Q Paper for Strategic management- identification &evaluation of key management strategies which is undertaken by managers Home, - Strategic management Strategic management Strategic management is defined as identification and evaluation of the key management strategies which is to be undertaken by the mangers to get better employee performance and competitive advantage. It is defined as an objective view of almost all problems related to management. The prime objective of strategic management is to identify unfeasible and predictable contingences within an organisation. It helps the organisation to achieve two basic benefits: 1) financial aids and 2) non-financial aids. It allows and facilitates the organisation for identifying, prioritising, and exploiting the various available opportunities (Bettis, Gambardella, Helfat, 2015). Implementing Strategic management help an organisation to defectively and wisely allocate the resources and time towards the selected opportunities. For improvement in organisational performance, the following processes should be involved while designing an effective strategic management: • Creating an organisational mission and a vision for the goal accomplishment, recognition of opportunities as well as threats inside and outside organisation, examining internal as well as external skills (strength and weakness), and creating a best suited strategy for the organisation (Meyer, Neck, & Meeks, 2017). • Strategy implementation is defined as the Second step, which needs to consider the yearly objective, strategy suited culture, expenditure for strategy and employee’s approval. • The final step in the strategic management includes strategy evaluation. This step is the basic requirement for every manager to evaluate that a particular strategy is appropriate or not. Nowadays organisations are providing training program for their employees to adapt a good strategic management. The basic advantages of these trainings include: • Understanding- the employees get to know the detail of the present business environment and how it is interconnected globally (Hill, Jones, & Schilling, 2014). • Development- it helps in developing effective thinking skill which will be helpful in operating business with its industry. • Identification- it also helps in identifying the opportunities available for the company in the immediate or greater business environment level. • Management- further it also helps in managing the team as well as organisation as a single group, which is necessary while implementing the strategic planning (Simon, Fischbach, & Schoder, 2014). One of the best examples of organisation using strategic management is Nestle Company. It describes itself as the food, nutrition, and Wellness Company and believes that strengthening the leadership in market is their key strategy. Towards strategic management implementation, it identified it core competencies, strengths, weaknesses, competitors, tangible resources and intangible resources (Doz, 2017). However, the success of the strategic management is also dependent on the execution ability of the firm and their organisation culture. Strategic management help Nestle to become globally recognised and gain immense competitive advantage in comparison to its rival companies.
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