It is a type of management initiated by the top management of a business concern. It aims to implement plans and strategies to improve the overall performance of the company. There are certain goals and objectives based on the proper utilization of the resources to have maximum output in the form of profits. These should be long term strategies which ultimately add to the repute and growth of the concern. The strategic management involves the mixture of two related concepts:
- Strategic Planning: It is the analysis of certain procedures to produce data or information necessary to formulate the actual working of a business concern.
- Strategic Thinking: It is the synthesizing of the data or the information produced during strategic planning.
There are two steps involved in every strategic management procedure. These are:
- Formulation: It is a series of goals and objectives according to which certain strategic decisions are taken for the organization to exist in the market against the tough competition. It is the thorough analysis of the environment of the business concern in which it will operate its strategies. The environmental analysis is done for both external (economic, political, social, legal etc) and internal (resources, processes, workforce, systems etc) environment of the company. There are many strategic decisions taken based on the formulation in the company.
- Implementation: Implementation is the actual realization of the decisions regarding the efficient utilizations of the resources and workforce to attain the goals and the objectives formulated. Once the decisions are implemented work is now concentrated on operations management, logistics management and marketing management. It requires a monitoring mechanism to track the progress going on in the business concern.
The above two important steps of strategic management outline the course of action taken by the top management of the company.
Types of Strategies to be implemented in businesses:
Henry Mint Berg is a well-known author and educationist who beautifully explained the definition of strategy as a large domain of activity which depends on the situation and operations in an enterprise. He gave five different types of classification of the strategy. These are as follows:
- Strategy as a situation: It is a type of Strategy which is determined with the help of external factors like consumers, stakeholders, brands, target market etc.
- Strategy as a plan: When the strategy acts as a planning concept, which is actually the course of action taken to achieve the objectives of the organization.
- Strategy as a pattern: When the strategy is taken as a random pattern and do not follow a definite set of rules, it is taken as a pattern. It is developed by experience and according to the situation.
- Strategy as a perspective: When the strategy is developed keeping in mind the theory and ideal perspective of business ideas, it is viewed as a perspective.
- Strategy as a trick: It may be taken as pseudo-strategy which is adopted to create confusion in the mind of competitors.
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