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Dave

In: Business and Management

Submitted By whitejosh35
Words 259
Pages 2
Strategic Management
Joshua White
MGT/498
March 30, 2013
John Wolcott

Strategic Management
In corporate terms, strategy is the plan that the business devises in order to achieve its long-term goals and objectives. These objectives are essentially to secure continued and meet the demands and expectations of the business stakeholders. In terms of shareholders, this would mean adding value to their investment. Therefore, an essential element of the strategic plan is to gain competitive advantage in an ever-changing commercial, political and social environment. For strategic management to work the business has to be fully cognizant of its current or strategic position and what elements may affect that position. No business is an island and therefore it cannot operate independent of external forces. These forces range over a number of issues and understanding what they are and how they will affect the business is essential to enabling the management to decide where the opportunities and threats to its strategic plan lay.
Translating the business strategic plan into actions that are positive and successful is the final element of the strategic management process. The first part of the translation process is to ensure the organization structure is designed and organized in a way that will lead to the successful implementation of the strategic plan. This means ensuring resources are in the right location and, more importantly, that the interaction and relationship between the component parts of the business are efficiently co-ordinate.

Reference
Wheelen, T. (2012). Concepts of Strategic Management (12th Ed.). Upper Saddle River, NJ: Pearson...

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