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Strategic management is how businesses practice their work by strategically designing all their future actions and tasks to gain the ultimate objective. It is a term in management that is concerned with the process of setting the ultimate goals, procedures, and numerous objectives to make any institution or a company gain profits and achieve its aims. It is an ongoing and unending process of planning, monitoring, analysing, and assessing the organisation’s necessities, which is practised to achieve the organisation’s final goal.
Any organisation that exists in the market comes across many changes in the market and the business environment. The organisations need to mend their working according to the business environment to gain a competitive advantage and keep most of the customers engaged. Strategic management helps the companies to look into their present market conditions, create strategies, analyse the effectiveness of the strategies already implemented and plan for development. The students often get confused about strategic management principles while writing the assignments. Certain concepts should be considered by the students while writing the assignments. To get help with selecting the best topics and applying the best techniques, students can take strategic management assignment help from assignment helper.
Strategic management is a vast topic and includes several modules and topics, but the most frequently assigned topics by the university are discussed below:
Corporate strategies: Corporate strategy focuses on the business and the destination towards which a business must take forward its tasks. The corporate strategies include decision making in a manner that can shape all the activities and other parts of the business. The corporate strategy also includes decision making on the ways to gain a competitive advantage in a firm.
Business development strategies: The business environment keeps changing as it does not have the same kind of performance. The business development strategies are created by combining many individual tasks all at once that aim to implement and develop better business opportunities.
Brand Strategising: Business strategising is a plan for the long term that is created to achieve a series of the organisation’s long-term goals, which shall result in preference and identification of the brand customers. The most effective business strategies are created by understanding the product of the business and targeting the audience accordingly to provide them with exceptional customer experiences and generate better sales.
External And Internal Organisational Context: Strategic management is concerned with the internal and external environments of the business as they directly impact the working of the business. The internal factors include the organisational activities, products, services, strategic decision-making, people, processes, knowledge of the individuals, etc. External factors include technological, political, economic, social, legal, financial, and competitive factors.
Empirical Methods: Empirical methods of an organisation include the understanding and the application of mathematics in an organisation. The different types of figures in an organisation like the company’s performance, sales, productivity, customer feedback, price and inventory etc., are all calculated with the help of the empirical methods.
Portfolio analysis: Portfolio analysis is the method used to select the optimal portfolio, which can strike a good balance between maximising returns and minimising risk in many kinds of business environments.
BCG model: BCG is a matrix developed by the Boston consulting group. It is a planning tool that makes use of the graphical representations of the products and services of a company to help it decide the factors like what to keep, what to sell and what to invest. It mainly has four factors in the matrix, namely stars, question marks, cash cows and dogs.
McKinsey’s 7s model: McKinsey’s 7s model plays a significant role in the strategic management of an organisation. When studied and applied in-depth, it helps the company seek newer strategic management methods. The 7s used in McKinsey’s model include strategy, style, structure, staff, system, shared values, and sill.
1. Describe The Process of Strategic Management Followed at The Organisations
Strategic management is a continuous process that businesses practise to outdo their competitors. The process of strategic management is very complex as it includes formulating the organisation’s vision, analysing its results and outcomes and finally, visioning the future objectives of the organisation. The process of strategic management is as follows:
2.How does Competitor Analysis Play Its Position in Strategic Management?
Competitor analysis is termed competitive analysis, which is the process of analysing the competitors in the industry and researching their different marketing strategies. Competitor analysis is practised by businesses to develop their own strategies of development. Competitor analysis focuses on creating strategic decisions and plans and promoting strategic behaviour and thinking. An organisation has many weaknesses and strengths, which can be best analysed by reviewing the competitor’s swot: the strengths, weaknesses, opportunities, and threats. Competitor’s analysis enhances the strategic management planning s the company can already have an idea of the plans and strategies of the competitors. This directly helps the company curate all their mistakes and explore solutions and techniques for the higher achievement of goals.
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