Strategic-management-online-journals
In the field of management,
strategic management involves the formulation associated implementation of the key goals and initiatives taken by an organization's high managers on behalf of householders, supported thought of resources associated an assessment of the interior and external environments during which the organization operates. Strategic management provides overall direction to associate enterprise and involves specifying the organization's objectives, developing policies and plans to realize those objectives, so allocating resources to implement the plans. Lecturers and active managers have developed various models and frameworks to help in strategic
decision-making within the context of advanced environments and competitive dynamics. Strategic management isn't static in nature; the models often [quantify] embody a circuit to watch execution and to tell successive spherical of designing.
Michael Porter identifies 3 principles underlying strategy:
ü Creating a "unique and valuable [market] position"
ü Making trade-offs by selecting "what to not do"
ü Creating "fit" by orientating company activities with each other to support the chosen strategy
Corporate strategy involves respondent a key question from a portfolio perspective: "What
business ought to we have a tendency to be in?"
Business strategy involves respondent the question: "How let’s vie during this business?"
Management theory and apply usually build a distinction between
strategic management and operational management, with operational management involved primarily with up potency and dominant prices inside the boundaries set by the organization's strategy.
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