Question

1. Explain Strategic Management as defined by Mathur and Kenyon (2001)
2. Briefly explained how it can impact on performance whilst at the same time be helpful for the leaders to gain better performance. Use an example of your own to illustrate your answer.

Answer 1

1. Strategic management deals with the event of a strategic concept, setting goals, forming and executing strategies, and initiating improving actions for deviations (if any) to achieve the strategic purpose of the business. it's mainly two objectives:

• To gain a competitive advantage, to realize dominance over the market, with the aim of beating competitors.
• Act as a guide for the organization to assist in survive changes within the business environment.

Strategic management is nothing but planning for both furthermore as ineffective contingencies. it's all about the identification and outline of strategies. Strategic management describes the complete organizational plan for workers and also helps them understand their job roles and responsibilities in order that they understand how beneficial it's for the corporate and themselves. Although the upper management of a corporation is eventually to blame for its own strategy, strategies are often employed by actions and concepts from lower-level managers and employees. Each employee is equally to blame for the execution of strategic decisions, not just the company's sole CEO.

Organizational leaders use the strategies of the past to beat their chronic failures and examine the inner environment of the organization. the rationale behind this is often to use the collective knowledge of future strategies properly and also the behavior of employees by collective knowledge to confirm that the organization is proceeding properly.

2. Strategic management means the management team goes to direct employee activities towards the achievement of specific goals and implementation plans. Without using strategic management, your decision could also be reactionary, which may cause costly mistakes. These may include managers and employees who are making decisions that don't suit your goals, money is being spent on unnecessary expenses, and customers have different experiences interacting along with your company on every occasion. Create predictive patterns through strategic management as they're better for workers and customers.

Strategic management begins with writing an idea that has long-term goals. Give each goal a timeframe and how to live whether you've got achieved it. These are the goals that drive small business. Assign employees or departments to overall goals or their constituent parts. Till your strategic management, align and meet employees and resources as a part of your goals. you furthermore may need your management team to bolster the importance of goal implementation. Employees have to see that meeting their goals will help the organization to perform better and generate more profit. Sell ​​the benefits of this business growth specified extra money is accessible for employee compensation and benefits.

Strategic goals affect the performance of your organization. you'll have to create short-term goals for managers and employees who meet your overall strategic plan furthermore as long-term goals. Motivate employees to try and do well to line high expectations for each of them and tie their goals to specific business goals. Make it easy for them to determine the impact of their work on your company's profitability.

You can use strategic management to run your small business purposefully, but you're not afraid to judge how it works. Summarize your company's achievement for every set of goals, like a report on last year's annual goals. Employees will respect you for being honest, telling them what the corporate achieved, and whatnot. you'll be able to also tell how you'll adjust the business strategy this year to realize the following set of goals.