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What Is Strategic Management? Benefits, Process, and Careers

Discover what strategic management is, along with the benefits of applying it to an organization, the five-step process, and careers to choose from.

Strategic management is the process of defining and implementing procedures and objectives that set a company apart from its competition. Strategic management is also a skill that can be developed as someone gains experience and adopts a strategic mindset. It is considered part of business acumen and can also apply to fields like non-profit, government, and the public sector.

In this article, you will learn all about strategic management, including its benefits, process, and career paths. We'll also go over the steps to becoming a strategy manager, including taking courses, like the Strategic Management and Innovation specialization , to build in-demand skills.

What is strategic management?

Strategic management involves developing and implementing plans to help an organization achieve its goals and objectives. This process can include formulating strategy, planning organizational structure and resource allocation, leading change initiatives, and controlling processes and resources. 

Strategic planning involves identifying business challenges, choosing the best strategy, monitoring progress, and then making adjustments to the executed strategy to improve performance. Tools like SWOT (strengths, weaknesses, opportunities, and threats) analysis are used to assess where opportunities and threats lie between the organization, its competition, and the overall market.

Strategic management happens at broader levels like organization-wide leadership, but it can also be implemented at a department or team level.

Approaches to strategic management

There are two main approaches to strategic management: prescriptive and descriptive. A prescriptive approach to strategic management focuses on how strategies should be developed, while a descriptive approach focuses on how strategies should be put into practice. The prescriptive model is more top-down, based on SWOT analysis. The descriptive model is more guided by experimenting with different methods to find solutions and learning from experience. It applies Agile methodology to strategic management.

Read more: What Is Agile? And When to Use It

Types of strategy

One way of thinking about strategic management is to classify the management focus into three types of strategy:

• A business strategy is a high-level plan where you outline how your organization will achieve its objectives.

• Operational strategies are much more specific plans where you detail what actions to take to achieve the desired results.

• Transformational strategies involve making radical changes to your organization to achieve significant improvements.

Benefits of strategic management

The strategic management process helps an organization's leadership plan for its future goals. Setting a roadmap and actionable plan ensures that employees and leaders know where they're going and how to get there in the most efficient, cost-effective manner. It is a work in progress, so strategic plans should continuously be evaluated and adjusted as the market outlook changes.

Financial benefits:

Increase market share and profitability.

Prevent legal risk.

Improve revenue and cash flow.

Non-financial benefits:

Relieves the board of directors of responsibilities.

Allows for an objective review and assessment.

Enables an organization to measure progress throughout time.

Provides a big-picture perspective of the organization's future.

5 steps of the strategic management process

It's common to view the strategic management process as a five-step process. The steps are identification, analysis, formation, execution, and evaluation.

1. Define the direction.

Identifying the direction and specific goals is the initial stage of the strategic management process. This step involves identifying goals and determining what needs to happen to achieve them.

2. Analyze the current situation.

The second step is analysis and research. Using tools like SWOT analysis and examining the organization's resources, including budget, time, people (staff), and more, you'll gain a better understanding of how to leverage what's working and get rid of what's not.

3. Outline the strategy and plan of action.

Next is formulating a strategy and plan of action based on situational analysis. This step involves crafting a specific and realistic plan to help the organization achieve its goals.

4. Execute the plan.

Executing the plan is the fourth step in the strategic management process. This step involves putting the plan into action and monitoring its progress. You may have to adjust the plan as circumstances change, especially if you take a more descriptive approach to strategy.

5. Evaluate the plan.

Evaluation is the fifth and final step in the strategic management process. Here, you'll assess whether the organization has achieved its goals. If not, you can adjust your plan and implement it in innovative ways. Feedback and analysis are essential to evaluation and preparing for an optimal business future.

Here's a video on OKR (objectives and key results), an important process in strategic management:

Examples of strategic management in practice

Implementing and overhauling information systems and technology

Let's say Company A is a startup that has been scaling rapidly. They hired a strategy consultant to come in and conduct an audit. The consultant finds that the company is paying for apps and tools that it doesn't use. They conduct survey research to understand employee needs and compile a list of 20 apps (out of 100) that can be discontinued with little negative impact. After implementation, the company surveys employees again in two months to gauge their needs. Overall it turned out to be an efficient, cost-cutting strategy.

Shifting resources (budget) toward more successful revenue streams

Company B's Chief Marketing Officer asked its department to assess its brand marketing strategy. The head of marketing found that their email marketing efforts were generating more conversions than any other channel, so they diverted some of their print budget toward investing in expanding the email marketing team. The email marketing team developed a strategy and plan to reach new audience segments. After six months, more budget was shifted toward email to support the program's success.

Careers that apply strategic management

To some extent, strategy is necessary for plenty of management and leadership roles in nearly any industry. But strategic management is slightly different since it involves managing the evolution of strategies that are important to an organization's bottom line. These are a few careers that apply strategic management as a core part of the role:

Management consultant

Corporate strategy advisor

Business analyst

Strategy manager

Business development manager

Entrepreneur

What industries use strategic management?

Strategy managers, and roles that use the strategic management framework, such as management consultants, may work in different industries. Companies seek out strategic management professionals because they deeply understand business, finance, corporate planning, and more. Sectors may include: finance, insurance, technology, public administration, manufacturing, health care, government, and more.

Pursue strategic management with Coursera

A career in strategic management can be challenging and rewarding, offering a unique perspective on how businesses operate.

If you're ready to take the next step toward a career in strategic management, consider the Strategic Management and Innovation Specialization offered by the Copenhagen Business School on Coursera. This program covers how to formulate and execute a business strategy and analyze strategies in a case study.

If you're an entrepreneur and want to incorporate strategic management into your business practices, consider the free Entrepreneurial Strategic Management course from the University of New Mexico.

Keep reading

Coursera staff.

Editorial Team

Coursera’s editorial team is comprised of highly experienced professional editors, writers, and fact...

This content has been made available for informational purposes only. Learners are advised to conduct additional research to ensure that courses and other credentials pursued meet their personal, professional, and financial goals.

Home — Essay Samples — Business — Swot Analysis — Strategic Management: SWOT Analysis

Strategic Management: Swot Analysis

• Categories: Swot Analysis

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Published: Jan 30, 2024

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Table of contents

Definition and explanation of swot analysis, importance of conducting a swot analysis, steps to conduct a swot analysis, limitations and criticisms of swot analysis, case studies: successful implementation of swot analysis.

• McKinsey & Company. (n.d.). Making strengths productive and focusing on priorities. McKinsey & Company. https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/making-strengths-productive-and-focusing-on-priorities

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Essay on Strategic Management: Top 7 Essays

Here is a compilation of essays on ‘Strategic Management’ for class 9, 10, 11 and 12. Find paragraphs, long and short essays on ‘Strategic Management’ especially written for school and college students.

Essay on Strategic Management

Essay Contents:

• Essay on CEO’s Functions in Strategic Management

Essay # 1. Definition of Strategic Management:

The term ‘strategic management’ has been defined differently by different scholars of management.

ADVERTISEMENTS:

Some of them are:

1. Strategic management is “ a set of decisions and actions resulting in formulation and implementation of strategies designed to achieve the objectives of an organisation” (Pearce and Richard Robinson).

2. Strategic management is “the manner by which organisations plan to deal with various aspects of management like problem perception, divergent thinking, substantial resources, decision making, innovations and risk-taking” (Cunningham).

3. Strategic management is “the means by which management establishes purpose and pursues the purpose through co-alignment of organisational resources with environment, opportunities, and constraints.” (Bourgeois).

4. Strategic management can be defined as “the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organisation to achieve its objectives” (Glueck).

