Strategic Management

Knowledge Center



Summary, forum, best practices, expert tips and information sources.

59 items • 15.847 visits


Summary
Strategic Management

What is Strategic Management? Meaning.

Strategic management is the field within business administration and Management concerned with the way organizations can determine and execute their strategy to realize their long-term goals effectively and efficiently.


Strategic management does not focus on one functional area of business, like Finance, HRM, or Marketing, but concerns the entire corporation, business unit or organization as a whole. It is a holistic approach to the big picture of how the organization should be run.


Strategic management involves the formulation (formation) and execution (implementation) of the Strategic Vision, major goals and strategic initiatives by a company's top management in order to create value for the owners (Shareholders) and Stakeholders, based on consideration of the Resources, Strengths and Weaknesses of the organization, the Industry Structure and Macro Environment in which the organization operates and competes.


Strategy Formulation

Strategy formulation (formation) involves analyzing the environment in which the organization operates (Strategic Analysis), then making strategic decisions about how the organization will compete (Strategic Decision-making). Formulation ends with a series of goals or objectives and measures for the organization to pursue (CSFs and KPIs).

Note that instead of this such Deliberate Strategy formulation (also called Formal Planning), strategy is increasingly viewed as an ongoing process of constant learning, experimentation and risk-taking; an adaptive, incremental and complex learning process (Emergent Strategy).


Strategy Execution

Strategy execution (implementation) involves decisions regarding how the organization's Resources (e.g., people, processes and systems) will be aligned and mobilized towards the objectives. Implementation results in the Organizational Structure, Leadership arrangements, Control Systems, Strategic Communication, Executive Compensation, Incentives, and Performance Management to track progress towards objectives, among others.

Note that while the two processes (formulation and execution) above are described sequentially, they are nowadays typically iterative and each provides input for the other.


Schools of Thought on Strategic Management

In his book "Strategy Safari", Henry Mintzberg gives an excellent overview of the entire field of strategic management by describing "Ten Schools of Thought".


Concepts and Methods used in Strategic Management

Go here for an extensive list of business and corporate Strategy Models and Methods.


Special Interest Group

Join

Strategic Management Special Interest Group.



Special Interest Group (298 members)

Forum

New Topic

Forum about Strategic Management.


What is Strategic Management?
In the business environment people talk of strategic planning, strategic implementation, strategic direction, strategic (...)
25
 
40 comments
🔥 NEW What are the Differences Between Classical Management and Strategic Management?
What are the main differences between classical management and strategic management and what are the changes in processe (...)
12
 
5 comments

Start a new forum topic about Strategic Management. More info.

 

Best Practices

The top-rated topics about Strategic Management. Here you will find the most valuable ideas and practical suggestions.


Expert Tips

Advanced insights about Strategic Management. Here you will find professional advices by experts.


5 Best Practices to Close the Strategy to Execution Gap

Strategy Execution, Strategy Focus, Organizational Commitment,
In an ongoing global survey of senior executives, more than half of respondents said they didnít think their company had (...)

How to Become a Self-tuning Enterprise: Advanced Experimenters

Organizational Agility, Strategic Agility, Real Options, Emergent Strategy
In an HBR article of June 2015, Reeves, Zeng and Venjara argue there's a new way to apply algorithmic principles that en (...)

Six Crucial Mind Shifts for Strategy Execution / Implementation

Change Management, Strategic Change, Resistance to CHange, Strategy Implementation
Speculand (2009) suggests six mind shifts that people should consider when they're implementing new strategies in organi (...)

Strategic Planning versus Strategic Thinking (Mintzberg)

Strategic Planning, Strategic Thinking, Emergent Strategy, Deliberate Strategy
According to Mintzberg (1994) many people wrongly consider Strategic Planning (SP) to be a synonym for Strategic Thinkin (...)
Information Sources

Various sources of information regarding Strategic Management. Here you will find powerpoints, videos, news, etc. to use in your own lectures and workshops.


Top 5 Strategy Pitfalls

Strategy Errors, Strategy Traps, Strategy Barriers, Strategic Planning, Strategy Process
Strategy is complex and companies are making many mistakes while working on it. Stuart Cross identified 5 frequent strat (...)

Research Links

Automatically jump to further useful sources regarding Strategic Management.


News Videos Presentations Books More

News

Videos

Presentations

Books

More


Compare with: Strategic Analysis  |  Strategic Planning  |  Strategy Execution

Special Interest Group

Do you have a keen interest in Strategic Management? Become our SIG Leader

 

Return to Management Hub: Strategy & Innovation


More on Management  |  Return to Management Dictionary


This ends our Strategic Management summary and forum.



About 12manage | Advertising | Link to us / Cite us | Privacy | Suggestions | Terms of Service
© 2021 12manage - The Executive Fast Track. V15.8 - Last updated: 19-10-2021. All names ô of their owners.