The Strategic management term has used by several firms and organizations in different aspects of the business world. However, this term is not fully understood. Strategic management attempts to answer the questions relating to the goals of business and what the proprietors want the business to thrive towards. In addition, it enables the business to assess and strategize on how to achieve the goals and ways of identifying that their goals are met by evaluating the results of the business.
Strategic management thus evolves a series of steps for firms to operate on. Goal setting should be ensured so that the organizations in question have a working control objective and a mission statement for proper guidance. Through analysis , the organizations are able to evaluate and assess their strength and weaknesses of their internal and external environment to enable them make decisions and evaluate their priorities on the organizational issues and concerns through forming a strategy. With all the formed strategies, what needed remains implementing the strategies before monitoring the performance of the organization. (Mulcaster 2009)
For instance, from the New York Times Business newspaper, businesses section was dealing on vocational trip. It was clearly laid out through strategic planning. The article rose on several areas of interest that most travelers would love to visit. However it was clear that first, from travelers point of view, you have t decide where to visit first whether in Vegas or in Michigan. The travelers have then to develop a strategy on how to get there maybe by driving if within the United States or neighboring countries such as Canada and Mexico, or by flying. All these factors taken into consideration will be highly affected by the amount of money, time and resources the vacationers have access to. While waiting on the travel dates, the vacationers have to consider if the established strategy takes into account all the disruptions, maybe through flight cancellations or delays in flights or car problems for those who decide to take road trips or even poor weather conditions that might hinder both ways. (Malcom 2009)
Through the above example process, it is clear that strategic managing of a company is a long-range plan and focus on important aspects of the business. It should be clear that the positioning of the business must be in a way to ensure proper business administration while meeting the management requirements. These include the business decisions that lead to achieving of the business goals and bringing the bigger picture of the business into focus. For the vocational lodges in Las Vegas, for instance, the managements are involved in planning, analyzing, and implementation of the business strategies with an aim of maximization of profits during the peak seasons.
This strategy relates to the aspects of Chapter 6 that deals on Building Foundation of execution. The management of the vocational rooms in Las Vegas has to strategize which includes knowing the people to expect to enable them analyze their market share while being optimistic and setting clear goals and priorities. The achievement of these strategies cannot be realized without the input of the staff, it is an ethical strategic plan to ensure the initators, and accomplishers of these projects are rewarded to expand on their capabilities. (Malcom 2009). This makes it easier for the business to follow through their success and expand their capabilities.
Just like any other business, the Vocational homes have threats while exploring opportunities in them. Strategic management seeks to identify the opportunities and threats while traversing the market within the industry and the entire business field. While assessing these strengths and weaknesses, the vocational homes operate under a theory that all businesses are the same therefore personal skills and competent abilities are important than the assets to be secured in these businesses. (Mulcaster 2009)
While housing business ensures future achievements, they support the strategic ideology that business should look into the future rather than the accomplishments. It dwells on the proactive measures and anticipating while taking advantage of the available possibilities. The housing business ensure unique just so to be differentiated and serve the various niches within their market. This strategy help the businesses identify alternatives for planning purposes that are relevant in business strategizing (Malcom 2009). It changes the business goals to resource evolution
Strategic management helps businesses develop and implement plans that ensure the feasibility of objectives and goals of the organization. It is a continuous process that helps change the organizational goals and evolutionary objectives. While developing business get assimilated into the business trends, they include strategic management to help them adapt to the changes, trends and external influence that affect their performance. (Mulcaster 2009)
In conclusion, therefore, strategy involves a large-scale provision of action of plan that sets a direction for organizational. The strategic management includes the organizational management of all the aspects of the organization, which ensures streamlining, formulating, and implementation of strategies and goals that strategically improves the organizational performance.
Gladwell, Malcom (2009), The Tipping Point, Little Brown, New York.
Mulcaster, W.R. (2009) The Strategic Frameworks, Business Strategy