Strategic Management Essay

1308 words - 6 pages

| TABLE OF CONTENTS |
| | |Page No. |
| |STRATEGIC MANAGEMENT-DEFINITION……………….… |2 |
| |MINTZBERG’S DEFINITION OF STRATEGY……………….. |3 |
| |KEY ISSUES OF STRATEGIC MANAGEMENT……………… ...view middle of the document...

...................................................................................... |27 |
| |REFERENCES……………………………………………………….. |31 |

STRATEGIC MANAGEMENT
Organisations are designed to achieve specific goals. Hospitals are designed to treat the sick. Similarly, educational institutions are designed to educate people. (Kirby et al., 1997:353)
At times, an organisation appears to set goals prior to developing a strategy for achieving these goals. At times the organisation appears to set goals in relation to a well-developed strategy. The problem with these distinctions is that goals and strategy are interrelated concepts.
Therefore, strategy can be conceived as a means to or plan for achieving goals and goals can be thought of as one element involved in a strategy process, whether the process is defined as rational, emergent or symbolic. The difference lies in whether the focus is on designing organisational outcomes or on the process, by which goals are ser and realized, says Hatch, M. (1997:120)
In an age when management gurus are both lauded by the faithful and hounded by the critics, Michael Porter seems to be one of the few who is well-accepted both academically and in the business world. Though he has his critics, Porter has generally been viewed as at the leading edge of strategic thinking since his first major publication, Competitive Strategy (1980), which became a corporate bible for many in the early 1980s.
➢ Strategic Management is a process which managers formulate and implement strategies geared towards optimizing strategic goal achievement, given available environmental and internal conditions.
➢ Strategic Management is a set of decisions and actions that result in the formation and implementation of plans designed to designed to achieve a company’s objectives.
Pearce/Robinson (2000) /Kathryn and Martin (2003:223)
• It is top management does that is of great importance to the organisation
• It refers to basic directional decisions
• It consists of the important necessary conditions to realise these directions
• It answers the questions: What should the organization be doing & What are the ends we seek and how should we achieve these ends?
Steiner
STRATEGY IS:
Developing and communicating the company’s unique position, making trade-offs and forging fit among activities where communication is vital and strategy must fit the organisation’s activities and surrounding environment.
Porter (1996)

MINTZBERG’S DEFINITION OF STRATEGY

• Another famous writer engaged in strategic management research is Henry Mintzberg and in his book “The Rise and Fall of Strategic Planning in 1994”, he came with several definitions of what is strategy.

Strategy can also be defined as:
“A set of decisions and actions that result in the formulation...

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