Strategic Management Assignment Help
Strategy is an essential requirement for business to achieve its organizational goals, be it for short term or long term. It is a tool which is used to identify the right direction and scope of the firm, even to analyze the business decisions which may come out with the best results. It actually drives authentic and reliable plans and policies which can help out in meeting the market needs by using the proper resources.
To plan a strategy and manage a strategy comes under the subject known as “Strategic Management”. MBA students basically deal with this particular subject and required to do lots of assignments of Strategic Management. Although it is not so complicated, but students take it as a boredom task. They find difficulty when they formulate all the applied theoretical concepts in words. Usually Strategic Management assignment comprises of more than 2000 words, which is not at all an easy task, hence they seek professional assistance for Strategic Assignment.
What is strategic management?
Strategic Management basically includes two factors “Formulation” and “Implementation”. These both elements are important in every initiative taken by a top management of the company. It oversees and specifies the organization’s objectives to formulate and implement the planned strategy. Domain experts have developed various frameworks and models to easily implement the proposed strategy. Strategic Management is not a one time process, it is a dynamic process which keeps on change time to time. Strategy Management is also related to Strategic Planning and Strategy Thinking.
3 main elements of Strategy
The strategy has three main elements: strategic analysis, strategic choice and strategy implementation. Strategic management is an iterative process and can be represented as a loop. Hence:
Strategic analysis covers:
- The environment
- Expectations, objectives and power
Strategic choice includes:
- Evaluation of options
- Modification of existing alternatives
- Right selection of strategy
Strategy implementation involves:
- Planning of resources
- People & Systems
- Organization structure
Strategy at Different Levels of a Business
A strategy is a key element to run a business successfully, hence it is applied at various levels in an organization.
|Level Of Strategy||
|Corporate Strategy||Focuses on determining which businesses the company should be in.|
|Business Unit Strategy||Develops competitive advantages within a business segment.|
|Marketing Functional Strategy||Operates at the level of marketing, operations and finance to ensure that each part of the company has strategies to support the business|
Strategic Management process is not just a set of rules, in fact, it is a philosophical approach which helps in managing various types of strategies to grow the business. Here are five stages:
- Goal Setting – This stage consists of three aspects:
1.To define short term and long term objectives.
2.Identify the process of accomplishing the goal.
3.Customize the process for your staff.
- Analysis – It is one of the important stages amongst all because here only analysts gather the valuable information and relevant data to accomplish vision. It identifies strengths, weakness, threats and opportunities of the organization.
- Strategic Foundation – It actually determines the resources, business currently has that can help reach the defined goal and objectives. In this, issues are prioritized by their importance to your success. Once all are prioritized begin formulating them.
- Strategy Implementation – The next step is to implement the formulated strategy. Successful strategy implementation is critical to the success of the business venture. If the overall strategy does not work out with the expected result with the business' current structure, a new structure should be installed at the beginning of this stage.
- Evaluation and Control – This is the final step of the process. It measures performance, implemented action, consistent review of internal and external issues and finding their effective solution.
Why students find Strategic Management Assignment difficult?
Strategic Management is a broad spectrum which contains numerous concepts that are being widely used in almost every organization. Many times learners get confused in similar sounding terms, hence they start treating that tough and look for its assistance. Even they find difficulty in writing its case studies. One of the major problems comes out that students fail in their deadline because such assignment is time consuming and if they try to submit on time then quality go below the standard. But no need to worry, get the best help for your assignment at EssayCorp.
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