Strategy management

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Eps 5: Strategy management

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Strategic management is the management of an organization's resources to achieve its goals and objectives.
A strategic manager may oversee strategic management plans and devise ways for organizations to meet their benchmark goals.
Effective strategic management requires both an inward and outward perspective.

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Ronnie Rodriguez

Ronnie Rodriguez

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Strategic management is based on where the organization wants to be in the future and on the values that will guide its actions. Effective strategic management plans and tests of an organization's activities once a strategic plan is drawn up, plan and test them, leading to a better understanding of the current state and future plans.
This process requires a subset of corporate governance that includes setting short and long-term goals. Strategic planning also includes the strategic decisions, activities and resource allocation required to achieve these objectives, as well as the management of the assets and resources of the organization. Strategic management is the collection of all the necessities an organization needs to achieve its goals and goals.
Any change in the business environment requires an organization to continuously evaluate its success strategy and adapt to changes in its environment.
The strategic management process helps an organization to take stock of its current situation, to develop and implement strategies and to analyse the effectiveness of the implementation of management strategies. There are many different approaches to achieving this, but academic managers have developed numerous framework conditions to guide the strategic management process. Strategic management strategy consists of five basic strategies and can vary in implementation depending on the environment.
Lack of communication and a negative corporate culture can lead to a separation between the activities of the various business units and departments of the organisation. The role of the management team in the development and implementation of strategic management strategies plays an important role.
Strategy management therefore involves analysing interdisciplinary business decisions before they are implemented to ensure that they are consistent with the strategic plan. SWOT analysis is a kind of strategic management framework used by organizations to build and test their business strategies.
It compares the strengths and weaknesses of an organization with the external opportunities and threats in its environment. Internal, external and other factors that may influence the goals of the organization are clarified.
It also recognises that a company's strategy needs to be tested and adapted to keep pace with changing competition. SWOT process helps managers determine what resources and capabilities the organization will have to function in a competitive environment and refine the strategy required to remain successful in such an environment.
This process facilitates the implementation of the strategy in order to achieve it in an integrated way throughout the company. Failure to do this work risks not only failure, but also the collapse of the organization itself.
On the following pages I will describe how the concept of Office Strategy Management was developed and how it helps companies to coordinate central management processes with the strategy. Finally, the Balanced Scorecard that I presented in my first book, Balanced Strategy Management in the Office, provides a detailed analysis of the assumptions underlying a company's strategy and their impact on its performance. When I studied the company and its strategy management system, and as a result of this study, I believe that the lessons I have learned from it can also be applied to companies that do not use balanced scorecards.
These assumptions can be discussed regularly by the management team, which may update the strategy as appropriate. OSM's strategic planning unit can serve as a filter for new ideas coming from the company.
The organization that manages to maintain its strategic focus typically establishes a new unit at the corporate level to monitor strategy and related activities, the Office of Strategy Management . I have found that most planning units adapt relatively quickly to the continuous process of strategy development that is observed in a scorecard-driven company. This may be a relatively new concept, but it is an important part of the overall strategy planning process in most companies.
This process begins when the CEO and the management team meet to clarify their strategic vision and update the strategy. The typical planning function facilitates the annual strategic planning process, but hardly plays a leading role, as can be seen in the exhibition "The Old Strategy Calendar" illustrated above. Therefore, strategy is often forgotten until it is implemented, even in a company with a strong strategic focus.
A similar process takes place in the Divisions, which are led by the Divisional Heads and other senior executives. The finance department takes over the staff, puts the group and shareholder budgets and planning for the year in place.
At this time, the parent company DaimlerChrysler appointed the new CEO Dieter Zetsche, who introduced the Balanced Scorecard as part of a major strategy change. Russo's unit served as a trainer and consultant to help Chrysler's business support unit create a local scorecard that was aligned with the company's goals and tailored to local operations. The project was led by Bill, the vice president of business strategy, who worked with the unit and Chrysler's executive team to translate the company's new strategy into a balanced scorescard.