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Jul 29, 2024 · Strategic management is the process of setting goals, procedures, and objectives to make an organization more competitive. Learn about the five phases of strategic management, the key elements, and the difference between prescriptive and descriptive approaches.
- Will Kenton
Apr 3, 2024 · Learn what strategic management is, how it helps organizations achieve their goals, and what skills and careers it involves. Explore the five-step process, types of strategy, and examples of strategic management in practice.
Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives.
Strategic management processes and activities. Strategy is defined as "the determination of the basic long-term goals of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals."
- Strategy as a Plan. Strategic plans are the essence of strategy, according to one classic view of strategy. A strategic plan is a carefully crafted set of steps that a firm intends to follow to be successful.
- Strategy as a Ploy. A second way to view strategy is in terms of ploys. A strategic ploy is a specific move designed to outwit or trick competitors. Ploys often involve using creativity to enhance success.
- Strategy as a Pattern. Strategy as pattern is a third way to view strategy. This view focuses on the extent to which a firm’s actions over time are consistent.
- Strategy as a Position. Viewing strategy as a plan, a ploy, and a pattern involve only the actions of a single firm. In contrast, the next P—strategy as position—considers a firm and its competitors.
Strategy Explained. All strategy is based on understanding competition. Michael Porter’s frameworks help explain how organizations can achieve superior performance in the face of competition. Strategy defines the company’s distinctive approach to competing and the competitive advantages on which it will be based.
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Learn how to formulate and implement a strategy for an organization based on its resources, environment, and objectives. Explore various frameworks and tools for strategic management, such as competitive advantage, portfolio theory, core competence, and more.
