Strategic Management is the study of various methods adopted for getting the clear picture of the status of an organization. It is very essential for the development and growth of the organization. It depicts the vision and the mission of the organization. Students of strategic management should keep in mind these points to solve their strategic management assignments. For strategic management assignment writing help, you can contact to BookMyEssay.
Strategic Management coordinates and integrates the activities involving several functional areas of a business. This is done to achieve long term objectives of the organization. Strategic management answers three most basic and fundamental questions dealing with the business of any organization. These questions are “What to do?”, “For whom we are doing it?” and “How to do it in a better way?”. Initially the strategic management starts with the compilation of the data which is needed for determining the vision and the mission of the organization.
How Strategic Management Works?
There are several areas where strategic management works. These areas are as follows:
- Competition Strategy: Every Company has several competitors in the market. Business is driven by the competition in various organizations. Competition strategy involves a long term plan to have an edge over the arch rivals in business. This strategy can be applied in any area of working. It is mostly used in the advertising campaigns where strategies are planned to encourage the product and discouraging the use of competitors’ product.
- Business Strategy: It is a strategy planned for creating long term objectives of the company. It can be achieved by putting efforts in its implementation. These strategies are made according to the point of view of the top management of the company.
- Empirical Method Strategy: This strategy is used to plan the areas related to the prices of the goods and services, their sales, response of the consumer and the productivity of the employees. The use of empirical methods in this strategy is very essential for linking cause to the effect. It is mainly a regression analysis which is meant to answer specific questions like how data is analyzed, how others have done it and how it should be presented.
- Miscellaneous area Strategy: It includes those areas which are not paid much attention to. These are areas and strategic advantage profile, financial and non-financial analysis, identification of critical success factors and balance scorecard and key factor ratings of the company.
Models of Strategic Management:
There are basically three models of strategic management. These are as follows:
- Adaptive Strategy Model: This model refers to the alignment of resources and capabilities by studying external and internal business conditions. It also takes into account the industrial risks and opportunities. When the environment of a business changes this model plays an important role to input modifications in the business according to the changes observed. It smoothens the various continuous and simultaneous operations of the business.
- Linear Strategy Model: This model refers to the integrated decision making processes and the operations employed to gain the objectives. In this model, there is room for the organization to modify the range of products and services according to the need of customer and market.
- Interpretive Strategy Model: This model takes into account the development of references to make the stakeholders understand the working of the business and its environment. In this model strategies are formulated according to the latest changes or developments in the corporate culture.
Professional Help for Strategic Management Assignments:
Often people are confused between the terms strategic management and strategy. Strategic management is a broader term than strategy. It is actually the process of planning, monitoring and analyzing the status of the company. It is done to achieve the goals and objectives of the company. It includes all the procedures and actions done to have better performance of the company. BME offers online assignment writing help for strategic management assignments in a professional way. It deals in all areas related to the strategic management like business strategy, competitive strategy etc. Writers at BME are well versed with the terminologies used in the writing of all strategic management assignments. So our assignments are genuine and 100% plagiarism free.