Definition of Strategy Management
Strategic management is defined as a comprehensive collection of ongoing activities and processes which organizations use for systematically coordinating and aligning their resources and actions with mission, vision, and strategy to achieve the desired results. Strategy Management Assignment Help. Courseworktutors Inc has best experts and experience in providing help to Students on strategy management assignment help.
Strategy Management refers to the plan and policies implemented by an organization for the purpose of the operation, Marketing as well as other related matters of business. Strategy Management generally deals with the application of Strategy model. It is directly proportional to the size of the business operations. For Example; A big global organization can deploy more Strategic model because of the diversified business operations as well as the size of the organizations to meet Stakeholders requirements.
Approaches to Strategy Management:
The basic concept of Strategy Management relates to how an organization should deliver its product in the market and how it should act within the market structure and how they should compete with their rivals. This all forms part of Strategy Management. For meeting this needs, two approaches can be followed namely Differential Approach and Cost-Based Approach.
Phases of Strategy Management:
Before implementing any plan, Strategy Management process involves analysing cross-functional business decisions. The process of Strategy Management involves:
- Analysing Internal Strength and Weakness
- Formulating Action Plans
- Executing the formed plan
- Evaluation of the action plan as to what degree it has been par with the desired results.
Strategy Plan is evaluated on following three levels.
Advantages of Strategy Management
Enables to measure the Progress: Strategic Management process forces top level management to set objectives and measure the progress.
Discharges Responsibility of Board: Strategy Management discharges responsibility of Board of Directors.
Disadvantages of Strategy Management
Hampers Flexibility: With the implementation of Strategic Management process, an organization needs to do everything in a process oriented manner which will result non acceptance of some of the good opportunities available.
Expensive: To implement a Strategic Management process, an organization needs to appoint an external consultant which many of the organization would not be in a position to afford due to high cost.
Topics Covered in Strategy Management Assignment are as follows
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