Strategic_Management

Strategic Management Research Supported Essay – Strategic Management Introduction To deal effectively with the wide array of factors affecting the ability of a business to grow and prosper, managers need advanced processes they feel will facilitate the optimal positioning of the business in its competitive environment. Such positioning is possible with strategic management because this process improves preparedness for unexpected internal or competitive demands. 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. For a strategic management plan to be successful, however, every manager should: • Clearly see the need for change • Be firmly committed to the idea of changing the business planning process • Assure that the strategic management process has credibility with everyone involved • Make sure that final plans are realistic and reflect actual resources and capabilities • Train all participants in the procedures essential to the strategic management process • Develop concise and well-organized plans One of the world’s best performing natural resources companies created a unique organizational structure that combines the advantages of small business units with “virtual structures” - groupings of these business units - that can address different strategic issues and competitive environments. Overview The formality of the strategic management process varies widely. Formality refers to the strategic, strategy, planning, management, process, organizations, organizational, should, organization, analysis, business, within, processes, often, new, need, making, development, been, strategies, product, managers, decision, culture, competitive, businesses, sometimes, industry, st, science, researchers, one, john, harrison, change, 44-59