HBR known as Harvard Business Review
is a publication where various articles are published.Moreover this
helps the audience to know the business Management in effective
manner
The article about Strategic
Management and its key points are as :
- Michael E. Porter talks about the
strategy to be made for using the competitive advantage and also by
maintaining sustainability.
- The strategy includes various tools
to increase the productivity as reengineering, TQM Model and
dramatic operation management. Moreover it is the duty of managers
to boost the morale of employees to think creative and outside the
box.
- The Strategy Management is
basically to survive the Five forces and barriers to enter the
industry.
- The articles talks about
examination of relation between planning and the performances by
the company to achieve the plan and vision.
- The strategic Planning is divided
into four phases financial planning thereafter forecasting
thereafter oriented planning and lastly Strategic management.
- The companies adapting the
strategic management is the big multinational companies . They are
using this management because they are big in infrastructure ,
having diversified work culture and employment moreover are set up
across the world.
- Further the Strategic management is
subdivide into framework, process and building the corporate
system.
- The framework is used to make the
quality decision throughout the organization and the process gives
the chance of creative thinking , thereafter adapting these two
gives the corporate system where there is commitment on the part of
management to full fill the mission and vision statements.
- The decision and strategic
management often rely upon the line of product and the market to
enter.
- The strategy management is used in each and every department
whether it is functional or product or research or matrix
- We can talk about the terminology it is nothing but a set of
decision framed by the top management to be followed by the other
levels of management.
- These decisions are framed to give advantages to the financial
planning, mitigating the risk and uncertainty, adding to
organizational efficiency and boosting the morale of employees
- However there is other side to the coin i.e.. rigidity as the
decision are complex and not flexible therefore the bit of
deviation may incur loss.
- The strategy and mission are incomplete without each other as
the mission is for the long term whereas to achieve that long term
many short terms missions are made using the strategy management
therefore both are inseparable.
- The process involves starting from deciding the objectives
thereafter analyzing the external environment using PESTEl factors
thereafter doing SWOT analysis of the Organization thereafter
having the backup of different strategy thereafter selecting and
implementing the strategy and lastly is the followup
- Hence to make sure that there is effective strategy
implementation in an organization using the optimization tool is
utmost important.
CONCLUSION
These are the above key points from various articles and PDF .
Moreover to better understand the Strategic management one needs to
step in the shoes of director to decide the good and bad for the
company as the vision is clear but to opt which road to get the
vision is a bit difficult task here is when strategic management
takes places because it helps in analyzing all the possible
outcomes and Environment whether external or internal.