Strategic management Essay Example | Topics and Well Written Essays - 4000 words

Strategic management - Essay ExampleThis musical composition focuses upon the strategical planning as an analytical care for for organizing the present on the basis of desired coming(prenominal) projection. So, it is a transp arnt road map which is used to lead an governing body from its current position to the advance future i.e. in next five or ten years where it would like to be. It is very necessary for all division in an memorial tablet to have their own strategic plan. There are virtually important characteristics in a strategic pan. It should be simple to be understandable for the persons or employees who leave alone implement this. It needs to be clearly written based on the current actual stain of an organization. A strategic plan should have enough time allowed for settling down the objectives and adopting new strategies. It should non be rushed to implement a strategic plan. The main purpose of strategic planning is to building the long term goal of an organiz ation to assist the associates involved with the organization in developing priorities and powerful serve for sustainable outcomes. The plan must be practical as well as tractile so that it can be used as effective guide for implementing programs. Evaluating the outcomes and making necessary adjustments in the process. Another of purpose of strategic planning is to improve probable chances of desirable and possible outcomes. There are important values of planning which integrate the performance of an organization. It helps to prepare the contingencies which can keep on an organization from ineffectual of attaining goals.... There are important values of planning which integrate the performance of an organization. It helps to prepare the contingencies which can prevent an organization from unable of attaining goals. Planning enables an organization to develop a frame elaborate for estimated growth and progress. An effective strategic plan influence the organization to adopt an eff icient strategy for proper allocation of resources in peculiar(a) manner will allow enable it to achieve its goal (Thorton, 1986, p.5). B. Overview of the strategic planning process An organization is benefited by strategic planning to have an effective focus on attention and resources in the off to goal. The strategies help the organization for progress and growth by successful implementation in the macroeconomic take i.e. in the volatile global and national business environment. An organization can develop effective budget, pull in efficient collaboration and cooperation inside and outside the pains of the organization. It helps the organization to focus on the important work for a particular timeline. Another function of planning process is that the processes develop a framework of love of work need to be do with respect to deadline i.e. what need to be done and when. By this process the leader of a division can track the process so that he can supervise the growth of the process and take essential actions related to the strategies as well as activities in the programs. The macroeconomic business environment fluctuates all the time, even a smallest changes in the micro level i.e. in the industry where the company belongs, can ruin a best strategic plan. If a continuous monitoring is done in the strategic planning process, it will help the leader as well as the organization to evaluate the progress rate