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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.
Strategic planning is an organization's process of defining its strategy or direction, and making decisions on allocating its resources to attain strategic goals. Furthermore, it may also extend to control mechanisms for guiding the implementation of the strategy.
Strategic thinking is a mental or thinking process applied by individuals and within organizations in the context of achieving a goal or set of goals.. When applied in an organizational strategic management process, strategic thinking involves the generation and application of unique business insights and opportunities intended to create competitive advantage for a firm or organization.
A strategic leader influences “the organization by aligning their systems, culture, and organizational structure to ensure consistency with the strategy” (Beatty and Quinn, 2010, p. 7). Influencing employees to voluntarily make decisions that enhance the organization is the most important part of strategic leadership.
In this model, strategy is both planned and emergent, dynamic, and interactive. Five general processes interact. They are strategic intention, the organization's response to emergent environmental issues, the dynamics of the actions of individuals within the organization, the alignment of action with strategic intent, and strategic learning.
Evaluating or crafting an organizational strategy requires analysis of the relationship between mission, value and resources. Strategy allows managers to focus on an organization's long-term plan and ensure that mission objectives are met. Organizational strategy explores the relationship between unit and the environment.
In strategic management, situation analysis (or situational analysis) refers to a collection of methods that managers use to analyze an organization's internal and external environment to understand the organization's capabilities, customers, and business environment. [1]
Act guided by a strategic posture, in order to clarify your intent strategy. This posture includes shaping: leading the organization's structure towards a new model; adapting: choosing how and where to compete within the current industry; reserving the right to play: increasing the investment to stay in the game without modifying the strategy.