Strategic Management Assignment

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Strategic management is a continuous process, which takes into account all the factors (both internal and external) that may affect the performance of a business. In other words, it is an integrated process which involves planning, monitoring, evaluating and making all the necessary changes in order to reach the pre-defined objective of the organization. Students should make sure, that the strategic management assignment help or writing service that they decide to avail has expertise and know-how of all these concepts.

Students may be taught strategic management from different perspectives; depending on the field they opted for. However, few factors that are common in any strategic management course are:

Engagement with others: it is important due to the fact that in order for one to be able to make a strategic decision, they first have to be aware of what actually is going on at different levels of the organization. Important to note here is that the lower staff would be the one who would carry the strategy out, once it is decided by the senior executives.

Communication: In order for effective engagement to take place, an effective communication channel needs to be established that would pass on the information from the top to bottom and resend the lower staff’s feedback back to the executives.

Novelty of ideas: key component of any strategic planning and management process is the inclusion of innovative ideas. This would not only allow the company to survive in the market but would also give them an edge over other competitors.

Culture of the organization: the culture of an organization is just as unpredictable as the human nature. If the culture perceives change to the organization as something that is dangerous, so the resistance will also be great. Thus, its effects are needed to taken into account during strategic management process.

To put it in simple terms, strategic management is planning to deal with all the problems, both within and outside the organization, which could affect its profits and coming up with a solution to deal with them.

Strategic Management’s Importance for Students

As students, you might not be aware of how diverse the term ‘strategic management’ truly is. Here is a list of things, needed to be considered, before carrying out strategic management:

  • Big Data analysis and Social Listening are the buzz words in the market these days; both of them are linked to strategic management as they require someone who is able analyze the information provided by these tools and make key decisions accordingly.
  • Strategic management also involves scanning the environment for any useful information and then taking decision accordingly. As at times, knowing your competitors can be more important than knowing your own company.
  • Strategic management also allows to plan out other departmental plans. Such as the HR would know what type of skills they need to hire to meet a new strategy or the operations department will plan on buying new equipment keeping the required output in mind, highlighted in the strategy.
  • Laws and legislation is another factor that is involved in the strategic management process, as any unforeseen changes could lead to company incurring losses.

Even after going through the above list, student might not fully be able to grasp its importance as it requires more practical exposure than just a theoretical overview. Hence, it would be beneficial if students bring onboard some professionals as some business management assignment writing service providers, to assist them in their assignments.

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