ...

    Mixed methods approach was only applied to studies on competence-based and personal growth perspectives, however, while the competence-based perspective also had studies utilizing exclusively quantitative methods, the personal growth had only qualitative studies. These findings seem to support the assertion made above that there seems to be a bias towards a qualitative research approach.

  1. Strategic Business Plan of Nokia. This strategic report examines thoroughly Nokias current position ...

    developed countries with reduction of consumers' demand - Slowdown of growth in developing countries such as India - Negative effect of India economic and industrial development due to recent corruption scandals, increasing interest rates, drop in domestic demand and increased inflation - Increasing costs of raw materials, such as metals

  2. Innovation For Business Success. It is possible to be innovative in both large ...

    (Source www.textortextiles.com.au) In April 2001 Lantor Australia changed its name to Textor Technologies following a management buyout in December 2000. Founded in 1959 as a subsidiary of Lantor International, the company remained a traditional textile company until the early 1980's when it moved into production of high performance products.

  1. Project Management

    (Appendix - Responsibility Chart) The deliverable deadlines are as scheduled on the Project Schedule for each deliverable. The Project Manager shall monitor each activity to ensure that the deliverables are on time and that the important milestones are not missed.

  2. The Channel Tunnel Project-Project Management & Strategic Issues

    Both sides used improved tunnel boring machines first patented in 1875. In 1882 the English tunnel company faced political opposition. The British army was never keen on this proposal and never trusted the French. The tunnel construction was progressing smoothly when the army, alarmed by the advancements, put its foot down.

  1. E-Business Evaluation of Tesco.com

    IVIS Group Ltd. 2005, âTesco.com Product Information Managementâ, Multi-Channel Experts. 2. Inside Scope 2004, âTesco Shines at Loyalty: An Interview With Clive Humbyâ, CustomerThink viewed 17 April 2012, <http://www.customerthink.com/interview/clive_humby_tesco_shines_at_loyalty> 1. Lankenau, CM, Klein, S & Wehmeyer, K 2004, âDeveloping A Framework For Multi Channel Strategies â An Analysis of Cases

  2. To complete this assignment on research method process for strategic managers, I will locate ...

    The first is that every organization â regardless of its size, location, or scope of activity â is impacted by the varying attitudes, values, and behaviors that come from the many countries and cultures that provide its inputs, markets, and employees; and the second is that customers (individuals or businesses)

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