(a) Strategic management is an on-going process of analysis, planning and action. It attempts to keep an organisation aligned with its environment while capitalising on organisational strengths and environmental opportunities and minimising or avoiding organisational weaknesses and external threats, and

(b) Strategic management is also a future-oriented provocative management system. The managers, who use strategic management skills, are seeking a competitive advantage for their organisations and long-term organisational effectiveness.

It is, therefore, a complex function covering all activities connected with formulating, implementing, recycling and reformulating strategies.

In short, an effective strategic management translates a sound strategy into action. As otherwise, even a sound strategy would be rendered ineffective if it cannot be converted into action.

Hence, it is the duty of the strategic managers to do environmental scanning, assess internal strengths and weaknesses, set goals, mobilise resources, design action plans, implement actions, monitor progress, and control resources and deviations from goals for the achievement of goals and key results areas.

Essay # 2. Process of Strategic Management:

The strategic management process is most often described as a rational and analytical one.

The process consists of the following activities in different phases:

(i) Environmental Scanning:

Threats and opportunities analysis.

This involves analysing each threat and opportunity according to its time frame (i.e., short term or long term). Significance and likelihood of occurrence can help focus on the’ most important threats and opportunities.

In identifying them in the organisation’s environment, three questions need to be kept in mind:

(i) Which threats are critical and  how can they be avoided in order to derive opportunities?

(ii) Which opportunities are critical and must be exploited?

(iii) Which threats and opportunities are short-terms and which are long-term?

(ii) Organisational Analysis:

Mission, Strengths and Weaknesses analysis.

An organisational analysis begins with an analysis of how the organisation is performing and why. A broad statement about purpose, philosophy, and goals would guide executive actions, by the processes of evaluation.

(iii) Strategic Goals Setting:

Understandable, measurable, achievable and challenging long-term goals.

It is necessary to set annual objectives in line with long-term objectives as well as specifying functional strategies consistent with the company’s grand strategy Such goals should be measured in terms of quality, cost, and time-frame.

A chart below classifies and explains the ‘Goals’:

Given the mission and objectives and having done the SWOT analysis, the strategic manager should proceed to generate possible ‘strategy alternatives’. There may be different ‘strategic options’ for accomplishing a particular goal. It is necessary to consider all possible alternatives to make the base for a choice.

The purpose of considering different ‘strategic options’ is to adopt the most appropriate strategy as ‘goal’. This necessitates the evaluation of the ‘strategy alternatives’ with reference to the criteria like suitability, feasibility and acceptability.

(iv) Strategic Actions Formulations:

An action plan to achieve the goals.

Strategic actions flow from the goals of the organisation. A strategy sets forth a general programme of action and an implied development of employees and resources to obtain goals.

This strategic action can be taken from three approaches:

(a) Func­tional approach,

(b) Product approach, and

(c) Business Units grouping approach.

Here, ‘business units grouping’ approach works well in diversified enterprises. All these approaches involve choosing target markets, and product and product development plans, capital expenditure plans, and marketing plans. For all major actions, the aspects of timing and sequencing should be considered.

(v) Strategy Implementation:

Spelling out effective policies or operating procedures to initiate actions for implementing strategy.

This involves translating the strategies into organisational actions. This requires ‘strategic leadership’ i.e., identifying policies, rules, and key results areas; allocating responsibilities; and making operational plans and day-to-day decisions.

Strategy implementation is, thus, the action phase of the strategic management process. This step, therefore, encompasses the operational details to translate the strategy into effective practice.

A simple chart below sums up the implementation phase:

(vi) Strategy Evaluation and Control:

Monitoring progress of strategic actions and controlling the resources.

This includes both monitoring progress and control resources—human/physical/ financial—by analysing the deviations from standards and goals and providing the feedback for modifications.

It is important to note that traditional control parameters are not adequate here as they delay the results and thereby become a useless exercise to face the environmental risks and uncertainties. In contrast to ‘past-action control’, strategic control is forward looking and attempts to steer the company on a long-term basis.

Essay # 3. Stages of Strategic Planning Process:

Stage 1. Defining the mission.

Stage 2. Assessing organisational Resources.

Stage 3. Evaluating Environmental risks and opportunities.

Stage 4. Establishing long-term Objectives.

Stage 5. Formulating strategy.

Stage 6. Establishing Annual Objectives.

Stage 7. Establishing Operational Plans.

Stage 8. Implementing the Plans.

Stage 9. Imple­menting, Monitoring and Adapting.

These stages seldom occur in a fixed sequence, and some may take place simulta­neously, but given the flexibility needed for a bit of cycling— revising, seeking authorisations and coordinating—some rationale exists for considering the stages in the order presented (Williams, Du Brin & Sisk, 1985).

Strategies are designed by top management of an enterprise. They come to be as a result of the strategic planning process.

Essay # 4. Characteristics of Strategic Management Process:

The basic characteristics of the strategic planning process may be as follows:

1. It is the place where decisions of highest importance to a company are made. Here is where the basic thrust and direction of the company is determined and the major approaches are decided.

2. The time spectrum covered ranges from the very short range to infinity. Although the general thrust is long-range, a decision can be made in this process to stop producing Product X tomorrow or start to build tomorrow a new plant to produce the Product Y.

3. The process may produce a written document on a periodic basis, say annually—yet the process is a continuous activity. Top management cannot, of course, develop a strategic plan once a year and forget strategy in the meantime.

4. Compared with medium-range and short-range planning, the results of strategic planning process are not usually neatly incorporated into a prescribed form.

5. Strategic planning covers any element of the business that is important at the time of analysis and embodies details that are of sufficient scope and depth to provide the necessary basis for implementation.

6. The format of strategic plans is much more flexible and variable in content, from time to time, than for other types of plans.

7. Strategic planning process has many starting points, each different from the other.

8. Strategic planning is especially appropriate in volatile industries, such as the computer or telecommunication or anti-pollution industries where technological change is rapid and international competition is fierce.

9. Strategic planning is uniquely suited for providing ‘a broad managerial perspective which rescues management from the tunnel vision of unanalysed assumptions and fuzzy objectives’.

10. Strategic planning, even if the methods as well as the human resources and other situational variables differ greatly from one firm to another, is an increasingly necessary aspect of effective management.

Essay # 5 . Factors and Elements of Strategic Planning Process:

From the above, we see that the general contents of strategic planning process are:

(i) Objective of enterprise,

(ii) Basic mission,.

(iii) Basic strategies, and

(iv) Operational plans.

The factors and main elements of strategic planning process can be best identified and shown in a model below:

As we can see, strategic planning involves the development of objectives (step 1 in the planning process). Next the top management searches for the environment.

Next top management weighs the advantages of the several strategies considered and chooses one. It outlines the general organisational and policy changes necessitated by its strategic choice. It then delegates detailed planning and implementation activities to its middle management. Top management also sets budget levels and indicates general usage of funds; detailed budgeting is done by middle management.

Strategic planning is exciting. It involves decisions like: Xerox Corporation’s decision to enter (and leave) the computer field, Reliance Industries’ decision to get out of textiles and become a conglomerate, or Cadbury chocolate’s decision to become Cadbury Foods (all hypothetical).

Essay # 6 . CEO’s Role in Strategic Management:

The increasing time demands of strategic management have nowadays forced top managements among the larger companies to delegate more and more of the operating authority for running the business to lower-level managers.

Some companies today have Chief Executive Officers (CEOs) who are concerned essentially with outside environmental forces, and Chief Operating Officers (COOs) who are concerned primarily with running the day-to-day affairs of the business. In these cases as well as in others where there is no COO or its equivalent, more authority is usually being delegated to middle managers.

This does not mean that top managements remain unconcerned about the day-to-day operational matters. Only thing is that, in the changing environment from that of the past, the top managements are forced to spend much less time on routine operating matters and to devote much more time on strategic issues.

