strategic management

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"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