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Strategic Management: A Key to Business Success

Strategic management is very important for the success of a business as it involves the consideration of resources and the internal and external environment to form and implement the goals of a company. It provides a clear direction to the organisation by defining its values and mission. This later on facilitates the planning and effective allocation of resources, prioritisation of tasks and optimisation of businesses. Decision-making is based on opportunities and threats and this helps in making informed decisions. As a result of this, the business performance improves and resources are aligned to achieve goals and remain competitive in the market. 

Introduction to Strategic Management and its Concepts

If the introduction has intrigued and you are wondering what the key concepts of this subject are, take a look a the list below:

  • Strategic management includes definition of mission and values that give the organisation a purpose outline its long term aspirations 
  • Using SWOT analysis to assess the strengths, weaknesses, opportunities and threats of the organisation to see what is fine and what needs improvement 
  • Formulation of strategy according to resources and capabilities
  • Implementing the strategy by delegating responsibilities and monitoring the progress 
  • The organisation’s competitive advantage has to be defined to outperform competitors

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Strategic Analysis Tools: SWOT and PESTEL Analysis

SWOT and PESTEL are both strategic analysis tools used in business evaluation to comprehensively assess the current situation and plan for the future. 

In SWOT, the strengths and weaknesses show the internal factors like resources, capabilities and processes, whereas the opportunities and threats come from changes in the market that are external factors. A good knowledge of the competitive landscape and regulatory environment is required to capitalise on these. 

PESTEL stands for Political, Economic, Sociocultural, Technological, Environmental, and Legal factors which means analysing all the macro-environmental factors that affect a business. 

Strategic Planning: Process and Implementation

The process of strategic planning involves leveraging the strengths of an organisation and addressing weaknesses to achieve long term goals. The implementation of this strategic plan includes actually acting on the plan by defining clear goals with the timelines and milestones. Then resources are allocated to these specific goals for the plan’s execution. The ongoing communication and engagement with stakeholders is taken into account as well as the structure, processes and systems of the organisation. 

For successful implementation, a strong leadership, effective communication and supportive culture is required. Some flexibility is still required to monitor the progress and adjust the plan to achieve efficiency. 

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Corporate Level Strategy: Diversification and Integration

A company’s top management makes the corporate level strategy to create value across business units and products. Two of these strategies are diversification and integration. Let’s take a look at both of these concepts which can create value for a company and provide new growth opportunities as well as competitiveness. Diversification means expanding the company's businesses into new areas and exploring different related or unrelated ideas that can enhance the current operations. Integration means combining or coordinating the activities of different business units within a company. This can be done through vertical integration which means integrating different stages of the production process or horizontal integration which means collaborating with competitors in the same industry.

Business-Level Strategy: Cost Leadership and Differentiation

The two main business level strategies are that the top management team determines our cost leadership and differentiation. Cost leadership means assessing the prices of goods and services and keeping them competitive at a lower cost without affecting the quality standards. Differentiation on the other hand means offering something unique to the customers that is valued by them and cannot be copied by competitors. Both these strategies can create a sustainable competitive advantage and increase the profitability of the organisation within the industry in which it operates.

Strategic Decision Making and Problem Solving

Companies can navigate complex and uncertain environments for good decision making and solving problems. The company's goals and objectives are important in evaluating the options during the decision-making whereas problem-solving means identifying the obstacles in achieving those goals. Both these processes need a structured approach which means relevant data, risks, opportunities and courses of action will be required. The leadership should be well connected for these decisions to be implemented successfully.

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Strategic Leadership: Traits and Styles

The communication afterwards and styles that strategic leadership requires are critical thinking, the ability to make difficult decisions and effective communication with their team. The leader must have a strong sense of vision, creative thinking, excellent communication and interpersonal skills as well as the willingness to take calculated risk. There are many leadership styles Bart leaders need to be transformational visionary and empowering so that their team stays inspired by the common goal and encouraged to take ownership of their work. This is a crucial element in the success of an organisation.

Strategic Thinking: Creativity and Innovation

A good leader should be able to think critically and creatively to define the future direction of an organisation. Effective plans and strategies need to be figured out to achieve the goals and this requires innovation as well as helping the organisation gain competitive advantage in the market. Assumptions should be questioned, the status quo should be challenged, and new and better ways to achieve the goals should be calculated. With an open and flexible mindset, and the ability to collaborate effectively can bring these ideas to fruition. Creativity and innovation creates a culture of continuous improvement and makes an organisation successful.

Enhancing Your Strategic Management Skills with Professional Tutoring

If strategic management skills is a weak subject for you, you can consider hiring an expert tutor to help you figure out where you need to work and provide extra guidance in a personalised manner. This way, you will stay accountable to your goals, stay motivated and get the emotional support that you need. A professional tutor online can offer you insights into the latest trends of strategic management and give you a competitive edge in your career. With the right online tutor, you can create a good strategic business management mindset, learn the decision-making skills and become an effective leader in the future. Consider signing up for our very flexible and convenient online tutoring services here and reducing some of the academic stress.

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