ipl-logo

Strategic Planning: The Importance Of Strategic Management And Planning

1005 Words5 Pages

Management is concerned with the maximum achievement of organizational goals, aims and objectives with and through the aid of other people. Management can be defined as the rational assessment of a situation and the systematic selection of goals and purposes; the systematic development of strategies to achieve these goals; the marshalling of the required resources, the rational design, organization, direction, and control of the activities required to attain the selected procedures (McNeil & Clemmer, 1988). "Strategy is the determination of the basic long-term goals of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals ( Chandler, 1962 )." Strategic Management is described …show more content…

The history of strategic management dates back to decades ago when the term ‘strategic management’ was associated with military campaigns, war, politics and not business. However, the discipline of strategic management initiated in the early 1950s and 1960s. Among the preliminary early contributors, the most noteworthy and charismatic contributors were Peter Drucker, Philip Selznick, Alfred Chandler, Igor Ansoff, and Bruce Henderson. Many companies built strategic planning functions to develop and execute the formulation and implementation processes during the 1960s.
Importance of Strategic Management and Planning
Strategic management is essential for the progress, prosperity and development of an organization as it aligns the mission, vision, outcomes and objectives with operations. A well-planned strategic management is crucial and can bring various benefits and perks to the organization in present as well as in the future.
A well established management strategy takes into consideration the destiny and fate of the business and provides a way to anticipate future problems and opportunities. It allows for identification, prioritization, and exploitation of …show more content…

Organizations that adopt a set of proper management strategies can expect that the system will lead to improved financial performance.
Strategic management adds to the reputation of the company or an organization because of consistency and seeks opportunities and helps an organization to grasp all the possible available opportunities.
Companies often fail due lack of proper strategy and planning to run it. Strategic management helps the company to remain stable and avoid

Show More
Related

  • Publix Business Strategy Essay

    868 Words  | 4 Pages

    Strategy means the approach, plan and knowledge that is used to move in the direction that will allow the company to satisfy the customer’s wants and needs, and obtain their goal, while reaching and maintaining an economical benefit over the competition (Defining Your Business Strategy, 2016). It can further be defined as a means of evaluating at what success level they are currently sustaining, and what success level they desire to obtain and the means they will need to use to get to their desired level (Bryson p. 11). A practical understanding of the value that strategy brings to an organization, is the course that the company is to take and the positioning that the company has for the future, and very possibly survival in a very competitive

    Read More

  • Strategic Decision Making And Management Bus201 Unit 4

    1606 Words  | 7 Pages

    Unit 4 Written Assignment Department of Management, University of the People BUS 5117-01-AY2023-T3: Strategic Decision-Making and Management Dr. Karthika P 22 February 2023 Unit 4 Written Assignment Founded in 1985 by Phil Gosling, Wellington Brewery is one of the oldest and most well-known microbreweries from Guelph, Ontario. Its competitive advantage is differentiation, offering several styles/flavors of original products with a distinctively English style, as well as a variety of options in terms of size and type of containers. We will establish a value chain for the company, identify the strongest and weakest links, prepare a SWOT (strengths, weaknesses, opportunities, and threats) analysis for the company, and then identify the key

    Read More

  • Mkt 421 Week 3 Strategic Management And Strategic Competitiveness

    1362 Words  | 6 Pages

    Week 3 - Strategic Management and Strategic Competitiveness Assignment Apple Inc. is a technology company that is known for its consumer electronics products such as iPhones, iPads, and Mac computers. Apple is one of the world's most valuable companies and is known for its innovative consumer electronics, software, and digital services. Globalization Globalization and technological changes have impacted Apple in various ways. For instance, globalization has allowed this company to establish a complex and comprehensive supply chain. Elements for Apple's products are sourced from different nations, thereby taking advantage of cost efficiencies as well as specialized manufacturing capabilities.

    Read More

  • The Importance Of Strategic Planning In Canada

    941 Words  | 4 Pages

    According to Allison & Kay strategic planning is broadly defined as a management tool used to help an organization focus on it’s vision and it’s priorities in response to a changing environment and ensure that members of the organization are working toward the same goal(2005). Important for all NGO’s, Hockey Canada’s strategic planning is critical to the further development and continued success of the sport of ice hockey in Canada. According to Allison & Kaye there are four key concepts regarding strategic planning.

    Read More

  • Case Study: Riordan Manufacturing

    771 Words  | 4 Pages

    Riordan’s Strategic Plan According to The Strategic Management Group (2015), “Strategic planning is an organizational management activity that is used to set priorities, focus energy and resources, strengthen operations, ensure that employees and other stakeholders are working toward common goals, establish agreement around intended outcomes/results, and assess and adjust the organization's direction in response to a changing environment.” Strategic Planning is a deliberate way management can mold and shape their company to reach their goals. In order for Riordan manufacturing to become a global leader in plastic manufacturing and injection molding, they will need a strategic plan. Riordan must determine their strategies, decisions, and actions to increase their performance.

