Business and Management
Submitted By cocolapin1234
Introduction to strategy
Strategic management (strategy) is thinking into the future (e.g. strategic plan usually has a 3-5 year time horizon)
Some cultures think strategically on a very long term (e.g. Asian countries 50 to 100 year plans) * Think about the context and the industry we operate to determine that time horizon
INPUTS (organisational purpose) (e.g. material, people) - Has to be efficient, effective PROCESS / THROUGHPUTS (strategy process) OUTPUTS (strategy content)
Strategically, the input relate to the purpose of the organisation (Why the strategy should be achieved?).
The process is the strategy that will be used to develop the plan, to organise (How should the strategy be achieved?)).
Finally, the output is the result of all that strategic activity, where the organisation wants to be in 3-5 years from now (What is the strategy sought to achieve?).
Every strategy is happening in an environmental context (e.g. political, technological) and has constraints, therefore impacting the strategic system.
Situational improvement is a desire of a strategic philosophy of continuous improvement. If there is a good communication then the strategy will affect all levels of the business /organisation. Being ahead of the game, develop initiatives, innovate.
Problem solving is more reactive, it’s about having tools and framework to strategically help solving the problem.
Strategic management may be seen as finding a compromise between 2 options (often results in a less favourable outcome potentially), a dilemma (has to be one of both options), or a trade-off (lose a quality or aspect of something in return for gaining another quality or aspect).
But strategic management is really about considering the best option by leveraging the strengths of both options and try managing the paradox get the best of both worlds in the long term.…...