Strategic management deals with the management of organization’s or personal resources in order to attain the pre-determined goals and objectives. The process of strategic management comprises of goal setting, competitive environment analysis, internal organization analysis, assessment of strategies and ensures that the strategies are carried out throughout the organization or personal life (Hill Jones and Schilling 2014).
The focal point of strategic management is to assess how well an organization or a person is prepared as compared to its competitors and identifying the potential threats and opportunities whether they come from within or outside the organization or person. Strategic management is the process of exploring present as well as future environments, devising organizational or personal objectives, creating, executing and controlling the outcomes focused on accomplishing the objectives in the present as well as future environment (Hitt Ireland and Hoskisson 2012).
Reflection on How Strategic Management Discipline can help me to Understand My Life Experiences in New Ways
The application of strategic management in my personal life can help me in concentrating on my abilities and talents in the areas where I could generate highest payoff as it is the basis of increasing personal efficiency. Strategic management can help me in value creation through determination of personal skills and strengths and in creating my personal vision and mission statement by developing personal action plan (Rothaermel 2015).
Through strategic planning in my life, I can achieve maximum return on the physical, emotional and mental energy that I devote into my work. It allows me to focus on a specific goal at a given circumstance and increases my productivity. It would be helpful as it cultivates the thought of self-discipline that helps in determining the feasibility of the task and would assist me in applying the skills accordingly to get the best results. By applying strategic management in my personal life, I would be able to focus on the opportunities and threats that arise from my external as well as internal environment and further help me in focusing on the key result areas and augment my inner strength to meet future challenges. Moreover, it can help me in attaining things with a steady pace as I work with a pre-defined deadline (Greco Cricelli and Grimaldi 2013).
Reflection on How I found Strategic Management Helpful in Understanding My Interaction with Business
I found the strategic management discipline helpful in understanding my interactions with businesses because it strategic management form the basic framework of any business. It helps the business in defining its vision, mission, goals and objectives. In the strategic management process, the business is able to do an environmental scanning through the process of gathering, analyzing and gaining information for the strategic objectives (Mellahi and Frynas 2015).
The strategic management helps a business in determining the internal as well as external factors that affects the business operations of the business. It is through strategic management that an organization is able to formulate a strategy to decide on best action plan to achieve the organizational objectives. It further helps a business in implementation of chosen action plan and reviews its performance on a regular basis (Stead and Stead 2013).
Reflection on Relationship Between Strategic Management and other Discipline and the Way in which they are Meaningful
I believe there is a close relationship between strategic management and leadership because a leader is a proficient strategic management professional who takes into consideration every aspect of the business and develops suitable goals and strategies in order to achieve the organizational goals through his far-reaching knowledge of the industry. Though strategic management and leadership are not the same, but they are inseparably interlinked. A virtuous business leader is the one who understands and utilizes the laws of strategic management and a proficient strategic manager will always be a leader in the company (Carmeli Tishler and Edmondson 2012).
Strategic management is directly linked with operations management as strategic management summarizes the key aims and objectives of the organization and helps in identifying the techniques to achieve it through employing of its resources and operations management is the broad technique through which each department uses its resources to achieve organizational goals. Strategic management aims at budget and resource allocation taking into consideration the organization and operations management aims at budget and resource allocation on departmental basis (Brown Bessant and Lamming 2013).
Reflection on Implementation of Strategic Management in other Context
I can apply the theory of strategic management in my day to day life for achieving my daily goals. For an instance, I am a captain of a university cricket team that is supposed to participate in the national-level cricket tournament. In this context, I would do a situational analysis on the strengths in the university’s cricket team such as individual batting strength, bowling and fielding capabilities, the ability to tarp the opponent through tricky bowling techniques and spot the loopholes such as poor economy of the bowlers, misfielding. After I have analyzed our internal strengths and weaknesses, I would look to analyze and scrutinize the external factors such as the other competitors, the reigning champion, the quality of bowlers in the competitors’ camp, the temperature and the moisture in the pitch as well as the pitch quality. After doing the internal and external analysis, I would formulate a action plan to tackle other teams in the initial stages of the competition and review our performances and make necessary changes as per requirement of the team which would benefit the team as a whole (Smith 2012).
Reflection on Application of Strategic Management in other Businesses/Industries/Contexts
Strategic management is chiefly applied in larger organizations and global multinational corporations like Apple Inc and Samsung applies such techniques to manage the complexity of its growing business, so that they can smartly and strategically allocate its capital and resources to achieve maximum benefits and thereby achieve its pre-determined objectives. Assuming that I am an owner of a bakery in Singapore, I can apply strategic management to gain a competitive advantage over local competitors and can also pose to be a threat to large scale businesses that operates in the country through technological innovation and expansion. Through application of strategic planning, I can develop long-term objectives like growth and expansion strategies to compete with global players by establishing vision and mission statement and develop action plan accordingly to suit the requirements of my bakery. Through application of strategic management in my bakery, I would be able to allocate my capital and resources reasonably and ensure they are utilized optimally and generate maximum returns (Kotler Berger and Bickhoff 2015).
Reflection on Using What I have Learned in Strategic Management to apply in the Future
The application of strategic management in the future would help me in having a clear vision and develop appropriate goals and objectives in my personal life as well as in my professional life. Through implementation of strategic management in my personal life, I would be able to achieve my personal goals. Having implemented the strategic management in my personal life would also help me in achieving my professional goals and objectives as it would help me be proactive and target oriented.
Reflection on Strategic Management as a tool of Decision Making
I consider strategic management discipline to a significant approach that helps in better decision making as it helps an organization to be less reactive and more proactive as the organization keeps a constant watch on its competitors products and activities and develops techniques to deal with it accordingly.
Strategic management helps a strategic manager to stand as a leader and in planning and implementing the perfect policies in achieving the objectives. Strategic management helps in identifying the problems that exists within the organization, helps in analyzing the chief cause of the existing problem, facilitates in developing various other situations to deal with the problem and helps in assessing the alternatives and selecting the best method to which could eliminate the existing problems and help in the growth of the organization and lastly implementing the best alternative and receiving feedback (Harrison and John 2013).
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Carmeli, A., Tishler, A. and Edmondson, A.C., 2012. CEO relational leadership and strategic decision quality in top management teams: The role of team trust and learning from failure. Strategic Organization, 10(1), pp.31-54.
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Smith, R.D., 2012. Strategic planning for public relations. Routledge.
Stead, J.G. and Stead, W.E., 2013. Sustainable strategic management. ME Sharpe.