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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.
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 ...
Hoshin Kanri (Japanese: 方針管理, "policy management") [1] is a 7-step process used in strategic planning in which strategic goals are communicated throughout the company and then put into action. [2] [3] The Hoshin Kanri strategic planning system originated from post-war Japan, but has since spread to the U.S. and around the world.
The resource-based view is interdisciplinary in that it was developed within the disciplines of economics, ethics, law, management, marketing, supply chain management and general business. [ 10 ] RBV focuses attention on an organisation's internal resources as a means of organising processes and obtaining a competitive advantage.
Managers nurture and promote strategies that are themselves changing. In regard to the nature of strategic management he says: "Constantly integrating the simultaneous incremental process of strategy formulation and implementation is the central art of effective strategic management." (page 145).
The purpose of articulating the strategy is to translate the strategy into a form where managers and stakeholders agree consensually on what needs to be achieved [4] [8]. The strategy articulation will describe the strategic outcomes to be achieved, preferably expressed in the form of quantitative or qualitative goals. [9]
Proposition 3: A strategy consists of a basic direction and a broad path. Proposition 4: A strategy can be deconstructed into elements. Proposition 5: Each of the individual components of a strategy's broad path (i.e., each of its essential thrusts) is a single coherent concept directly addressing the delivery of the basic direction.
Concept-driven strategy is the name given to a number of similar strategic thinking approaches. Generally, the term 'concept-driven' is used to encourage a focus on the 'concepts' being used. [ 20 ] [ 21 ] See Concept learning or Management Concepts.