Organizational Strategy Management Process
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An Organizational Strategy Management Process is a organizational management process that manages organizational strategy.
- Context:
- It can entail formulating and implementing Strategic Goals and Strategic Initiatives.
- It can integrate both Strategic Planning and Strategic Implementation.
- It can rely on tools like SWOT analysis, PESTEL analysis, and Porter's Five Forces to understand the external and internal environment.
- It can incorporate corporate governance, corporate social responsibility, and business ethics in its considerations.
- It can be influenced by both Internal Stakeholders (e.g., employees, management) and External Stakeholders (e.g., customers, suppliers, regulators).
- It can have outputs such as:
- Documented Strategic Plan: A well-structured plan that outlines the strategic goals, initiatives, and timelines.
- SWOT Analysis Report: A clear breakdown of an organization's strengths, weaknesses, opportunities, and threats.
- PESTEL Analysis Report: A comprehensive analysis detailing political, economic, social, technological, environmental, and legal factors affecting the organization.
- Porter's Five Forces Analysis: A detailed assessment of the competitive landscape.
- Strategy Implementation Roadmap: A timeline showing the phased rollout of various strategic initiatives.
- Stakeholder Engagement Report: Documentation of engagements with both internal and external stakeholders, capturing their inputs and feedback.
- Performance Metrics Dashboard: A real-time dashboard showing key performance indicators (KPIs) reflecting the progress of strategic goals.
- Strategy Review Meetings' Minutes: Records of periodic review meetings detailing discussions, decisions, and action items related to strategy.
- ...
- Example(s):
- A Retail Company performing strategic repositioning its brand to cater to a younger demographic.
- A tech startup pivoting its business model after analyzing market feedback.
- An automotive company adopting electric vehicle technology to address changing consumer preferences and environmental concerns.
- ...
- Counter-Example(s):
- See: Business Strategy, Operational Strategy, Competitive Advantage, Strategic Analysis, Corporate Strategy.
References
2023
- (Wikipedia, 2023) ⇒ https://en.wikipedia.org/wiki/Strategic_management Retrieved:2023-8-4.
- In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates.[1] [2] Strategic management provides overall direction to an enterprise and involves specifying the organization's objectives, developing policies and plans to achieve those objectives, and then allocating resources to implement the plans. [3] Academics and practicing managers have developed numerous models and frameworks to assist in strategic decision-making in the context of complex environments and competitive dynamics.[4] Strategic management is not static in nature; the models can include a feedback loop to monitor execution and to inform the next round of planning. [5] [6] Michael Porter identifies three principles underlying strategy:[7] * creating a "unique and valuable [market] position" * making trade-offs by choosing "what not to do" * creating "fit" by aligning company activities with one another to support the chosen strategy
Corporate strategy involves answering a key question from a portfolio perspective: "What business should we be in?" Business strategy involves answering the question: "How shall we compete in this business?"
Management theory and practice often make a distinction between strategic management and operational management, with operational management concerned primarily with improving efficiency and controlling costs within the boundaries set by the organization's strategy.
- In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates.[1] [2] Strategic management provides overall direction to an enterprise and involves specifying the organization's objectives, developing policies and plans to achieve those objectives, and then allocating resources to implement the plans. [3] Academics and practicing managers have developed numerous models and frameworks to assist in strategic decision-making in the context of complex environments and competitive dynamics.[4] Strategic management is not static in nature; the models can include a feedback loop to monitor execution and to inform the next round of planning. [5] [6] Michael Porter identifies three principles underlying strategy:[7] * creating a "unique and valuable [market] position" * making trade-offs by choosing "what not to do" * creating "fit" by aligning company activities with one another to support the chosen strategy
- ↑ qn|date=June 2018
- ↑ A corporation-oriented view
- ↑ A Simple Approach to Strategic Management A_Simple_Approach_to_Strategic_Management A Simple Approach to Strategic Management
- ↑ Cite error: Invalid
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- ↑ Lamb, Robert, Boyden Competitive strategic management, Englewood Cliffs, NJ: Prentice-Hall, 1984
- ↑ Cite error: Invalid
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2022
- https://www.investopedia.com/terms/s/strategic-management.asp
- QUOTE: Strategic management is the management of an organization’s resources to achieve its goals and objectives. Strategic management involves setting objectives, analyzing the competitive environment, analyzing the internal organization, evaluating strategies, and ensuring that management rolls out the strategies across the organization.
- ... Strategic management is the process of setting goals, procedures, and objectives in order to make a company or organization more competitive. Typically, strategic management looks at effectively deploying staff and resources to achieve these goals. Often, strategic management includes strategy evaluation, internal organization analysis, and strategy execution throughout the company.
- ... Consider a large company that wants to achieve more ambitious online sales rates. To meet these goals, the company will develop a strategy, communicate this strategy, apply it across various units and departments in the organization, integrate this with employee goals, and execute accordingly. If an effective strategy is applied, ideally, it will help the company achieve its targets through a single, coordinated process.
- ... For example, a for-profit technical college wishes to increase new student enrollment and enrolled student graduation rates over the next three years. The purpose is to make the college known as the best buy for a student's money among five for-profit technical colleges in the region, with a goal of increasing revenue. In that case, strategic management means ensuring the school has funds to create high-tech classrooms and hire the most qualified instructors. The college also invests in marketing and recruitment and implements student retention strategies. The college’s leadership assesses whether its goals have been achieved on a periodic basis.
2021
- (Wikipedia, 2021) ⇒ https://en.wikipedia.org/wiki/strategic_management Retrieved:2021-11-30.
- In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates. ...
2018
- (Ansoff et al., 2018) ⇒ H. Igor Ansoff, D. Kipley, AO. Lewis, R. Helm-Stevens. (2018). “Implanting Strategic Management.”
- QUOTE: ... of evolution Quasi-strategic planning: LRP + issue management Strategic planning and issue management Tree of strategic management Example of strategic diagnosis Managing firm'…
- NOTE: It explores the evolution of strategic management, including its planning, diagnosis, and implementation methodologies.
2021
- (Porter, 2021) ⇒ Michael E. Porter. (2021). “The Five Competitive Forces That Shape Strategy.” In: Harvard Business Review.
- NOTE: It explores the importance of the five forces, and their relevance in today's complex business landscape.
2015
- (Grant, 2015) ⇒ Robert M. Grant. (2015). “Contemporary Strategy Analysis.” In: Wiley.
- NOTE: It overviews the fundamental concepts and frameworks that underpin strategic management.
2013
- (Schilling, 2013) => M. A. Schilling. (2013). “Strategic Management of Technological Innovation." International Edition, McGraw-Hill Education. p.117
2008
- (Collins, 2008) ⇒ Jim Collins. (2008). “Good to Great: Why Some Companies Make the Leap...and Others Don't.” In: HarperBusiness.
- NOTE: It explores underlying factors and practices that propel companies from mediocrity to sustained excellence.
2007
- (Ansoff, 2007) ⇒ H. Igor Ansoff. (2007). “Strategic Management.”
- NOTE: It proposes fundamental principles of strategic management.
1996
- (Christensen & Bower, 1996) ⇒ Clayton M. Christensen, and Joseph L. Bower. (1996). “Customer Power, Strategic Investment, and the Failure of Leading Firms." In: Strategic Management Journal, 17(3).
1991
- (Rumelt et al., 1991) ⇒ RP. Rumelt, D. Schendel. (1991). “Strategic Management and Economics.” In: Strategic Management Journal, Wiley Online Library.
- NOTE: It explores the interrelationship between strategic management and Economics, discussing their integration and implications in the business context.