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In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates.
This is the least effective of the four strategies. It is without direction or focus. Miles, Snow et al. (1978) have identified three reasons why organizations become reactors: Top management may not have clearly articulated the organization's strategy. Management does not fully shape the organization's structure and processes to fit a chosen ...
For strategic planning to work, it needs to include some formality (i.e., including an analysis of the internal and external environment and the stipulation of strategies, goals and plans based on these analyses), comprehensiveness (i.e., producing many strategic options before selecting the course to follow) and careful stakeholder management ...
A company may do so in isolation of other strategies or in conjunction with focus strategies (requires more initial investment). [5] It provides a great advantage to use a differentiation strategy (for big companies) in conjunction with focus cost strategies or focus differentiation strategies.
Firms create strategic alliances because it has a lack of resources or knowledge to achieve their objectives. Cooperative behavior gives a company values that can not be achieved independently. Reach stakeholders interests to reduce uncertainty inside the company. Strategic alliances can lead to new sources of revenues.
The strategy role exists in a variety of organizations and fields of study. In large corporations, strategic planners or corporate financial planning and analysis (FP&A) personnel are involved in the formulation and implementation of the organization's strategy. The strategy is typically set by business leaders such as the chief ex
Strategic control is the process used by organizations to control the formation and execution of strategic plans; it is a specialised form of management control, and differs from other forms of management control (in particular from operational control) in respects of its need to handle uncertainty and ambiguity at various points in the control process.
At the graduate level students aiming at careers as managers or executives may choose to specialize in major subareas of management or business administration such as entrepreneurship, human resources, international business, organizational behavior, organizational theory, strategic management, [29] accounting, corporate finance, entertainment ...