The most important case in point is that managerial strategies in large-sized organisations are considerably different from the operational strategies needed. After all, corporate level strategy in the changing environment is essential for success and growth, and for competitive advantage. Herein, comes the role of the chief strategist, the CEO.

The chief strategist is faced with three basic questions:

(1) What business are we in?

(2) How are we to match the best product-market opportunities?

(3) How are we to make best use of the company resources?

The first two questions are concerned with corporate-level strategies, while the third question relates to operational-level strategy. The CEO must conceptualise the whole strata of strategy as he is at the top. CEO is responsible for relating his organisation to a changing environment.

He alone is responsible for assuring the proper balance among various competing subsystems in the organisation. He alone is responsible for determining the total thrust of his organisation and for assuring that performance matches with his design. So, the role of the CEO is unique and so is his way of thinking.

Again, the CEO is expected to concentrate on the total enterprise rather than parts of it, and in the process ‘entirely new phenomena take place’.

CEO has to think in these terms. The thought processes, the attitudes, the perspective, the methods of analysis and the skills in the total strategic management process are unique and of demanding nature and call for higher level dynamism and initiative. CEO, as the chief strategist, has to have widest vision in these respects.

Essay # 7 . CEO’s Functions in Strategic Management:

Mintzberg’s classification of ‘Ten Managerial Work Roles’ vis-a-vis the functions/roles that concern the chief strategist is given below for better comprehension:

Why Is Strategic Management Important?

Strategic management is vital since it provides a structure for an organization to follow through to meet its goals and manage its priorities.

Strategic management ensures that the actions of everyone in the organization align with the company’s ultimate mission . It helps the leaders and department heads work more efficiently to make better decisions.

Having strategic management enables making tactical decisions without any delay. It streamlines the process and creates exceptional efficiency in the system.

What Are the Major Stages of Strategic Management?

Now that you understand the importance of strategic management, here are the main stages of the process:

• Setting the primary goal;
• Environmental analysis and scanning;
• Strategy formation;
• Strategy implementation;
• Strategy evaluation.

What Is the First Step in the Strategic Management Process?

The very first step in the strategic management process is setting the primary goal . Strategic management is about planning a thorough roadmap to aid you in achieving the goal. Therefore, it is crucial to set up a clear purpose before any drastic measures.

Most companies start strategic management by writing a statement like an assignment. A vision statement conveys what a company wants in the future and how it wishes to determine the route to get there.

Case study analysis is a highly valuable section of the strategic management course. A case study aims to provide students with enough experience to know about strategic management without facing what a real organization would face.

Cases are valuable since they give the student enough samples that they won’t need to fret over tackling a problem in the corporate world. Students can recognize strategies, and they learn about the best solutions as well.

Therefore, learning about case studies is important, and doing it the right way is just as essential, if not more. Here are the steps to

These short questions are bound to clear away any confusion you may have about strategic management.

What is your current situation?

Imagine that your organization is facing difficulties and you have to hire an outside firm. In that case, the first question the consultant will have is about your precise level of sales. They will question your position against your competitors , etc.

Therefore, you need to be aware of the organization’s current situation because otherwise, you will never be able to receive help. Knowing all the critical pieces of information is essential.

What do you wish to accomplish?

This is rather self-explanatory. The ultimate purpose of strategic management is to have an end goal for yourself and your organization. The more clarity you have, the better the business plan you will create. You need to be clear about your blueprint and end mission for successful strategic management.

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Strategic Management Process, Essay Example

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Introduction

The components of strategic management process are the key building blocks of every strategy which enable the organization to achieve the desired goals and objectives. it is in the realization of this fact that this paper highlights these components which are vital in strategic management.

Components of strategic management

The following elements are the major components of every strategic management process; setting of strategic vision, formulating objectives, establishing strategies to match the designed objectives, implementation and execution of the strategy and finally assessment of performance.

Setting of strategic vision is the first component of strategic management which involves searching for information that is vital for the creation of the company’s vision. The designed vision enables the organization to achieve long term mission statement. At this stage, the management of the organization has the duty of deciding the anticipated future of the business. The vision of the company cultivates its identity in the market or industry and hence achieves the purpose of existence (Evens and Wurster 2009).

Formulation of objectives involves reducing dividing the vision statement into small manageable specific objectives of the business. The objectives specify what has to be achieved within a specified time period and outline the activities and the distance involved. During formulation of a company’s objectives, the SMART principle should be used as the proper guideline that enables the company design good objectives.

Establishing strategies to match the designed objectives is the next step which entails stating the expected direction while at the same time ensuring that strategies highlight what should be pursued to realize the stated objectives. This step is aimed at making the objectives more realistic and achievable as stated in the SMART principle (Moore, 2010).

Implementation and execution, this stage involves changing the strategies into actual activities and processes of the business. At this stage, the management has the main task of ensuring that activities of the organization meet the set objectives. The stage also requires all organizational members to stick to the core values of the company regardless of the changes that may occur during implementation (Evens and Wurster 2009).

Assessment of performance is the last component of strategic management process which involves assumption of the continual transition in the organization. This stage calls for the management of the organization to develop proper techniques which can be used in analyzing and monitoring the performance of the organization (Evens and Wurster 2009).

The next section of this paper describes strategic management process used by Unilever. As international organization, Unilever has strategic management process which entail scanning of the environment for business information. This is followed by formulation of strategies to accomplish the company’s goals. The next stage taken by the company is implementation of strategy whereby the identified strategy is put into action by incorporating it into the business activities and processes. The last stage taken by the organization is evaluation of strategy whereby the organization performs internal and external assessment of the strategy (Rushton, 2011).

Evens, P. & Wurster, T. (2009). “Strategy and the New Economics of Information”, Harvard Business Review.

Moore, H. (2010), Creating Public Value: Strategic Management in Government, Cambridge: Harvard University Press,

Rushton, K. (2011). “Unilever to shake up £5.1bn global advertising spend”. London: The Telegraph.

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Strategic Management

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Introduction

The current global market has been very dynamic and thus necessitating the managers to design and implement strategies that will lead to increased competitive advantage. Every business aims at maximizing profits through capitalizing on competitive opportunities worldwide. The perpetual growth of the business internationally mainly depends on how effective the managers analyze both internal and external factors that affect business development. Environmental influences such as politics, social, technology and economics just to mention a few must be critically analyzed to design tools and techniques for strategic management (Bachmeier, 2009).

Strategic management involves appreciation and understanding of the complexities of fluctuating demands, complexities of national institutions and effective allocation of resources. It is important to understand that assessment, predictability and handling of such influences since they occur on large global scale. However, the management in international business must have a developed strategy that will help in achieving competitive advantage for better thriving and development of the business entity.

• Critically analyse and appraise the need for strategic management in global environment

Strategic management in global environment is very essential to ensure perpetual growth and development of the business. The success of every business will largely depend on the organizations ability to strategize on ways and means of achieving competitive edge. The competition in global market has over the years increased to great heights thus making it important for the managers to strategize on how to increase competitiveness. This can only be achieved through proper understanding of both macro and micro business environment that surrounds the business. Analysis for political, economic, technological and social factors plays a great role in deriving techniques and tools for strategic development.

Most business executives must learn to design and implement a strategic plan to fit the dynamic global market. The current global market is very sophisticated and strategic plan is essential as it ensures that management will be able to handle the highly diverse business organization. Proper allocation of resources in strategic planning is very important since it helps effective realization of the strategic plan. Strong leadership culture is also a critical component for strategic planning in the modern volatile global economy. It is the obligation of the planning and the strategizing team to ensure that all emerging opportunities are taken advantage of for the betterment of the organization. The team is also expected to put in place processes, people and systems at their disposal and ensure that optimal results are achieved.

