Strategic Management

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Strategic or institutional management is by taking drafting,implementing and evaluating cross-functional decisions that will enable anorganization to fulfill its long-term objectives. It is the process of focusingon the organization’s goal, vision and objectives, developing policies andplans, often in terms of projects and programs, which are implemented toachieve these objectives and then finding resources to implement those policies,plans, projects and programs. Evaluating the overall performance of thebusiness and its progress towards objectives is done via a balanced scorecard.

Strategic management is a level of managerial duty allocating goals andover Tactics. Strategic management provides overall direction to the enterpriseand is closely related to the field of Organization Studies. In the field ofbusiness administration it is useful to talk about “strategicalignment” between the organization and its surroundings or”strategic consistency”. According to Arieu (2007), “there isstrategic consistency when the actions of an organization are consistent withthe expectations of management, and these in turn are with the market and thecontext.”

Strategy formulation

Strategic formulation is a mixture of three main processes which are asfollows:

Performinga state analysis, self-evaluation and competitor analysis: both internal andexternal; both micro-environmental and macro-environmental.

Togetherwith this assessment, objectives are set. These objectives should be parallelto a time-line; some are in the short-term and others on the long-term. Thisinvolves crafting vision statements which is the long term view of a possiblefuture, mission statements which is the role that the organization gives itselfin society, overall corporate objectives i.e. both financial and strategic,strategic business unit objectives i.e. both financial and strategic), andtactical objectives.

Theseobjectives should suggest a strategic plan in the light of the situationanalysis. The plan provides the details of how to achieve these objectives.

Marketing action plan

Placementand achievement of required resources are financial, manpower, operationalsupport, time, technology support

Operatingwith a change in methods or with modification in structure

Distributingthe specific tasks with liability or molding specific jobs to individuals orteams.

Theprocess should be managed by a liable team. This is to keep direct surveillanceon resultant comparison for betterment and best practices, cultivating theeffectiveness of processes, calibrating and reducing the variations and settingthe process as required.

Introducingcertain programs involves acquiring the appropriation of resources: a necessity for developing theprocess, training documentation process testing, and flexibility with (and/orconversion from) difficult processes.

As and when the strategy implementation processes, there have been somany problems arising such as human relations, the employee-communication. Sucha time, marketing strategy is the biggest implementation problem usually involves,with emphasis on the right timing of new products. An organization, with aneffective management, should try to implement its plans without signaling thisfact to its competitors.