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It is quite common that students struggle to complete the strategic management assignment on time as it requires going through the entire gamut of business organization. The SWOT analysis is also associated with the strategic management to find out the better strategies to overcome the competition and unpredictable business environment. It also deals with the goals of the business and integration of the processes of various arms of the business organisation. So writing strategic assignment requires enormous amount of research and in depth knowledge about the operations of the business.
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WHAT IS STRATEGIC MANAGEMENT AND WHY IS IT IMPORTANT IN BUSINESS STUDIES?
The role of strategic management is to continuously monitor the goals and objectives of the organisation. Strategy management is a complex process involving planning for the predictable outcomes and preparing for the unexpected exigencies of the business cycle. It also shapes the strategies to be carried out to meet the current and future competition. Strategy management integrates the functioning of all divisions of the organisation in order to maximise the return on investment, better the existing processes and improve deployment of the human resources.
OUR ONLINE EXPERT STRATEGY ASSIGNMENT WRITERS UNRAVEL DIFFERENT LEVELS OF STARTEGY MANAGEMENT
All businesses have to maximise their profits amid competition and changing business environment. So just having an idea about the product and service is no guarantee for the successful business. It is strategy management that brings the extra edge to actions in succeeding. Broadly there are three levels of strategies. You will get best help with strategy management case study at MyHomeworkHelp.
- Corporate strategy –It is a top-level strategy and a general outline about what kind of business to pursue, finding market place to operate and plans to make an entry into those market places.
- Business strategy – This level moves on from the broad outlines defined in the strategy level. It further defines the specific actions needed to make an entry and operate in the market places identified.
- Functional strategy – Here, day to day actions required to operationalise the business strategy are defined. This level also deals with the structuring of teams, departments and business units necessary to carry out the actions. Ways and means of monitoring and achieving the functional goals are also defined.
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MYHOMEWOKHELP EXPERTS BRIEF ON THE THREE MAJOR PROCESSES OF STRATEGIC MANAGEMENT
The strategic management process defines the strategies of the organisation to achieve better performance, the action part of it and also to monitor the outcomes through proper evaluation. So strategic management consists of three major processes – Formulation, Implementation and Evaluation.
- Formulation-In this process, best course of action is contemplated to achieve the organisation’s goals, objective and purpose. So defining the vision and mission statement for the organization is critical. Then SWOT analysis has to be carried out, to understand the strengths and weaknesses of the organisation as well as the opportunities and threats of the business environment. This step in turn helps in formulating long term objectives, alternative strategies andchooseing the appropriate strategy depending on the unfolding scenario. Generally top management or the owners of the business are involved in these tasks.
- Implementation-Having formulated the strategies and narrowed down on the actionable strategies, they have to be put into action. Implementation process involves formulating annual goals, creating suitable and effective organisational structure, and developing decision making process and policies. Motivating the employees towards a common vision as well as allocation and optimisation of available resources also come under the implementation stage. Free samples of strategy course work available at MyHomeworkHelp will enhance your business management knowledge. Our experts help to write professional strategy assignments is available round the clock.
- Evaluation – This is a final step in strategic management process. It makes sure that actions taken are directed towards meeting the organizational objectives. Measuring the performances, taking corrective steps and review of the basis of formulation is the core of the evaluation process.
THREE DISTINCT MODELS OF STRATEGY THAT ARE PART OF EVERY STRATEGIC MANAGEMENT CASE STUDY ASSIGNMENT
- Linear strategy: This strategy is about planning and decision making to have viable goals and means to achieve them.
- Adaptive strategy :This is concerned with the evaluation of opportunities and threats in the business environment. So, developing capabilities and resources to meet challenges of competition and to take advantage of opportunities is operative here. This is a continuous process required to monitor the ever changing business environment.
- Interpretive strategy : It is about developing and improving relations and interactions among various functional groups within and outside the business. It reflects the culture of the organisation.
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