Introduction to Strategic Management – Research Paper – Zongyu Zhou
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Introduction to Strategic Management
[pic 1] Strategic Management （BX770020） Assignment 1（group）Lecturer：Julianne WuStudents：Piyush joshi Kapil goel Yu Bai Zong yu ZhouContentsExecutive Summary 1. Strategic management 2. Strategic Management involves 3. The Elements of Strategic management 4.The Benefits of Doing Strategic Management 5. The Risks of Not Doing Strategic Management 6. The definition of strategy process 7. Strategic Planning Steps Reference list: Executive SummaryThis report is a detailed introduction of strategic management, can help us better understand the strategic management and its impact on the company.Key finding were:Put it simply, strategic management is the process of building capabilities. A strategic includes five elements: plan, ploy, pattern, position, perspective (Dave Ketchen, 2012).The benefits are of doing strategy management is to ensure that the company can achieve a long-term goal and get a strong competitive position in the future.The risks are of not doing strategic management is might be defeated by competitors in the future, or even lose the original market, and then became a downscale state. Strategy process includes understanding strategy and performance, environmental and internal scanning, strategy formulation, strategy implementation (Dave Ketchen, 2012).1. Strategic managementAccording to Edward (2012), Strategic is basically considered as creating choices. It’s like having some options or advanced alternatives to lead the management in an efficient manner. It includes several models which helps us when/why/how to choose appropriate strategic choices & details about the results of actual companies and what employees achieved.
Explaining strategic is not easy. According to Mintzberg strategic has been labeled as 5 Ps.Here are some ways which will describe strategic management called five Ps are as follows:Plan: – Plans are intrinsic part of strategy. It’s a steps made to be followed by firm attentively. Basically these steps are like to be used in the future.Ploy: – Ploy is a precise act drafted to trap competitors. Generally it involves lots of creativity to boost up profit.Pattern: – Strategic pattern is an eye on firm’s performances with time whether uniformity or not.Position: – Considers firm’s current value along with its competitors. Perspective: – This way helps to locus on the internal minds of the employees. Every individual comes with different mind and two persons can manage even event. One can look after sales target and another can note the new firm’s entering in the market. 2. Strategic Management involvesThe process of Strategic management is in four steps like understanding the mission, vision & goals, environmental & internal scanning, formulation of strategy and implementing of strategy.Mission & vision – According to Edward (2012) It’s a overall goal of the organization direction. It is the strategy build up to followed by the organization. The most effected goals should be like: – Specific, Measurable, Achievable, Realistic & Time-bound.Environmental scanning – Information related to environment is called environment scanning. It’s not only about seeking information from the market but also what are the new markets currently opened is also comes under scanning. Formulation of strategy – According to John (2011) Strategy takes places in three level for example corporate level strategies & Business level strategies.3. The Elements of Strategic managementThere are elements of strategic management which are considered as internal analysis which helps the firm’s capability to improve internally. SWOT analysis – According to Andrew (1980) A technique by which firm’s strength and weakness can be estimated along with its opportunities and threats in the exist environment. It compares between internal factors and external factors to examine the actual success of the firm. According to Edward H. (1980) Strength and weakness are like firm’s internal part and opportunities and threats come in external environment.Value chain – Foremost Company should understand the value of the customer. Customer value will help the company to understand better in order to serve. The reason why warehouse needs to use value chain because it has to achieve its competitive edge more than others.VRIO – It is an analytical tool used to determine business resources in more detailed form in a business organisation. The full form of VRIO is Valuable, Rare, Inimitable and Organizable. For example Universities has unique level of expertise like research which is rare and eventually attracts student. On the same hand other institution lacks of such capabilities.Core Competency – It gives a brief picture of industry experts what they said about the strategies related to business practice. It provides an accessible guidance to the new comers. 4.The Benefits of Doing Strategic ManagementAccording to Robinson (2005), some of the benefits doing strategic managements are:Discharges Board ResponsibilityThe main basic reason that most of the businesses follow for having a strategic management process is to get free from the responsibility of the Board of Directors.Forces An Objective AssessmentStrategic management gives a method to boards and senior management to think about the future of business taking a step back from their day-to-day performances. Without this discipline, the industry can stall with working through the upcoming issue or problem without consideration of the bigger picture helping in their future business.
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By: Zongyu Zhou
Submitted: September 30, 2015
Essay Length: 2,346 Words / 10 Pages
Paper type: Research Paper Views: 457
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