Strategic Management: An introduction
Strategic management is nothing but identification, compilation, and implementation of specific strategies that managers carry out to achieve goals and boost competitive advantages for their organization. It is just an array of decisions, acts, and rules that top officials undertake which only decides the status and performance of their company in the market. It actually involves setting goals, analyzing the resources, analyzing the demand of the market, interpreting the competitive environment and on the basis of all evaluating the strategies to achieve all.
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Computation and organization of Strategic Management Assignment:
A setting of goal: To work for the success of any company the first and foremost thing is to go through the companies profile, its history, and its performance and find out the problematic areas to work on and out of all take out a single goal you want to work on with your skills and strategies.
Analysis of resources: The next thing after the setting of the goal is to study the resources i.e. raw materials, work power, and most important funds to work on your goal.
A grip on market demand: This is one of the most important areas every manager observe keenly for adding feathers in their company because this is the thing on which whole performance depends. Market demand for your product is the most required and you can work on to increase demand for your product by your strategies and planning.
The apprehension of competitive environment: Analysis of your competitors is the other essential area of observation for the formulation of strategies for your performance. Determining your drawbacks is necessary but knowing your competitor’s keyholes is most important for the best formulation of your strategies.
Formulation& Implementation of strategies: Now come for the formulation of strategies that is planning for the flourishing the performance of your company on the basis of your skills and strategies.
Evaluation and Impact: Strategies formed are evaluated on the basis of results and hike in company’s performance and its impact can be evaluated on basis of its response from the market. It can be done through SWOT analysis i.e. analyzing strength, weakness, opportunities, and threats.
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