… the stream of decisions and actions which leads to the development of an effective strategy or strategies to achieve corporate objectives.(Jauch and Glueck 1988)
- Strategy formulation
- Strategy implementation
- Evaluation and control
|Stage of strategic management||Explanation|
|Strategy formulation||Seen as the process of selecting the most appropriate course of action for the realisation of organisational goals and objectives and achieving the organisational vision.|
|Strategy implementation||Seen as the conversion of the selected strategy into action so as to achieve company goals and objectives. Viewed as the way in which an organisation needs to plan and develop its organisational culture, structures, and control systems in order to deliver the performance needed to realise a competitive business advantage.|
|Evaluation and control||Seen as the final phase in strategic management and is used to measure the overall effectiveness of the plan once it’s in operation and to ensure the anticipated outcomes are delivered.|
Your taskYou have been asked to lead your construction organisation’s strategic plan exercise but have to apply for the role. As part of the selection process presentation, you need to identify the three main advantages of strategic management and the three main disadvantages.Remember to share your answers in the comments.To assist you in this, you may wish to read the following research paper: The importance of strategic management to business organizations (Tapera 2014).
ReferencesJauch, L. R., and Glueck, W. F. (1988) Business Policy and Strategic Management. 5th edn. London: McGraw-HillJurevicius, O. (2013) ‘Strategic Management and Strategic Planning’. Strategic Management Insight. available from https://www.strategicmanagementinsight.com/topics/strategic-management-planning.html [27 September 2019]Tapera, J. (2014) ‘The Importance of Strategic Management to Business Organisations’. Research Journal of Social Science and Management [online] 3 (11), 122-131. available from https://www.theinternationaljournal.org/ojs/index.php?journal=tij&page=article&op=view&path%5B%5D=2700&path%5B%5D=pdf [7 November 2019]
Business Strategy: The Art of Looking into the Future
Our purpose is to transform access to education.
We offer a diverse selection of courses from leading universities and cultural institutions from around the world. These are delivered one step at a time, and are accessible on mobile, tablet and desktop, so you can fit learning around your life.
We believe learning should be an enjoyable, social experience, so our courses offer the opportunity to discuss what you’re learning with others as you go, helping you make fresh discoveries and form new ideas.
You can unlock new opportunities with unlimited access to hundreds of online short courses for a year by subscribing to our Unlimited package. Build your knowledge with top universities and organisations.