Friday, April 26, 2019

Strategic Management Essay Example | Topics and Well Written Essays - 3000 words - 4

Strategic Management - Essay grammatical caseThis paper discusses the relevance of strategic management and its implications particularly to the hospitality industry.Strategic management is the process of specifying an organizations objectives, cause policies and plans to achieve these objectives, and allocating resources so as to implement the plans. It is the highest level of managerial activity, usually performed by the companys top leaders particularly the Chief Executive Officer (CEO) and executive team. It provides an overall direction to the whole organization. An organizations scheme must be best suited for its resources, circumstances, and to achieve its objectives. The process involves matching the companys strategic advantages to the personal credit line environment the organization faces. One aim of an overall corporate strategy is to put the organization into a position to carry out its mission effectively and efficiently. A good corporate strategy should shuffle a n organizations goals, policies, and action sequences (tactics) into a cohesive whole (Wikipedia, 2006).There are a hardly a(prenominal) major forces driving change in the remote and immediate environments of the organization. These forces are often referred to as trends, create opportunities and pose threats to the firm. They shape and force change in both predictable and unpredictable patterns. Hence the success often comes from the choice of competitive methods used by the firm to take advantage of the threats and opportunities in the task environment. These methods should also provide the firm with sustainable competitive advantage. Above all the most important region of management in an organization is the effective and efficient allocation of the firms resources. (Olsen, et al. 1998).Corporate strategy can be described as an organizations sense of purpose - a guiding purpose or policy, a focus/mission statement, even a philosophy,

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