1.2. Evaluate strategic development process for strategic business management and planning

Strategic planning and development is a very critical process which should be implemented systematically.  In order to develop an effective strategic planfor the development of the organization, it is essential for the development team to effectively understand the macro environment that surrounds the business. This will be achieved through determining the threats and opportunities as well as strengths and weaknesses associated with the business. Organization must also set its objectives clear through identifying the vision and mission statement for the organization. Both short term and long term organizational objectives must be clearly identified to ensure effective development and strategic plan.

After setting the organizational goals and objectives, it is always important to identify key strategic areas and put them in order of their priorities. This will be achieved through developing a strategy statement that gives the road map to strategic planning. After designing the appropriate development and strategic plan, the next step is to put in place resources, people and systems that will ensure optimal results are achieved. Proper operation plan must be put in place to make sure that everything goes on well according to plan. Budgeting and proper planning becomes very critical in developing a successful development and strategic plan in the global environment. The process involves thorough analysis, formulation of strategy, implementation and continuous evaluation to ensure that things are carried out as expected.

1.3. Critically analyze the different levels of strategy and their relationship with tactical and operational decision making.

International strategy is the continuous and comprehensive management technique designed to help companies operate and compete effectively across national boundaries. However, it is worth noting that the different strategic approaches employed by the different organizations are as a result of critical decision making processes. These decision making processes results to the three different levels of strategy as experienced in the global economy as outlined below;

Business level strategy forms the first strategy level in the global market. Under this strategy level, different strategic business units strategize on how a specific product can be sold in only one market. This is more a tactical decision making process since it involves strategizing on how a specific product can be sold in the market both in the short term and long term. The strategy may involve price discrimination among the different market segments with objective of maiming sales. Under business level strategy, firms may opt to select between the Porter’s 3 generic strategies which include differentiation, cost leadership and focus strategies.

Corporate level strategy is the other critical strategic level in global environment. It I at this level that the top organization management make decision the type of products they may decide to offer to the market, which market segment to enter and whether to acquire or merge with competitors. This is a tactical approach by the management t ensure that they remain competitive in the global economy. At this level of strategy, one must select between intensive, integration, diversification and defensive strategies which is a more tactical move.

The last strategy level is the global or international strategy. Under this strategy, the firm’s executive is supposed to make a major decision on which new markets to develop and how to enter them. It is under this section that the decision on how to diversify can be reached at. This can be classified as a strategic decision since it entails both long term and short term goals for the organization.

2.1. Describe the impact and influence of the external environment to an organization and identify its link with strategy formulation process.

Strategy formulation process is a very critical aspect in ensuring competitiveness of an organization both globally and locally. Several internal and external influences are important in determining the strategy that will ensure the overall development and success of the organization. However, external influences form the greater area of concern since they provide the external environment through which the business operates. In most cases, these external influences are very difficult to cope with since they are externally generated but it is the obligation of the organizations top management to ensure that the firm is not adversely affected by the external environment.

These external influences include; political, social, technological, environmental, legal and economic conditions just to mention a few. All these factors have different impacts to the overall performance of the organization. For instance, political instability can be very detrimental to the overall performance of the organization (Stead & Stead, 2004). However, the organization must formulate a strategy to ensure that the organization achieve its objectives. The same case can also apply to the legal, technological, social and economic factors. For instance, the global market has been faced with great technological advancement both in terms of production to sales. In order to have a successful strategy, the organization must be strategically placed in terms of technology to ensure that it remains competitive. Organization should also ensure that it operates within the legal systems as outlined in the different countries within which the organization operates. This will ensure a smooth running of the firm and hence help achieve the organizational objective. However, it is important to note that different economic conditions are experienced in different countries and thus it is the role of the executive to ensure that the operations of the organization are strategically placed.

2.2. Critically use PESTEL, PEST and STEEP techniques to assess external environment of the organization.

In order to formulate an effective strategic plan, it is the obligation of the management to carry out an effective situational analysis. There are different tools that can be put in practice to enable effective situational analysis and one of them is the PESTLE/PEST/STEEP analysis which is critical for analyzing external business environment (Tallman, 2007). PESTLE analysis involves proper understanding of political, economic, social, technological, ethical and legal factors. It is a simple situational analysis that creates both opportunities and threats for the organization. In essence, the main objective of conducting PEST analysis is to find out current external factors, identifying the factors likely to change in future and exploit the opportunities and defend the organization against the threats from the factors in a better way than its competitors. In order to effectively perform a PEST analysis, it is important to carry out a thorough information gathering.

2.3. Critically evaluate the use of Porter’s Diamond’s five forces model.

Another important situational analysis tool for analyzing external factors affecting the daily operations of an organization involves the Porters diamond five forces model. This model was named after Michael E Porter and involves understanding 5 competitive forces that influence the industry performance. Proper understanding of the forces helps determine the strengths and weaknesses in the industry and act accordingly.

Competition in any industry can be very detrimental to the overall success of the organization. It is argued that stiff competition among rival firms drive profits to zero. The firms should strive for competitive advantage over their rivals both locally and at global levels. In order to have a proper strategic plan, the organization must clearly understand the current industry analysis. In order to achieve a competitive edge, the organization must develop a strategy that will make it more competitive through increased innovation and promotion (Grundy, 2012).  .

Threat of substitute

This is the threat offered by products that come from outside the industry. If an organization is faced by great threat of substitute will experience great price elasticity which could be detrimental to the overall success of the organization. Substitutes can also lead to great price competition and thus the organization must place itself strategically to deal with the threat of the substitutes.

Bargaining Power of suppliers

Every organization requires raw materials, labor, components and other essential supplies that enable its smooth learning. If the suppliers have a high bargaining power then, there is likelihood that the overall performance of the organization (Proctor, 2014). This is because it can provide supplies at very high prices thus capturing some of the industry’s profits.  The organization must ensure that it position itself strategically to ensure that it minimizes the bargaining power of the suppliers

Threat of new entrants and entry barriers

In most cases, profitable markets will always attract new entrants in the market. If the industry gets more entrants, then the profitability within the industry will eventually decrease significantly. The players within the industry must also be strategically placed to ensure that there are no new entrants in the market.

Bargaining power of buyers

This is also described as the market outputs and is concerned with the pressure that they apply to the market. The industry must also be concerned with the sensitivity to price changes and customer loyalty. The bargaining power of customer is always high if there are several alternatives. To deal with this menace, the organization can reduce this power through introducing loyalty programs and offering competitive prices.

Fig 1 Verbeke (2012)

2.4. Analyse the use of scenario planning approach to forecast environmental change.

This is also another strategic planning tool which is also known as scenario analysis. Under this method, the organization makes long term plans as a result of analyzing the current scenario of the organization. The scenario planning approach involves dividing what is known into two parts; things that are known and elements that are considered uncertain or unknowable. After proper understanding of the two different categories, the executive members of the organization can be able to make strategic choices to ensure proper thriving of the firm (Verbeke, 2012).

3.1. Identify the features and core purposes of SWOT analysis

SWOT analysis is also another important tool for situational analysis. It involves the analyzing of the organizations strengths (S) weaknesses (W) opportunities (O) and threats (T). This situational analysis tool is mainly concerned with both the internal and external factors that affect the overall performance of the organization. SWOT analysis encourages matching the strengths and weaknesses of the organization to the opportunities and threats operating in the environment in order to achieve a desirable strategy (Pahl & Richter, 2007).

