The nature and value of strategic management , management homework help

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Business Finance

Description

The nature and value of strategic management is to achieve the desired results and outcome due to careful research (environmental scanning), planning and development of a company’s strategy as well as the implementation and maintenance of it (Pearce & Robinson, 2013, p. 3).

For this week's Assignment, you will complete a short answer on the following question:

  • Why is strategy important to business?
  • You will want to address the main components (three-tier process) of the strategic management process while discussing the importance of strategy for business.

Be sure to use your Reading this week as a resource. You are encouraged also to use the Library databases and the Internet as additional resources.

Reference:

Pearce, J. A., & Robinson, R. B. (2013). Strategic management: Planning for domestic & global competition (13th ed.). New York, NY: McGraw-Hill.

Assignment Checklist:

  • Explain the concept of the strategic management (three-tier) process.
  • Discuss the importance of having a future oriented plan.
  • Discuss the organization’s vision, mission, purpose, philosophy or goal.
  • Discuss the strategic process as input for future decision making.

For additional Assignment details see Rubric.

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Explanation & Answer

Attached.

Management -Outline
Thesis statement: Strategic management is the involves a set of actions and decisions which
are used in the formulation and implementation of the strategies designed to pursue the
companies objectives.
I.

Three tier process
A. Corporate strategies
B. Business level strategies
C. Functional level strategies

II.

Importance of strategy to business
A. Aid in Planning
B. Identification of the required knowledge and skills
C. Environmental scanning
D. Resource allocation
E. Identification of strengths and weaknesses


Running head: MANAGEMENT

1

Management
Name
Institution

MANAGEMENT

2
Strategy Management
Introduction

Strategic management is the plan of action to achieve future goals. It involves a set of
actions and decisions which are used in the formulation and implementation of the strategies
designed to pursue the company’s objectives. The ability of the management to set realistic
and achievable goals and objectives as well as the success of the implementation process in
any organization is what determines the future of the firm. Strategic management involves
setting the vision and mission of a firm.
The Concept of Strategic Management (Three Tier Process)
There are three main components of strategic management which can also be referred
to as the three-tier process. These includes the three most important strategy levels which are
the corporate level, business level, and functional level.
Corporate level is the highest in the structure. It involves...


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