Strategic management a model for

Although there are variations of the strategic management model, most are divided into six stages.

strategic management models and theories

For each of these vulnerabilities, the planners should prepare responses under several different scenarios, including best-case and worst-case. The sales team would review how it wanted to implement online sales, then work with marketing, accounting and IT to execute the project.

Understanding these six stages will help managers to create and implement strategies in their own firms. It will help to understand if anybody works in a blue ocean or a red ocean: Red-Blue Ocean Strategy An example of a mission is to provide low cost consumer goods directly to customers in the United States, Canada and Mexico.

Depending on the expertise of the people planning the strategies and the resources the business has, strategic management relies on a variety of approaches to achieve success. It is applied to compare where an organization exists, where it expects to be, and how to solve the gap between. The key is to identify external threats or factors that would cause the company to change its direction.

Issues Based Issues-based plans are often employed by companies that face adverse issues or crises, whether due to external events, such as new competitors entering the market, or internal events, such as failures of past management efforts.

Each of these analyses will provide information on strengths and weaknesses and opportunities and threats. Strategy Evaluation and Control - the key elements are the evaluation model, processes and criteria and control methods and mechanisms for improving organizational performance and meeting the organizational objectives.

The owners would project sales, assess their current ability to run a catering company, create a business plan for doing so, launch the catering business and make adjustments based on the initial results. Mission The mission -- the most basic part of the strategic management model -- is a broad focus that the firm's top management team must decide before any other strategic planning can take place.

Strategic management framework

General managers have profit and loss responsibility for a product , a business, or the company as a whole. References 2. Alternately, you might hand-pick one or more of your employees to manage the project internally. Join-Venture Model If you are considering a strategy that will help you and a business partner, such as one of your suppliers or vendors, you can combine forces to manage the strategic plan. Objectives The firm's objectives follow from its mission. The results of these analyses could help managers and strategists to match the niche areas to be focused, identify distinctive competence of the organization and determine the competitive position the organization should take in order to sustain its competitive edge in the industry [3]. Once these elements have been determined, the role of the manager or strategist is to perform an analysis of the organization. The owners would project sales, assess their current ability to run a catering company, create a business plan for doing so, launch the catering business and make adjustments based on the initial results. Each of these analyses will provide information on strengths and weaknesses and opportunities and threats. The organizational vision and mission would then be translated into the organizational goals. Control The control stage is the final step in the strategic management model. Dess G. Understanding these six stages will help managers to create and implement strategies in their own firms.
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Basic model of strategic management