Business (or Strategic)
management is the art, science, and craft of formulating, implementing and
evaluating cross-functional decisions that will enable an organization to
achieve its long-term objectives. It is the process of specifying the
organization's mission, vision and objectives, developing policies and plans,
often in terms of projects and programs, which are designed to achieve these
objectives, and then allocating resources to implement the policies and plans,
projects and programs. Strategic management seeks to coordinate and integrate
the activities of the various functional areas of a business in order to
achieve long-term organizational objectives. A balanced scorecard is often used
to evaluate the overall performance of the business and its progress towards
objectives. Strategic management is the highest level of managerial
activity.
Strategies are typically
planned, crafted or guided by the Chief Executive Officer, approved or
authorized by the Board of directors, and then implemented under the
supervision of the organization's top management team or senior executives.
Strategic management provides overall direction to the enterprise and is
closely related to the field of Organization Studies.
In the
field of business administration it is useful to talk about "strategic
alignment" between the organization and its environment or "strategic
consistency". According to Arieu , "there is strategic consistency
when the actions of an organization are consistent with the expectations of
management, and these in turn are with the market and the context." Before
reading the rest, it is recommended that An Overview of Strategic Planning be
read. General Business Management The Three Processes of Strategy Approaches to
Strategic Management History of Business Management until the 1970s The
Japanese Challenge Gaining Competitive Advantage Strategic Change in the 1990s
Information- and Technology-Driven Strategy The Psychology of Business
Management Failure of Strategy Limitations of Business Management Business
Planning Business Plans Marketing Plans and Strategies The content of this
Wikibook was originally found on Wikipedia, but moved due to various requests
and because Wikibooks is a better location for the information. Theunixgeek
(talk) 20:45, 25 February 2009 (UTC)
There are
at least three basic kinds of strategy with which people must concern
themselves in the world of business: just plain strategy or strategy in
general, corporate strategy, and competitive strategy. The purposes of this
article are to clarify the differences between and among these three kinds of
strategy and to provide some questions useful in thinking about all three.
First, I
recommend “Understanding Michael Porter: The Essential Guide to Competition and
Strategy“ by Joan Magretta. It covers all the strategy essentials developed by
Michael Porter. And, you have all the great ideas from Porter (types of
business strategy, 5 forces, competitive advantage example, ….) in one book
that reads easy. (Although some of the strategy content will be challenging if
you don’t have a background in business strategy)
Once the
strategy is determined, various goals and measures may be established to chart
a course for the organization, measure performance and control implementation
of the strategy. Tools such as the balanced scorecard and strategy maps help
crystallize the strategy, by relating key measures of success and performance
to the strategy. These tools measure financial, marketing, production,
organizational development, and innovation measures to achieve a 'balanced'
perspective. Advances in information technology and data availability enable
the gathering of more information about performance, allowing managers to take
a much more analytical view of their business than before.
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