Potential Benefits and Limitations of Strategic Management
Introduction
Business always is subject to factors that affect the firm’s function as a whole may it be profit or non-profit oriented. These factors are the ones attributed for the both success and failure of a business. For the profit making business the firm obviously has to try and achieve this level of customer satisfaction as a way of staying ahead of the competition and making a profit. In this manner, the management of that particular organisation should be guided by strategic management principle to be able to attain its business goal. As mentioned, “Strategic management can contribute significantly to organisational performance; however, its practice can have limitations.”
First and foremost, the purpose of this paper is to critically evaluate the statement above regarding the concept of strategic management. Herein, potential benefits and limitations of the implementation of strategic management will be discussed. In addition, this paper will also try to give some insightful details about the key elements of strategic management which is strategic analysis, choice and implement and will provide some interrelated nature of such elements. The Concept of Strategic Management
In the marketing concept, there are many approaches that can be used in order to make a company more competitive and successful. Strategic management can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enables any organisation to attain its objectives. As this definition entails, strategic management gives emphasis on integrating management, marketing, finance, production/operations, research and development and computer information systems to achieve organisational success. The term strategic management is also relate synonymously with strategic planning.
Strategic management is guiding an organisation relative to challenges and opportunities appearing in the contingent environment. This environment is composed of
Business always is subject to factors that affect the firm’s function as a whole may it be profit or non-profit oriented. These factors are the ones attributed for the both success and failure of a business. For the profit making business the firm obviously has to try and achieve this level of customer satisfaction as a way of staying ahead of the competition and making a profit. In this manner, the management of that particular organisation should be guided by strategic management principle to be able to attain its business goal. As mentioned, “Strategic management can contribute significantly to organisational performance; however, its practice can have limitations.”
First and foremost, the purpose of this paper is to critically evaluate the statement above regarding the concept of strategic management. Herein, potential benefits and limitations of the implementation of strategic management will be discussed. In addition, this paper will also try to give some insightful details about the key elements of strategic management which is strategic analysis, choice and implement and will provide some interrelated nature of such elements. The Concept of Strategic Management
In the marketing concept, there are many approaches that can be used in order to make a company more competitive and successful. Strategic management can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enables any organisation to attain its objectives. As this definition entails, strategic management gives emphasis on integrating management, marketing, finance, production/operations, research and development and computer information systems to achieve organisational success. The term strategic management is also relate synonymously with strategic planning.
Strategic management is guiding an organisation relative to challenges and opportunities appearing in the contingent environment. This environment is composed of