Strategic Management Essay Example | Topics and Well Written Essays - 2000 words - 11

Strategic Management - Essay Example On the other hand there are also those approaches that are conceptual in nature such as policy, stakeholder, issue management, and adaptive approaches. The process of strategy implementation can be divided into various phases: understand history, explore the situation, uncover issues, identify strategy, assess feasibility, and implement strategic change. Finally the differences in strategic management between private and public sector organizations can be mapped along three dimensions: value generation, resource allocation, and accountability and trust. A strategy is a mechanism through which an entity differentiates itself in a competitive arena. In nearly every industry and sector today, strategy has become essential to staying in business. In the past, a business could sustain itself with a fairly static mission and customer base. Today’s marketplace is larger and more competitive with a better educated customer base. Moreover it is constantly changing at an ever increasing speed. These conditions require business leaders to constantly adjust their strategies to remain competitive in the marketplace. Strategic management is the â€Å"formulation and implementation of strategic plans and the orchestration and carrying out of strategic activities of vital concern to the total organization† (Koteen, 1997, p. 24). Strategic management is based on the following three characteristics: Strategic management is a dynamic process in which strategies are aligned to enhance performance and procure desired business results. Strategic management is a continuous activity in which the strategic direction of the organization is determined and subsequently maintained. Strategic management involves regular decision making on a daily basis to deal with constantly changing situations and a challenging environment. Strategic management is the most popular form of