Strategic Management - 1232 Words

Summary In management domain, strategic management encompasses identification coupled with definition of strategies. Usually, managers employ these strategies to strive for high performance levels as well as admirable competitive advantage for business establishments. In addition to that, it includes decisions as well as acts managers set about, and which determine the outcome of the organizations’ performance.In this respect, strategic management draws higher profitability if well planned and executed. Incisively, a science is whatever skill that manifests detailed use of facts for a particular purpose. Subsequently, an art is clearly characterized as skill critical for any human tasks. Not only is strategic management a behavioral†¦show more content†¦In this perspective, an art is outlined as individualized application of theoretical formulas for attaining coveted results. For the most part, an art has to a large extent practical knowledge. In this case, a manager needs to be well-rounded in academic qualifications and the practical part of management, whereby he or she can apply concrete principles in relative situations for fruitful yield. In addition to that, a manager must have also personal skill. For one thing, each manager has a unique style and address for strategic management, depending on knowledge level coupled with personality (Hodgkinson and Healey, 1510). Moreover, a great sense of creativity is critical in an art. In the case of strategic management, creativity is displayed in targeting to bring forth unique results via combination of cognition and imagination. Above all, it harmonizes human as well as non human endowments to accomplish desired objectives (Leaptrott and McDonald, 35). Again, continued practice leads to mastery of a given art. As an example, managers gain skills by way of trial and error in the earlier stages, yet daily application of strategic management principles over a long period makes them competent in strategic management. To sum up, an art is goal oriented, whereby in strategic management efforts are directed towards attainment of preset goals by utilizing available resources. Therefore, in a wayShow MoreRelatedStrategic Management20602 Words   |  83 PagesHammond/Design Pics/Corbis Strategic Management Inputs Strategic Management and Strategic Competitiveness, 2 The External Environment: Opportunities, Threats, Industry Competition, and Competitor Analysis, 32 The Internal Organization: Resources, Capabilities, Core Competencies, and Competitive Advantages, 68 Strategic Management and Strategic Competitiveness Studying this chapter should provide you with the strategic management knowledge needed to: 1. Deï ¬ ne strategic competitiveness, strategyRead MoreStrategic Management1157 Words   |  5 PagesStrategic management consists of the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. It gives the organization a sense of its objectives and a sense of how it will achieve these objectives. For Michael Porter, one of the leading strategy gurus, strategy is about achieving competitive advantage through being different. This means offering buyers a unique value, to increase their number and keep them as customers. For example, SouthwestRead MoreStrategic Management16778 Words   |  68 PagesPlanning and Management Strategy Formulation Strategy can be defined as a guide through whom organizations progress from the current state of affairs to a future desired state. Strategy is most importantly an effective tool used to forecast the future of a good organization rooted in long range plans. 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Define the planning of strategic management: Strategic planning can be defined as a process of organization that defining its strategy, direction, and making decision about resource to pursue its strategy. For the defining organization’s direction, its must be understand the current position and find out the way to making it successful. Generally, strategic planning must be including one of three keyRead Morestrategic management3200 Words   |  13 Pagesï » ¿Executive summary: The purpose of my assignment has been done in terms of strategic analysis, its formulation and implementation of Ryanair organization. The assignment is developed by three parts which includes variety of questions in the each part. Firstly, The part one is mostly focused on strategic analysis and its related questions has been given. Also, each question is answered that relevant to current strategy of Ryanair organization. And this part included internal environment and external