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An Look Into The World Of Strategic Management

In today’s world where there are so many contenders and so many ways to reach the market, the race to get to the top has become more difficult than ever. For more information visit http://www.atwconsultancy.com.au/<br>

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An Look Into The World Of Strategic Management

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  1. AN LOOK INTO THE WORLD OF STRATEGIC MANAGEMENT

  2. INTRODUCTION In today’s world where there are so many contenders and so many ways to reach the market, the race to get to the top has become more difficult than ever. Many companies fall under the pressure of the game and are unable to cope. With too many choices, they feel overwhelmed by the competitors and constantly changing market. How does one get past this? This is where strategic management comes in. WHAT IS STRATEGIC MANAGEMENT? Strategic management is the process of formulation and implementation of the major goals of the company in a strategic manner. This means making a clear outline of the plan of action the company will follow and making sure that the company reaches its desired goal. Whether you’re looking at the planning process that is used in strategic management Sydney or New York, they all follow a broad basic plan.

  3. WHAT DOES STRATEGIC MANAGEMENT INVOLVE? • Strategic planning is a very intricate process that changes depending on the type of company and their needs. Every company has a unique goals and objectives and strategic management and strategic planning helps the company reach these well thought out goals. However every company has to follow a broad and basic outline within which the plan is formulated. If you’re looking at strategic management Sydney or New York, there is a pattern. Strategic Management involves these aspects – • Analyzing internal and external strengths and weaknesses. • Formulating action plans.  • Executing action plans. • Staying committed to the plan and making sure all decisions are inline with the goal • Evaluating to what degree action plans have been successful and making changes when desired results are not being produced.

  4. The strategic management which has 5 distinct parts takes into account everything from the ideology of the company to the future growth of the company. Every process and plan needs a lot of research and commitment. The process is an ongoing that changes and grows with the times. These are the 5 parts of the process - 1. GOAL SETTING Here the vision and mission of the company is stated. Both the long term and the short term goals are stated here. Then the process to reach these goals is brainstormed. Every decision the company takes after the goal setting will make sure that the company reaches this goal. The staff that is capable to create this change is also identified. 2. ANALYSIS All the data relevant to the plan and growth of the company is gathered here. All the internal and external aspects are taken into consideration and a SWOT analysis is carried out to make sure there is a complete collection of data. WHAT IS THE STRATEGIC MANAGEMENT PROCESS?

  5. 3. STRATEGY FORMULATION After analyzing all data that has been collected there is a need to come up with a plan. In this step, the resources the company has to offer are discovered and the major issues facing the business are prioritized. This allows one to come up with a realistic plan. 4. STRATEGY IMPLEMENTATION After thorough research is done and it is made sure that the plan of action has all the aspects covered, the strategy implementation starts. Before implementing one must make sure there are enough funds and the employees are aware of the changes. 5. STRATEGY EVALUATION After the strategy has been in effect for an acceptable amount of time to see the changes, one must review it to make sure the company is on the right tracks. After this review necessary changes are made to help the company reach the goal quickly and easily.

  6. THANK YOU

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