3.2. Analyse the turbulence of environmental change and the impact on strategy dynamics

In most cases, business environment changes with time and it is not an exception to the global economy. Most of these business environment changes are caused by different forces like demographic, political, economical, technological, infrastructure, ecology, legal and social forces. Other forces include internationalization, Innovation, globalization and mass individualization. The different environment is classified in to two broad categories which include; dynamism and complexity.  The turbulent environment field is located in the highest level of dynamism and complexity, and it arises from variances in components of the environment in which the organization is part of. These variances affect the whole organization, and leads to high levels of uncertainty.  This has great impact on the strategy dynamics as explained by Ansoff matrix below.

Fig 2 Bachmeier, (2009)

3.3. Critically discuss the present economic recession to an organization’s core areas of specialization and identify the needs of re-formulization strategy.

.       Economic condition forms a great part of the external factors that determine the strategic plan in an organization. In times of economic recession, most firms suffer immensely both at the local and the international levels. Economic recession can be very detrimental to the core areas of specialization in an organization. This is because there is high likelihood that the potential customers will feel the economic pinch thus affecting the sales significantly. As a result of decrease in sales and profit margins, the organization may be forced to re-formulate its strategy for specialization and diversify its products to ensure sustainability f the organization. During times of economic recession, it may be difficult for an organization to specialize as it will be difficult to sustain the organization on the minimum profits.

In conclusion, it is important for every organization to have a proper strategic plan that will help it achieve its objectives. This can only be realized through intensive situational analysis that will determine both internal and external environment in which the business operates. Continuous evaluation of the strategic plan is also essential in order to ensure that desired results are always realized.

Bachmeier, K., 2009. Analysis of marketing strategies used by PepsiCo based on Ansoff’s theory . München: GRIN Verlag GmbH.

Grundy, T., 2012. Demystifying strategy how to become a strategic thinker . London: Kogan Page.

Pahl, N., & Richter, A., 2007. SWOT analysis: idea, methodology and a practical approach . Munchen: GRIN Verlag.

Proctor, T., 2014. Strategic Marketing an Introduction. . Hoboken: Taylor and Francis.

Root, F. R., & Visudtibhan, K., 2012. International strategic management: challenges and opportunities . Washington: Taylor & Francis.

Stead, E. W., & Stead, J. G., 2004. Sustainable Strategic Management . New York: M.E.Sharpe.

Tallman, S. B., 2007. A new generation in international strategic management . Cheltenham, UK: Edward Elgar.

Venter, D. J., Hough, J., Neuland, E. W., Erwee, R., & Lange, R., 2007. Global business: environments and strategies : managing for global competitive advantage (3rd ed.). Cape Town: Oxford University Press Southern Africa.

Verbeke, A., 2012. Handbook of research on international strategic management . Cheltenham: Edward Elgar.

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Strategic Leadership and Management

Ohio University College of Business' major in strategic leadership and management is designed to create a foundation of knowledge and ability for lifelong learning and success in business leadership.

Success in strategic business leadership requires a broad base of conceptual knowledge, personal skills, and competencies. The major places a strong emphasis on written and oral communications skills, teamwork, and personal initiative.

Study HR at OHIO: A concentration in human resource management is available within the strategic leadership and management major. The human resource management option is a series of classes you can take that focus on the theory and practical skills needed to succeed in human resources. If you are passionate about the difference people can make on business performance, the human resource management concentration will give you the competitive advantage in the global talent marketplace.

Students that major in strategic leadership and management will graduate with a Bachelor of Business Administration degree (BBA) .

Internships and Job Placement

92% of our 2022 strategic leadership and management graduates experienced positive outcomes such as employment or continuing education within six months after commencement. Many students have even accepted offers during their senior year.

Our Business Academic Advising & Career Services  center is onsite in Copeland Hall, ready to help you understand how to use good career marketing strategies, beginning your freshman year. We’re ready to help you find the perfect internship or job. In addition to career fairs, and College Placement Champions, you’ll have access to BOBCAT CareerLink, a web-based system where employers post positions, review resumes, and connect with candidates. Plus, participate in workshops, seminars, and even one-on-one coaching to make sure you’re presenting yourself the right way and achieving your career goals.

Recent Internship and Job Placements 

• Insight Global
• Procter & Gamble (P&G)

Potential Careers

• Human Resources Management
• Management Training Program
• Supply Chain Management

Careers in management include account representatives, human resource management, or a management training program. An account representative is someone responsible for customer or client accounts, acting as the conduit between their needs and the other departments in the organization. That might be at an advertising agency, where your role would be translating client needs to the creative department, managing projects, and helping create the business strategy.

As a specialist in human resources, you’ll be responsible for attracting, selecting, training, assessing, and rewarding an organization’s employees. You would also work to ensure compliance with employment and labor laws. These kinds of programs allow you to work in various departments, exposing you to many roles within the organization. With a foundation of broad experience, you’d be able to choose your own career path and generally move quickly into leadership roles.

Courses in the Strategic Leadership and Management Major

The required courses ensure a variety of rich developmental experiences that can include community service learning, individual leadership and emotional intelligence assessments, case analysis, research projects, team-based active learning projects, and guest speakers, in addition to traditional classroom lectures and discussions.

View the  Strategic Leadership and Management Major catalog page in OHIO's Undergraduate Catalog to see additional requirements, such as Individual Core Requirements or Introductory Cluster Requirements. 

Required Courses

• MGT 3400 - Organizational Behavior
• MGT 4590 - Strategic Business Leadership

Management Electives

Complete 12 credit hours of electives from one of the following tracks: Supply Chain Management, Human Resource Management, or Consulting.

Supply Chain Management Track

Complete 12 hours from the following:

• MGT 3500 - Theories of Organizational Effectiveness 
• MGT 3250 - Project Management 
• MGT 3270 - Sustainable Supply Chain Management 

Choose one course from the following:

• MGT 3100 - Values, Business Ethics, and Corporate Responsibility
• MGT 4580 - Managing Transformations and Organizational Change
• MKT 4040 - Logistics and Supply Chain Management
• Another three-hour, 3000-level or 4000-level MGT course

Human Resources Management Track

Complete 12 credit hours from the following:

• MGT 3300 - Human Resource Management
• MGT 4300 - Legal Aspects of Employment and Labor
• MGT 4370 - Strategic Talent Management  

Complete one course from the following:

Consulting Track

• MGT 3500 - Theories of Organizational Effectiveness
• MGT 4580 - Managing Transformations and Organizational Change  

Choose one course from the applied consulting experiences following:

• BA 4920 - International Business Experience
• BA 3500 - Ohio International Consulting Program
• MGT 3730 - Entrepreneurial Business Consulting
• MKT 4680 - Consultative Sales  
• MGT 4430 - Managerial Decision Making
• MGT 3550 - Creativity and Innovation Management

Student Activities

Since we know that hands-on experience is the best way to learn, our students are encouraged to participate outside of the classroom in a variety of activities.

Wandell Fellows Leadership Development Program

The Keith and Deborah Wandell Leadership Development Program is designed to help you grow professionally and personally.  If you are accepted into this program, you have unique opportunities to develop, excel, and find placement with top national companies like Whirlpool, KPMG, PwC, EY, and others.

At the end of the program, you’ll be transformed into someone with leadership potential, ready to go out and transform the business world.  

Emerging Leaders Leadership Development Program

Emerging Leaders is a one-year accelerated development program with the goal of encouraging current Ohio University sophomores/incoming juniors to achieve their potential as a leader. We strive to strengthen our members' intrapersonal skills and professional skill sets while mentoring them to realize their maximum leadership potential.   

Alpha Kappa Psi

Alpha Kappa Psi is the oldest fraternity in the nation. Alpha Kappa Psi is open to all business majors and minors interested in professional development as well as the social aspects of a fraternity.

