Strategic Management Assignment Example | Topics and Well Written Essays - 2000 words - 4

Strategic Management - Assignment Example n and put into adherence through proper and strategically managing of both resources available to the company, that which that the company already possess and taking advantage of it marketing strategy to achieve its goals and those of its shareholders. This paper focuses on strategic management of an organization, its aim and concepts, principles, key factors affecting it such as external, internal and industrial environments. It also describes strategic formulation. Strategic management is the art of making decisions for an organization or company, taking into consideration the competitive market in which the organization finds itself and other factors affecting it in regards to achieving the organizations goals and objectives with the best interest in creating a profitable environment for both the company and its shareholders (Dess, 2005). Strategic management is all about analyses, making choices and seeing that those choices are implemented. Strategies are meant to give the organization or company a focus, direction in which to channel its efforts as per the environment it finds itself in and define major characteristics of the company’s goals. After this analysis, the management group needs to make appropriate decisions, on how to find their place in the market by making great and applicable marketing strategies as to help them gain and a substantial amount of clients, while attracting more for their goods and services in this market regardless of the external competition they face making sure that their ideas of marketing or goods production are not able to be copied by other competitive partners in the market. This means that the company ought to try do everything differently from their competitors in terms of decision making especially due to the constant market competition that they face as this will help them sustain themselves in the market for long as their ideas cannot be copied (Irene M. Duhaime, 2012). After a choice of decisions has been made,