    Read More

  • Strategic Management In Today's World

    2034 Words  | 9 Pages

    INTRODUCTION The importance of the strategic management in today’s world is very vital. The dynamic changes in the business environment of every organization rapidly escalate than expected. Regardless of the market, the increasing complexity sets up new challenges for the management personnel that forces them to be in control. To achieve satisfactory results in such conditions requires effective strategic management. Generally, strategic management is based on setting an organization‘s long-term development direction.

    Read More

  • Describe The Typical Functional Areas In An Organization

    994 Words  | 4 Pages

    Strategic level managers are ultimately responsible for the company performance.

    Read More

  • Why Do Public Health Organizations Need To Engage In Strategic Planning

    194 Words  | 1 Pages

    Strategic planning is an extremely important process and organizational management activity for setting priorities, allocating resources, strengthening operations, making sure that employees and other stakeholders are working toward common goals, and assessing and adjusting the organization's direction as needed throughout the process. Public health organizations need to engage in strategic planning because an organizational strategic plan sets a course for strengthening community health to effectively carry out its public health functions. For those who are in charge of overseeing the strategic planning process, it provides a guide to distributing financial and human resources in addition to creating measurable targets so that progress can

    Read More

  • The Organizational And Cultural Environment Of Tesco

    986 Words  | 4 Pages

    INTRODUCTION: The summation of activities that a business expects to carry out in order to attain longstanding objectives can be defined as organizational strategy. Combined, these activities forms a business’s strategic plan. Strategic plans are developed by various level of management.

    Read More

  • Strategic Plan Outline

    827 Words  | 4 Pages

    Assessment 3 • The drafted outline for the strategic plan. o It is an activity on a managerial level which is used to set priorities, focus energy, strengthen operations and resources, ensure that employees and the other stakeholders are working toward common goals, establish agreement around intended results. o Our strategy is focused on driving growth and creating long term shareholder value.

    Read More

  • EHR In Healthcare

    1402 Words  | 6 Pages

    Management is a very crucial part of each and every business organization in that it leads to increased utilization of business resources in the manner that would enable the business organization to be able to achieve the intended goals of the company. This is an indication that every operation that take place inside an organization has to be authorized by the management as it is the one which is responsible for making top decisions on behalf of the stakeholders and the workers at large. In order for the management to realize its purpose, it has to be carried out in a manner that is strategic. In this case, strategic management should be focused on so as to increase the chances of reaping the best in terms of success in management and control.

    Read More

  • Strategic Management: Strategies, Deliberate Or Emergent

    3600 Words  | 15 Pages

    ARAB OPEN UNIVERSITY FACULTY OF BUSINESS STUDIES (MBA) B 820 _ STRATEGY (TMA ONE)_ TUTOR MARKING ASSESSMENT _ Fall, 2014 TMA ONE: Answer Bader Abdullah AL-Sumri (130348) Question 1: strategies, deliberate or emergent 1) Introduction Planning, and particularly strategic planning, has been characterized as a learning process.

    Read More

  • The Importance Of Organizational Strategy

    995 Words  | 4 Pages

    “An organizational strategy is the sum of the actions a company intends to take to achieve long-term goals (Johnson, 2016)”. Organizational strategy is derived from a company 's mission, which tells why an organisation is in business. There are three important aspects of organizational strategy such as resources, scope and the company’s core competency (Johnson, 2016). As Johnson (2016) postulated that top management produces the larger organizational strategy, while middle and lower management adopt goals and plans to satisfy the overall strategy. Germano (2010) states that leadership has a significant impact upon organisation and its success, whereby leaders determine values, culture and employee motivation.

    Read More

  • Competitive Intelligence Process

    2167 Words  | 9 Pages

    The term of strategy is defined as “the basic long term goals and objectives of an enterprise and the adoption of courses of actions and the allocation of resources necessary for executing these goals” (Chandler,

    Read More

  • Essay On Importance Of Operation Management

    1486 Words  | 6 Pages

    It is the planning before the action. In includes many activities like making decisions, making strategy for organization etc. At this time strategic planning is an important part of strategic management. Strategy describes how the goal achieves by using the available resources or what kind of resources they need to achieve the goals. This strategy is used when the organization wants to set the goals and wants to make the planning to achieve these goals by available resources.

    Read More

More about Strategic Planning: The Importance Of Strategic Management And Planning

Open Document