One of the major role of strategic management is to incorporate various functional areas of the organization completely, as well as, to ensure these functional areas harmonize and get together well. I appoint MyMoneyMantra as authorized representative to receive my credit information from Experian for the purpose of providing access to credit & targeted offers ('End Use Purpose') as defined in given Terms & Conditions. Strategic Management is all about identification and description of the strategies that managers can carry so as to achieve better performance and a competitive advantage for their organization. The Strategy Manager must also be passionate about team building and be an outgoing, likable, and relatable individual who forms strong and lasting connections with others. Strategic management best fits with the planning function, and it involves two broad functions. Learn how your comment data is processed. Important Role of CEO in Strategic Management. The company lost the money it had put into developing and producing the product, as well as the reimbursement cost. But it reinforced the core values of fairness and honesty that the company espoused, and demonstrated that quality and customer satisfaction were the company’s competitive advantage. This can be a very time-consuming process and, if not done accurately, can lead to bad strategic decisions. Organizations are supposed to develop in a strategically flexible way so that they can have the ability of shifting from a dominant strategy to another. The employees become more trustworthy, more committed and more satisfied as they can co-relate themselves very well with each organizational task. It may seem that the best way to create competitive advantage is to do everything well. Competitive advantage means that the business outperforms its rivals in the market because customers prefer its products or services. Strategic management is “the means by which management establishes purpose and pursues the purpose through co-alignment of organisational resources with environment, opportunities, and constraints.” (Bourgeois).. 4. In the strategic management process 6 steps, the strategists primarily determine objectives and make strategic directions and actions. Get on promotion fasstrack and increase tour lifetime salary. There are several factors that need to be considered when formulating strategies. Strategic management’s second function is to make sure that the people in the organization support the strategy. When competitors see a company is doing something that customers value, they will try to copy it. Other Duties: The Strategy Manager performs similar duties as he deems fit for the proper execution of his duties and duties as delegated by the Senior Strategy Manager, Head of Corporate Strategy, Director Corporate Strategy, Chief Business Development Officer, or the Employer. Generally, resources are limited and it would be much too costly to try to excel at everything. With strategic management, it usually integrates experience and knowledge that has been gained in various functional areas. Because conditions in the business environment are constantly changing, industry analyses need to be done periodically to keep up with developments. In another example, Southwest Airlines’ management implemented the “Walk a Mile” program in which managers and executives pitch in to help front-line employees. Strategic… Businesses do not exist in isolation. Post your jobs & get access to millions of ambitious, well-educated talents that are going the extra mile. If you are looking for a high-performance sports car you probably won’t go to a Ford dealer. Formalized strategic management usually result to superior performance of the organization. Strategy Coach: The Strategy Manager additionally plays the role of a strategy coach to all departmental leadership within the business, providing much needed support in the formulation of individual department strategies. When strategic management is employed in the organization, it helps the organization to formulate strategies that it will focus on in the changing environment.

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