Question

In context of organizational transformation what are some of the key strategic imperatives that should be applied by an organization? Discuss one in detail.

Answer 1

In the field of management, strategic management includes the organization and implementation of key goals and initiatives, managed by the senior management of the organization on behalf of the owner, based on resource considerations and evaluating the internal and external environment in which the organization is based. Transaction. Strategic management provides the overall management of the enterprise and includes specifying the organization's goals, developing policies and plans to achieve these goals, and then allocating resources to implement the plan. Academics and practitioners have developed a number of models and frameworks to support strategic decision-making in the context of complex environments and competitive dynamics. Strategic management is unstable. Models often include feedback loops to monitor performance and inform the next plan.

Michael Porter identifies three strategic principles:

Create a "unique and valuable position"
Make a concession by choosing "what not to do"
Create a "fit" by aligning the company's activities together to support the chosen strategy

The corporate strategy includes answering one key question from a portfolio perspective: "What kind of business should we run?" Business strategies include answering the questions: "How to compete in this business?"

Management theory and practice often distinguish between strategic management and operational management, with operations management primarily concerned with improving efficiency and cost management within the limits set by organizational strategies. .