Strategic Management Process Essay Example | Topics and Well Written Essays - 1000 words

Strategic Management Process - Essay ExampleThe major contribution of transaction management is its focus on achieving results - making use of the best tools to success and useful products and services for customers in spite of appearance and outside the make-up. In other words, performance management is not just being busy, but it is of how often of the work is effective in achieving the terminals of the organization. Today, organizations have goals, plans and resource management. In order to progress to specific goals of an organization, it is congenital that they need to have strategic management.Recently, organizations have been faced with challenges like never before and those organizations which utilize strategic management practices are generally more effective than those who do not. Further, this increasing competition from creasees across the demesne has meant that all businesses must be much more careful about the choice of strategies to re of import competitive. Therefore, downhearted and large organizations put more focus on effectiveness to put systems and processes in the right substance to the right things to achieve the predetermined results. This is the only way to claim that the organization and its various parts are really performing (McNamara n.pag, 1997).In simple terms strategic management is the process of specifying an organizations aims and objectives, developing policies and plans to achieve it, and allocating resources so as to implement the plans. Strategic management is the highest level of managerial activity, which is generally performed by the jacket leaders of an organization. It provides an overall direction to the whole organization, leading them all to achieve a set goal/s. An organizations strategy must be best suited for its resources, circumstances, and to achieve its objectives. The process involves matching the companys strategic advantages to the business environment the organization faces. Training each a nd every individual to perform the individual targets is also am important step in this process. In general the goal of somatic strategy is to put the organization into a position to carry out its mission effectively and efficiently. Hence a good corporate strategy should combine an organizations goals, policies, and action into a complete package of success (Wikipedia n.pag, 2007). In general a corporate strategy can be described as an organizations sense of purpose - a maneuver purpose or policy, or it can also be a focused mission statement, or even a philosophy, for the achievement of an objective. It is the mapping out of future directions that need to be adopted employ the resources possessed. The study of corporate strategy is a relatively recent phenomenon. Edith Penrose (1959) was one of the pioneers in academics to argue that what happened within the firm was just as important as the marketplace outside the firm. Till then the main focus of economics had been upon the marketplace outside the firm, with a detailed consideration of market demand and tot issues. Penrose argued that the growth of the firm was related to its use of resources, its past history and its evolution over time preceding(prenominal) history was a key influence on future development. The US strategist Alfred Chandler (1962) also make a substantial study regarding the growth of the firm. He argued, in support of Penrose, that the development of an organization over time is an essential element in understanding strategy.The implementation