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Strategic management involves industry analysis and organized analysis which is important in all types of organizations specially in small business, franchise business and other industries. Studying Strategic management will also equip the Pinoy entrepreneur with tools that enable him or her to deal with important issues in a complex business environment.
A simple definition of what strategic management is a process by which someone analyze and learn from their internal and external environments and established strategic direction, create strategies which are intended to achieve goals.
Careful planning will ensure business success even in the most volatile economies. This is a perfect example of an internal environmental factor.
» Read more: Filipino Style – Learning Strategic Management
Tags:
business franchise,
environmental factor,
environmental forces,
external environmental factors,
external environments,
franchise business,
overseas filipino worker,
rising oil prices,
Strategic Management,
war in the middle east
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Some believe the solution is found in the process of strategic management. This process gives direction to the organization through a vision of the whole picture and objectives. This vision becomes a reality as a plan is developed and specific goals at all levels are identified. The long-term success of an organization is attainable with strategic management but unless the necessary support is used to carry out the plans, even the most effective planning efforts will under deliver the results. When applying strategic management, you will find success in this four-step process called FAME, consisting of Formulating, Accomplishing, Monitoring, and Repetition.
Formulate
The first step of the strategic management process determines the destination of the organization. The executive team is largely accountable for developing the plan because it is their responsibility to create the course and direction of the organization. Even though they develop the plan, every individual is responsible for making it become a reality. Everyone must understand that this plan is for every individual at every level in the organization, not just the managers. To help make each person feel as if they are a contributing to the vision, goals must be set at all levels of the organization, from company-wide objectives down to individual goals. Make sure each individual understands their responsibilities and how they fit in to the big picture.
» Read more: Success in Strategic Management
Tags:
big picture,
entire organization,
executive team,
fame,
necessary support,
reaching goals,
repetition,
strategic management process,
term success,
vision goals
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C.K. Prahalad’s death last month has inspired a plethora of literature on the strategic thinking of the man who coined the concepts of “strategic intent” and “core competence.” Strategic management – the process of getting from the current state to the future state that ensures competitive advantage – has never been more relevant. In a hypercompetitive global market, more companies are feeling the effects of Prahalad’s “strategic decay” – the idea that strategy starts to decay the moment it is created. Strategic management can help managers think smarter and act faster.
Organizations that used strategic planning during the economic crisis were more successful in their pursuit of growth opportunities and more confident about short-term growth prospects, according to a 2009 study of 190 US firms sponsored by the Association of Strategic Planning. As a brief review of the current research shows, strategic management is rising to the challenge in a time of economic uncertainty.
» Read more: New Thinking For a Crisis Economy – Strategic Management
Tags:
c k prahalad,
core competence,
economic uncertainty,
growth initiatives,
growth prospects,
landscape sustainability,
olivier chatain,
st gallen switzerland,
university of st gallen,
wharton management
