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Implementing An Effective Strategic Management Process

Strategic management deals with identifying the objectives of an organization, as well as working out strategies and plans to attain these objectives, and assigning resources in an attempt to put the plans into practice. This concept is also considered the highest level of decision-making action. It is not a job, but more exactly a set of decision-making skills that have to be put forth all through the organization, in a broad collection of functions. The strategy of an organization has to be suitable for its resources, environmental situation, and main goals. The procedure entails matching the strategic advantages of the company to the business environment it faces. One goal of a general corporate strategy is to set the company in a position to perform its mission efficiently and competently.

A high-quality corporate strategy is supposed to put the objectives, strategies and plans of the company together in a unified manner, and has to be established on business realities. Commercial enterprises can still be unsuccessful in spite of an outstanding plan as the world changes in a manner that they have neglected to comprehend. Strategy has to link with vision, rationale and probable future leanings.

Strategic management can be perceived as an amalgamation of strategy formulation and implementation and the strategy has to be tightly lined up with purpose. Strategy formulation entails conducting an analysis of both the internal and external circumstances and of both micro and macro environments. It also involves setting goals, from developing vision statements, mission statements, general corporate financial and strategic objectives, strategic business unit financial and strategic objectives, and tactical goals and planning. The strategy formulation process is at times described as a process of finding out where the business is now, where we want it to be, and how to get there.

Strategy implementation entails the distribution of adequate financial, human, time, technological and support resources, setting up a chain of command like cross functional teams, handing over liability of particular responsibilities or processes to specific persons or groups, managing the process and monitoring results, measuring up to benchmarks and best practices, assessing the effectiveness and competence of the procedure, calculating variances, and making modifications to the procedure as what is required. Executing particular programs entails getting hold of the needed resources, developing the procedure, training, testing the process, documentation, and incorporation with legacy procedures.

We can learn more about strategic management through leadership training programs and even through a team building seminar. Other people learn more about through undergoing mini MBA programs, especially those sponsored by the organization they belong to.

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