An Explanation Of The Strategic Management Process

See Chapter 1, Exhibit 01: Strategic management consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages:

To achieve its long-term objectives that would enable an organization, strategic or institutional management is the conduct of implementing, evaluating cross-functional decisions and drafting. In order to design and achieve these objectives and then allocating resources to implement the programs, projects, plans and policies, it is the process of specifying the organization’s objectives, mission and vision, developing policies and plans, often in terms of projects and programs. Companies often evaluate the overall performance of the business and its progress towards objectives through a balanced scorecard.

"Strategic management is a set of managerial decisions and actions that determine the long-run performance of a corporation" (Wheelen & Hunger, 2006, p.3). The benefits of strategic management helps the firm focus on the objectives and develop the steps involved in obtaining the vision and financial wealth of the organization. An effective strategic management plan should include the following three questions: (1) Where is the organization now? (2) If no changes are

What Is Strategic Management a process for defining and addressing the management implications of an organization's strategic and operational plans? A long-term context for short-term activities. Strategic management is the analysis of the work done by the management of an organization on behalf of the owners. It gyrates around expressing the purposes of the organization and coming up with an appropriate mission and vision statement. Mission and vision statement together are used to help develop policies and plans to be used in long term and short term goals often categorized as projects or programs. It also involves the right resources of management to ensure that the business profit are maximized to grow the company. Strategic Competitiveness

The strategic objective is not a business plan, relatively, it is a life plan that shape the individual live which will serve the business portion. This objective is a set simple and clear standard that may create and strive to a successful outcome if implemented correctly. These standard are simple to eliminate confusion and is a measuring system to visually see the progress invested to determine the next move. This progress takes time, but the investment in this implementation is well worth the wait over time when the business finally illustration a positive

A strategic objective is one that an organization must achieve to make its strategy succeed. Strategic objectives for Hitek are

According to Certo & Peter (1995), "through strategies, it is possible to establish goals, goals, projects, budgets, logistics, tactics, action plans, and anticipate problems that may occur along the way, thus reducing company risks. " Therefore, the development of strategic objectives is a thick formula of how the company will compete and what the established goals and policies will be to achieve the goal. According to David & David (2015), "the strategic objectives include things like a larger market share, quicker on-time delivery than rivals, shorter design-to-market times than rivals, lower costs than rivals, higher product quality than rivals, wider geographic coverage than rivals, achieving technological leadership, consistently getting new or improved products to market ahead of rivals, and so on. "

The strategic management is actually defined as the process in which an organization actually formats and also implements the plans which espouse the objectives and goals of that organization (Diana Wicks, 2011). The process of the strategic management is continuous and it changes with the evolution of the organizational goals and objectives.

1.2 Strategic management is a way of formulating, implementing and evaluating, cross – functional decisions that enable an organisation to achieve its objective. It ensures that employees and other stakeholders are working towards common goals, establishes agreement around intended outcomes/results, and assesses and adjusts the organization 's direction in response to a changing environment. The purpose of strategic management is to exploit and create new opportunities, to foresee business value in the future, to eliminate the possible risks in the environment, and to look for the changing market trends.

Strategic management is the art and science of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its objectives. It involves the systematic identification of the firm 's objectives, nurturing policies and strategies to achieve these objectives, and acquiring and making available these resources to implement the policies and strategies to achieve the firm 's objectives. Strategic management, therefore, integrates the activities of the various functional sectors of a business, such as marketing, sales and production to achieve organisational goals. It is the highest level of managerial activity, usually

The definition of strategic management continues to transform over time which coincides directly with the unremitting modernization of business. Strategic management is understood as the implementation of a strategy statement to establish competitive advantage and innovation within a business or industry. There is no concise, comprehensive definition of strategic management, but there are common themes that assist in understanding strategic management today. Effective strategic management is implemented from top management; when management demonstrates a clear knowledge of their strategy statement, their subordinates are much more efficient in accomplishing their objectives. Strategic management can be

A successful strategic management process will be the one which devises a strategy by which an organisation can fulfil its mission by coming up with achievable short term and long term goals incorporating its organisational competency (Pinnington, 2010).

Fred R. David (2007:5) defined strategic management as “the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organisation to achieve its objectives.

Fred R. David (2007:5) defined strategic management as “the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organisation to achieve its objectives.

Therefore, strategic management is an all-encompassing approach for formulating, implementing and evaluating managerial decisions in a way that permits the business to reach its objectives.