Question

Let's talk about Strategic Management and provide examples of several firms - choose one and lets discuss their strategy - do you agree or disagree? Provide strong points to back your argument.

Answer 1

In the field of management, strategic management includes the organization and implementation of key goals and initiatives, managed by the top management of the organization on behalf of the owner, based on resource considerations and assessing the internal and external environment in which the organization operates. Strategic management provides the overall management of the enterprise and includes specifying the goals of the organization, developing policies and plans to achieve these goals and then allocating resources to implement the plan. Academic managers 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 Parker identifies three strategic principles:

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

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 operations management, with operations management primarily concerned with improving efficiency and cost management within the limits set by organizational strategies. .
One definition of globalization refers to economic integration through technological innovation and supply chain. Companies are no longer required to incorporate verticals (i.e. design, manufacture, assemble, and sell their products). In other words, the value chain for a company's product may no longer exist within the company. There are probably many companies that involve virtual companies to meet customer needs. For example, some companies choose to outsource production to third parties, keeping only the design and sales functions within their organization.