what is importance of strategic management for a manager.?

Question

How can we apply strategic management process in our organization?

Answer 1

Strategic management in the broadest sense is setting long-term (3-5 Years) objectives for the company and charting out a plan in order to achieve them. Thus the manager becomes aware of the market conditions and is already prepared for facing the best or the wors situation. In simple words it is extremely important.

Strategic management in an organization starts from stating the organization's Vision, Mission, and motto.

This is followed by a PEST (Political, Environmental, Social, Technological) Analysis for the external forces that are not under the organization's control but will have a significant impact on the way the organization conducts its business.

The next step is SWOT (Strengths, Weakness, Opportunities and Threats) Analysis to know the where the firm is vulnerable and the strongest, it is an internal process.

This lays down a framework for developing the short term (less than or equal to1 year) and long term goals of the organization and the probable options for acheving those goals. All the functional dept.s (Mktg., Finance, Production, HRD, etc.) of the company operate within the broad structure laaid down by carrying out strategic managemnt exercise.

For applying principles of strategic management in a company it should be a top-down approach wherein the thrust comes from the top management.

Further Readings:

http://www.csuchico.edu/mgmt/strategy/

The Art of Japanese Business by Kenichi Ohmae

Strategy Bites Back by Henry Mintzberg

Competitive Advantage by Michael E. Porter

Answer 2

Within Management you have several areas you need to consider however for your question there are two.

!) Strategic management- Broken down into short term and long term measureable. To be the most profitable company while delivering impecable service and quality may be a short term goal. The long term goal may be to gain market dominance within your sector of product or service.

2) Tactical management- All the activities that surround getting to the goal. Purchasing of capital hiring of personnel action plans to get business, action plans to deliver the expectations.

So without strategy there is no need for tactics some managers are good at strategy some are good at tactics. The best managers have the capability of doing both.

What is the importance to a manager? You manage people, you manage expectations and you manage perception. People want to follow an effective leader and to be this you need to have a sense of direction as to where you want to lead. The people who hire you want to know where you can lead a company and the game plan to get there, that's part of the strategy. The perception is to convince both of these parties that you are the effective manager you think you are!

Answer 3

Strategy is a part of pyscological qualifications that a manager should have,pyscological qualifications means like tking the job pressure,stress and strain how well the manager can act at the time of problems and well he can plan a strategy for the companies growth.These kind of qualifications cannot be awarded are put into anybody brain through studies or passing the examinations these things comes by birth and developes with the way a person grows and studies helps to furnish them much better,so the strategy a manager thinks for what ever the use for an organisation depends on all the above related points,so if it is a good strategy or bad strategy depends on the manager who manages the situation and how his or her brain acts.

So if you need a good strategy for a good management process in your organisation fully depends on the person who plans it and on his mental stability teamed up with the knowladge and experience on the subject and finally common sense.

Answer 4

Strategic managers concentration on accomplishing employer outcomes. Operation managers tend to concentration on merely getting the artwork performed. by potential of focusing on convalescing customer delight, beating the competition and examining industry documents, strategic managers look for long-term achievement and profitability. Their purpose is to accomplish the employer’s strategic venture and aims.