Black Student Business Caucus

Black Student Business Caucus was established in 1988. Its purpose is to introduce students to the issues of excellence and diversity as well as techniques necessary for survival in the corporate arena.

Christian Business Leaders

The purpose of Christian Business Leaders is to equip business students with the Biblical foundation necessary to be a strong Christian leader in the College of Business and the business world.

Connect was created in the spring of 2002 by a group of student leaders who saw a void in College of Business student-alumni interaction.

Delta Sigma Pi

This professional business fraternity is designed to foster the study of business and encourage professionalism, scholarship and social activity among members. The Alpha Omicron Chapter was founded in 1925, making Delta Sigma Pi the oldest professional business fraternity on the Ohio University campus.

Ohio Management Group

The Ohio Management Group (OMG) is dedicated to providing members with the tools to succeed at Ohio University and after graduation through weekly professional speakers, professional development and more.

Ohio University Consulting Group

OUCG is a professional organization designed to cater to students looking to gain a hands-on experience by working with real businesses on real problems. Students from all backgrounds and majors (including non-COB) are accepted.

Phi Chi Theta

The purpose of Phi Chi Theta is to promote the cause of higher business education and training for all individuals; to foster high ideals for everyone pursuing a career in business; to encourage fraternity and cooperation among people preparing for such careers; and to stimulate the spirit of sacrifice and unselfish devotion to the attainment of such ends.

Women in Business

OHIO Women in Business (OWIB) provides outstanding support, development, and sense of community to women interested in pursuing careers in business. OWIB develops members through monthly guest speakers and educational workshops. For more information on how to get involved, contact Liz Doyle at [email protected] .

Get in Touch

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6 Common Leadership Styles — and How to Decide Which to Use When

• Rebecca Knight

Being a great leader means recognizing that different circumstances call for different approaches.

Research suggests that the most effective leaders adapt their style to different circumstances — be it a change in setting, a shift in organizational dynamics, or a turn in the business cycle. But what if you feel like you’re not equipped to take on a new and different leadership style — let alone more than one? In this article, the author outlines the six leadership styles Daniel Goleman first introduced in his 2000 HBR article, “Leadership That Gets Results,” and explains when to use each one. The good news is that personality is not destiny. Even if you’re naturally introverted or you tend to be driven by data and analysis rather than emotion, you can still learn how to adapt different leadership styles to organize, motivate, and direct your team.

Much has been written about common leadership styles and how to identify the right style for you, whether it’s transactional or transformational, bureaucratic or laissez-faire. But according to Daniel Goleman, a psychologist best known for his work on emotional intelligence, “Being a great leader means recognizing that different circumstances may call for different approaches.”

• RK Rebecca Knight is a journalist who writes about all things related to the changing nature of careers and the workplace. Her essays and reported stories have been featured in The Boston Globe, Business Insider, The New York Times, BBC, and The Christian Science Monitor. She was shortlisted as a Reuters Institute Fellow at Oxford University in 2023. Earlier in her career, she spent a decade as an editor and reporter at the Financial Times in New York, London, and Boston.

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Strategic Management of Business Operations Essay

Introduction, strategic management, strategy making, situation and competitive analysis, organization’s challenges in the global market.

There has been stiff competition in the execution of business activities with each company implementing different and creative strategies to win over the market. The continuous advancement in technology has brought forth various new ways of handling various activities and issues in all field of business operations.

Technology has improved communication and transport which are among the many aspects having close relations to business growth and expansion. Easy transport and communication has enhanced by technology has made more and more transactions to be undertaken.

To ensure that the business survives the dynamic market forces in rendering its services to the customers and win more customers, there is need for proper strategic measures to be formulated and implemented. This essay seeks to analyze strategic management as implemented in the management of business operations so as to maintain good business performance and development despite the changes in market forces that may occur.

A specific example of Bay hotels will be used to make the discussion real in pinpointing out areas where attention will be required as the hotels tries to make their presence felt in the around the national and around the world.

The history of an organization is usually important in checking the progress over the years. This usually helps in one being able to know the challenges a company has undergone and the way the challenges were handled then. The past challenges and successes usually form a platform for formulating new strategies depending on the future prospects.

It also helps a company management to avoid repeating mistakes which committed in the past. For the case of Bay hotels, the past has witnessed an excellence performance. Bay hotels are located in Britain. There are eleven regions where Bay hotels are in England, three in Scotland and one in Wales. Some of the regions have up to four hotels making the total number of Bay hotels in Britain to be around 32.

The Bay hotels are located in some of the best resort regions in the UK making them have a unique attraction to visitors. According to the company website, “Every Bay hotel has its own unique character and because we were the first to offer accommodation in many areas, you can expect out hotels to enjoy prime locations with some of the best views around” (Bay, 2009, p. 1).

There are various strategy paradoxes that have different ways of approaching and solving problems. There are two main approaches to learning of strategies proposed by Abraham Maslow which are problem-driven and tool-driven (Meyer & Wit, 2005. p. 4).

In problem driven strategy, one usually takes an in-depth analysis of the problem after which he checks for the right way of going about it while in tool-driven strategy; one usually internalizes theories before checking on the problem.

In running of a business, the top management team is usually responsible for formulating and implementing new strategies to maintain continuous business growth. To do so, they have to take good analysis of the market forces so as to make sound decisions.

This involves developing strategic vision and mission statements, setting objectives, formulating strategies, implementing the strategies and then checking the performance of a company. The objectives set should be challenging but achievable to ensure good progress of a company.

The integration of all these activities usually yields good results. In the hotel industry it is usually very significant for the management to ensure that the company remains relevant in the eyes of the customers and potential customers.

The service industry is very competitive and it is therefore significant that strategic management at Bay hotels be a continuous process which is not undertaken to completion but rather improved perpetually.

In case the strategies are to be modified during the implementation, and then the management team should be dynamic to accommodate the changes. This management entails competitive moves that yield good returns and continuous development.

The management should run the business, improve sales and satisfy customers as well as strive to meet the set targets (Olsen, 2006, p. 239). Bay hotels management ought to be dynamic enough to accommodate emerging trends in the hotels and avoid risking lagging behind. This is especially significant if the hotels are to venture into the international markets where competition for international customers is even stiffer.

In putting the strategies to work, there are various questions that the management usually figures out. It should consider the current situation and of the company, where the company wants to be in future and the means they are to use to move it there (Cumming & Greiner, 2009, p. 167).

The implementation of strategies is not usually a smooth process. It may be affected by factors from within the company or others that are from outside. Some of these challenges posed can be sorted by the management while others need partnership with people outside the management.

If all the parties involved in the running of a business such as the employees are in line with the long term projections and are totally dedicated in their duties, then most of the internal challenges would be overcome with much ease.

In formulating a strategy, one usually considers new opportunities, geographic coverage, integration required, diversification and the management of the key functions. This process usually involves taking of risks, creativity and spotting of opportunities that are rewarding to the company in the long run (John & Ulwick, 2009, p. 119). The strategy should be maintained to completion according to the time frame stipulated.

The organization capability is usually fundamental in the implementation of the strategies. If the resources are available and there are no major distractions, then the strategies’ implementation can be achieved in the time span provided. The performance of the strategies should be evaluated so that any modification necessary is to be undertaken in time.

The strategy making starts from developing the vision and mission statements. It usually entails getting a clear understanding of the firm future prospects and communicating to others in an understandable and inspiring way. This usually attracts investors and other parties who play some important roles such as raising funds for the company for it to undertake.

All the stakeholders of the company should be taken into consideration as they play important roles in management and running of the company. Some of the stakeholders include customers, stockholders, creditors, debtors and employees (Gibbert, 2010, p. 1).

