What is strategic management? Provide an example of strategy management. (3 + 2 = 5 marks) Explain...

Question

What is strategic management? Provide an example of strategy management. (3 + 2 = 5
marks)
Solution:
Strategy is considered as the essence of the organization. Strategy is considered as the general
view or perspective that the organization follow so as to do its operations and to attain
competitive edge in the market. The strategy takes into consideration the purpose, goals and
objective of the organization. It takes into consideration all the planned actions that are taken by
the organization so as to achieve the set target and objective. (Pearce J, Robison R, 2009)
Strategic management is considered as the process by which a company manages the formulation
and implementation of its strategy. It can be defined as the set of decisions and actions with
which the organization is able to formulate and implement different plans with which the
company is able to attain its goals and objectives. (Pearce J, Robison R, 2009)
Strategic management and planning is one of the most important fields of management. The need
of Strategic planning and management has been triggered with the advancement in technology
and globalization of markets. With the increase in the global market the organization are
focusing on changing their strategies so as to be successful in the competitive world of today. In
today’s competitive world the corporations needs to be very flexible as well as responsive to
have a competitive advantage. (Pearce J, Robison R, 2009)
Some of the major tasks of strategic management are formulation of the mission and vision
statement analysis of the internal controls and conditions of the company, analyzing the external
environment.
Explain the strategic management process? (5 marks)
Solution:
//(Pearce J, Robison R, 2009)
The strategic management process starts with the formulation of the mission and vision
statement, which states its purpose, philosophy, and goals. After formulating the vision and
mission of the company, the goals and objectives are analyzed. After this, the organization
conducts an analysis that reflects the company’s...

Robert · Accepted Answer

What is strategic management? Provide an example of strategy management. (3 + 2 = 5 
marks) 
Solution: 
Strategy is considered as the essence of the organization. Strategy is considered as the general 
view or perspective that the organization follow so as to do its operations and to attain 
competitive edge in the market. The strategy takes into consideration the purpose, goals and 
objective of the organization. It takes into consideration all the planned actions that are taken by 
the organization so as to achieve the set target and objective. (Pearce J, Robison R, 2009) 
Strategic management is considered as the process by which a company manages the formulation 
and implementation of its strategy. It can be defined as the set of decisions and actions with 
which the organization is able to formulate and implement different plans with which the 
company is able to attain its goals and objectives. (Pearce J, Robison R, 2009) 
Strategic management and planning is one of the most important fields of management. The need 
of Strategic planning and management has been triggered with the advancement in technology 
and globalization of markets. With the increase in the global market the organization are 
focusing on changing their strategies so as to be successful in the competitive world of today. In 
today’s competitive world the corporations needs to be very flexible as well as responsive to 
have a competitive advantage. (Pearce J, Robison R, 2009) 
Some of the major tasks of strategic management are formulation of the mission and vision 
statement analysis of the internal controls and conditions of the company, analyzing the external 
environment. 
Explain the strategic management process? (5 marks) 
Solution:
//(Pearce J, Robison R, 2009) 
The strategic management process starts with the formulation of the mission and vision 
statement, which states its purpose, philosophy, and goals. After formulating the vision and 
mission of the company, the goals and objectives are analyzed. After this,

What is strategic management? Provide an example of strategy management XXXXXXXXXX = 5 marks) Explain the strategic management process? (5 marks) Who is involved with strategic management? Provide two...

Answer To: What is strategic management? Provide an example of strategy management XXXXXXXXXX = 5 marks)...

Answer To This Question Is Available To Download

Related Questions & Answers

Submit New Assignment