What is meant by the term "strategic management"? Also, explain the essential elements of strategic planning.
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What is meant by the term "strategic management"?
As per tutor2u.net "Strategy is the direction and scope of an organization over the long-term: which achieves advantage for the organization through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfill stakeholder expectations".
In other words, strategy is about:
"* Where is the business trying to get to in the long-term (direction)
* Which markets should a business compete in and what kinds of activities are involved in such markets? (markets; scope)
* How can the business perform better than the competition in those markets? (advantage)?
* What resources (skills, assets, finance, relationships, technical competence, and facilities) are required in order to be able to compete? (Resources)?
* What external, environmental factors affect the businesses' ability to compete? (environment)?
* What are the values and expectations of those who have power in and around the business? (stakeholders)"
As per quickmba, ...
Response guides about essential elements of strategic planning
Strategic Plan - components and elements
Planning and setting goals are an important part of any company. Having a clear Mission and Vision help to set those plans and goals.
• In your own words define what a strategic plan is.
• What are the components of a strategic plan?
• How do marketing and personnel help a company carry out its strategic plan?
• How is analysis done to determine whether an agency's strategic plan is meeting its goals?
• If you are a new administrator/manager of a home health agency, what would you change or address first if you feel the agency's strategic plan is not meeting its objectives?
• Draw a conclusion on the importance of an agency having a strategic plan that works
Your analysis should be at least 1 page in length (500 words). Use APA formatting to cite your sources. If you are able to get a strategic plan from a Home Health Agency.View Full Posting Details