In making the strategy, the company management stipulates what the company wants to achieve in future and lays down the short-term and long-term investment plans. In making the plan, other competitors in the field are considered.

The strategies to be formulated and implemented are to improve the customers’ confidence in the company and the company’s reputation as well as put the company in a better place at the market so as to be able to withstand the dynamic market forces and thus have a better hand in selling (Wintzer, 2007, p. 4)

The strategies should also indicate what activities the company should not undertake. Such activities are mostly a hindrance to the growth and development of a company. The most appropriate technology should be used. These technologies usually reduce the overall cost in strategy making and also increases efficiency as time is well managed.

The customer is one of the most influential stakeholders in the company thus the varying customer needs should be evaluated in order to come up with a better way of handling and providing services so that all the customer groups are satisfied. This is because the company’s operations are either customer-driven or market driven.

The technology used usually brings specialization in which a person performs in a field in which he is more conversant with. This usually makes everyone involved to be well integrated in the strategy making and implementation process.

To ensure that the strategy formulated fits well in the business, the strategy should narrow down specifically to what the company intends to do. This usually minimizes confusion and ensures good coordination. To the contrary if business activities are diversified, then a broader perspective is usually good so as to accommodate all the fields.

There are various departments in a company. These departments should have strategies in line with others to avoid some departments lagging behind. The department’s contribution, role and direction which are necessary to the overall success are usually considered. Good communication improves coordination and sometimes may challenge or motivate one in his undertakings.

Since the market is influenced by external forces, international trade conditions should be considered and the signs of improving or declining market opportunities realized. The vision, mission and objectives usually give guidance in proper decision making.

Proper referencing platform for the performance are usually necessary. For example, if a company doesn’t have a specific future objective but is totally dedicated to carrying out its duties, then it usually does not achieve the best results as its resources could have yielded.

The short term strategic measures are very important as they act as a measure of the overall progress of the long term measures. This means that the two should be formulated in line with each other. They usually stipulate the time frame for the achievement of every objective. Thus, the stipulation of the time frame for the achievement of every objective should be provided.

The long- term measures usually consider the effects on the arguments passed in the running of the business in its future performance. This thus brings the necessity to critically analyze each strategy to be made on the company because a mistake could result to major consequences in the business operations.

The strategies usually take into account organization-wide objectives, product objectives, department objectives and individual objectives in the order given above. This shows that the formulation insists that all parties must be involved although at different levels.

The strategies do not only take into account what the business intends to do but also the current steps undertaken. The strategy making entails formulating means of reaching performance targets, outcompeting rivals, achieving competitive advantage, withstanding market forces, capturing emerging market opportunities and bringing the company vision to become a reality.

Thus, it is based on what actions the management is to undertake for good formulation. Because of continuous change in competition, customer needs and expectations, production costs, regulations, opportunities and threats, then the strategies should be dynamic to be able to handle these challenges.

The formulation of good strategies usually makes it possible to achieve the intended achievements as well as attain others which were not foreseen. This is the case for either a diversified firm or a single line company.

The formulation of the strategies is well done by well qualified personnel in the specified fields. The specialists usually avoid unnecessary errors that may arise and provide thorough investigations of the strategies to the best of the knowledge available (Grant, 2005, p. 29). In the case of a diversified firm, the strategy making process takes into consideration all the industries or business groups giving different approaches to each.

It should consider the diversification and look into ways in which the performance can be boosted and the investment projects that should be undertaken prior to others. The various strategies formulated are functional and operational. The functional strategies usually oversee the performance of the key activities and provide support in the business operations.

The operating strategies are useful in analyzing the performance of various operating levels. The strategic plan requires unification of the various strategies involved. The good thing, about it, is that these strategies usually reinforce each other to bring forth good results.

The choice of a specific strategy is affected by internal and external factors. The external factors includes society, politics, laws, industry attractiveness, opportunities and threats while internal factors include internal strengths and weaknesses, key executives influence, shares values and culture. These factors usually shape the strategy to be implemented.

Some laws and cultures may act as hindrance to the formulation of certain strategies. The responsibility the company has to the society due to the activities it undertakes has great influence in the company strategy making.

The company should have a good image and reputation in the eyes of the general public with the strategy being related to the competitive conditions. Good techniques should be used to handle the various risks and threats that may arise (Mathieson & Scinasi, 2000, p. 41). This ensures stability of the business incase challenges arise.

The making of the strategy should consider the firm’s strength, weaknesses and competitive capability. The company’s main competencies are usually important because they give the company an upper hand in taking the opportunities that arise (Drejer, 2002, p. 33). The strategies should assist the company in utilizing its strengths and taking corrective measures on its weaknesses.

Key executive business philosophies and approaches towards the weaknesses are crucial in success of a company. The strategies formulated should not conflict with the culture of the business. This helps in avoiding unnecessary collision of contradicting ideas which would affect the formulation and implementation of the strategies.

The strategy should be in line with the expectations of the stakeholders such as shareholder, employees, customers, suppliers and the community. The formulated strategy is efficient and good for the achievement of the company’s objectives if it is inline with the firm’s situation, provides the company with sustainable competitive advantage and boosts the overall company’s performance.

There are various approaches to achieving better results in the market. The organization could use competitive approach to identify the competitive scope and functional strategies taking into account the success brought about by the current strategies. This usually helps to know whether to improve on the current strategies or choose a new strategy.

The well performing strategies are found to make a good use of the organization’s expertise, strengths, core competencies and the strong competitive capabilities available. This usually makes a company better placed to undertake its investment plans such as expansion of the enterprise and be able to cope with the fluctuation of market forces.

The situation analysis is very importance in analyzing the condition of a company, its rivals and the environment so as to know the best approach for the implementation of the strategies to win the market favor. The environment usually makes it possible for the company to identify the strategic options and opportunities available in the market.

The environment usually consists of the external factors considered in situation analysis while the company’s competitive position usually forms part of the internal factors. Strategic thinking and analysis are useful in situation analysis (Karami, 2007, p. 83). They usually help in realizing the strategic options available to the company and making an excellent choice of the one that fits the business well.

In analyzing the external environment, one usually tries to pinpoint the major economic traits such as: market size, entry barriers, technological advancement, customer characteristics, industry profitability and the capital requirement, drivers of changes, strong competitive positions, and rivals strategic moves among others in order to get the full information.

After getting analysis of these factors, then the company management is in a position to make the right choice of the strategies to be implemented.

There are forces that are evident in a situation analysis. These forces include the availability of substitutes, buyers’ and suppliers’ bargaining power and the presence of potential new entrants. In the analysis of these forces, the management should find out the sources of these forces and their strengths.

Rivalry among companies is one of the most used and effective force which uses price, quality, customer service, product innovation, advertisement and dealer network as some of its weapons at the market. Rivalry usually arises in an industry when product demand is low and there are many firms in the industry who find it rather expensive to move to other fields of business (McDaniel et al., 2008, P. 38).

The presence of new entrants into which the management needs to venture usually increases the competition. They usually increases the production in the industry and thus to maintain the business in good performance, the management has to critically analyze the situation (Clarke, 2005, p. 175).

The barriers present in the entry of a new firm and the reactions from the firms already in operation usually determine how easy the new firm is able to venture into the market. The most common barriers to entry include economies of scale, insufficient technology, brand preferences, capital requirements, regulatory policies and international trade regulations.

In production of goods, the development of a company usually relies on the returns available. The production of small quantity of goods usually results in higher cost of production per unit (Pandey, 2002, p. 214). This usually requires a company to sell its products at a higher price so as to cover its costs and make some profit.

For the well established and big companies, since the production is high, the cost of production is usually shared and is generally low. This places them in a better place at the market to make large margins of profits.

Hence, if an organization wants to venture into the global market, then there should be a critical analysis of how the cost of production per unit item is to be kept as low as possible for it to be in an opposition to sustain the market pressures.

There are certain ventures at the global market that require specialized technology. Although there has been continuous advancement in the technology in all fields, the technology available to different parties is not the same. This may be due to some hindrances preventing full access to advanced technology. Geographic locations and the research undertaken usually leave some places and people lagging back in terms of technology.

In the venture of the operations of an organization in the global market, an organization should consider the technology required in operations and compare them to its current technology capacity. If the organization is in a capacity to get the specialized technology, then it is in a position to go ahead and undertake its operations in the global market.

On the other hand if the organization finds challenges in getting the specialized technology required, then the venture into global market may pose a challenge in its development because it will be likely to underperform as per the global standards.

Due to improved knowledge in the production process, the cumulative production of a product may result in decline in the production cost of a unit. This is usually as a result of familiarization to what is expected of a company. This is usually referred to as experience curve.

The experience curve, empirically verified in hundreds of studies, suggests that, as a firm accumulates experience in building a product, its cost in real dollars will decline at a predictable rate. When the experience curve applies, the first market entry attaining a large share will have a continuing cost advantage. (Aaker & McLoughlin 2010, p. 171)

The requirements for achievement of the experience curve are continuous improvement in management and equipments used in the execution of the operations. Thus, before an organization expands its business to the global market, the experience curve may be a hindrance or a way through for its success. Thus good analysis of the curve could help the organization in making the right choice of strategic management to be undertaken.

There are organizations that have been in the market for long period of time. The services and goods an organization has been offering have been well adopted by the customers (Teal & Reichheld, 2001, p. 3). For new organizations that want to venture into the same industry, they usually find it very difficult to win the market favor (Sengupta, 2005, p. 131).

A good example is the Coca-Cola Company which has been in the market for long supplying its customers with its soft beverages. The penetration of another beverage company into the same market is not an easy task as there are customers who are loyal and would not agree to shift to other products. There are other customers who are attached to specific brand.

The provision of a different brand usually fairs poorly in the market due to rejection. Thus before an organization ventures into operation in the global market, it should consider the extent to which the customers are loyal to the already existing organization taking into account the various brand preferences.

If the conditions are favorable, then the organization can venture but if the conditions are not good, then venturing into the global market is not a worthy investment.

The establishment of an organization so that it can serve a larger population usually requires a lot. More capital is required to undertake the project. The capital is used in establishing the new operational branches of the mother organization. There are many types of capital available to the organizations and they include equity capital, debt capital and specialty capital (Salai-i-Martin & Barro, 2004, p. 82).

Equity capital is the difference between assets and liabilities of a company. This form of capital is used to finance the operations and expansion of an organization for example Microsoft. Some organizations have debt capital which is mostly obtained by lending money especially to financial institutions such as banks.

These institutions usually invest the money and give it back to the lenders with some of the interest it has earned. Also the organization can borrow the money. Depending on the type of capital available to the organization, the expansion of the company to operate globally faces a challenge in raising the large amount of capital required. Thus the availability of capital is a major barrier to expansion

Every state has regulations that govern the operation of businesses. These regulations are usually meant to maintain sanity and order in various industries and they vary from one state to another. In order to carry out business internationally, there are regulations that promote business among various states.

The government of a give state could also regulate the number of businesses operating in a given field based on some reasons which may not be released to the public. Due to these factors, a company expanding its business to other locations may not be allowed to operate according to such regulations (Pakroo & Packroo, 2008, p. 111).

There are various types of regulations such as; market failures, social subordination, collective desires, irreversibility, interest group transfer and professional regulation.

Due to the changing of the environment and other factors affecting business operations, then the regulation have to be constantly changing according to the situations. Failure to adhere to the regulations set usually leads to legal actions such imprisonment and huge fines on the part of the offenders. Thus a business expansion to a given field may be hindered by the regulations set.

At the international scene, there are restrictions set to regulate the flow of goods to a given country (Bishop, 2009, p. 13). This usually gives access of the distribution channels to some limited number of organizations. These organizations usually enjoy large sales returns due to reduced competition. The restriction may be placed to ensure only goods that attain a given quality are allowed to be accessed by the public.

Such restrictions are meant to ensure that there is sanity and uniformity at the international market (Smelser & Swedberg, 2005, p. 173). Some the factors that affect business transacting across various states include the infrastructure established and the politics. Some organizations are found to win favour due to the political status of a region. In the case of political instability, the international trade is usually greatly affected.

For example, the political instability of Libya has its effect felt by every one across the globe by the rise in fuel costs and thus the involved companies have been affected. This clearly indicates that the international restrictions regulate international business which is also affected by other factors.

Despite all the challenges encountered, an organization should be able to identify the most rewarding factors. These factors are usually responsible for prediction of the profits or loss margins a company may encounter and to what extent the company will be successful at the market.

The most rewarding challenges usually include skills and competitive capability endowed to an organization. In identifying these factors, an organization should maximize on them so that it can be better placed at the market.

There are various paradoxes which vary in the approach given to a problem. The main aim of a business is to gain more returns so that it can be able to maintain its operations as well as expand. To achieve these objectives, the organization must undertake good formulation and implementation of strategies.

The implementation of the strategies is usually not a smooth process as there are many hindrances which are encountered. Business organizations should make wise considerations before venturing into new markets to avoid losses and failures.

Aaker, D. & McLoughlin, D. (2010) Strategic Market Management: Global perspectives . San Francisco: John willey and sons.

Bishop, B. (2009) European Union law for international business: an introduction . Cambridge: Cambridge University Press.

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Cumming, T., G. & Greiner, L. E. (2009) Dynamic Strategy-Making: A Real-Time Approach for the 21st Century Leader. San Francisco: John Wiley and Sons.

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Gibbert, M. (2010) Strategy Making in a Crisis: From Analysis to Imagination . Cheltenham, United Kingdom: Edward Elgar Publishing.

Grant, R. M. (2005) Contemporary strategy analysis . Hoboken, NJ: Wiley-Blackwell.

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Olsen, E. (2006) Strategic planning for Dummies . California: Cengage Learning.

Pakroo, P. & Pakroo, P. H. (2008) The small business start-up kit . California: Cengage Learning.

Pandey, G. D. (2002) Modern Accountancy For Xi & Xii. New Delhi: New Age International.

Salai-i-Martin, X. & Barro, R. (2004) Economic growth . Cambridge: MIT press.

Sengupta, S. (2005) Brand positioning: Strategies for competitive advantage . London: Tata McGraw-Hill Education.

Smelser, N. J. & Swedberg, R. (2005) The handbook of economic sociology . Princeton: Princeton University Press.

Teal, T. & Reichheld, F. F. (2001) The loyalty effect: the hidden force behind growth, profits, and lasting value . Boston: Harvard Business Press.

Wintzer, E. (2007) Global Competition and Strategic Management . Munich: GRIN Verlag.

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IvyPanda. (2019, September 26). Strategic Management of Business Operations. https://ivypanda.com/essays/strategic-management-essay/

"Strategic Management of Business Operations." IvyPanda , 26 Sept. 2019, ivypanda.com/essays/strategic-management-essay/.

IvyPanda . (2019) 'Strategic Management of Business Operations'. 26 September.

IvyPanda . 2019. "Strategic Management of Business Operations." September 26, 2019. https://ivypanda.com/essays/strategic-management-essay/.

1. IvyPanda . "Strategic Management of Business Operations." September 26, 2019. https://ivypanda.com/essays/strategic-management-essay/.

Bibliography

IvyPanda . "Strategic Management of Business Operations." September 26, 2019. https://ivypanda.com/essays/strategic-management-essay/.

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