Significance of Strategic Management

The Purpose of this paper is to discuss the reflective essay on the importance of strategic management. It further demonstrates an important personal insight into development as a strategist. Most of the companies have an ambitious plan for growth and development. Strategic management is important for accomplishing organizational objective (Freeman, 2010). It allows setting up of goals and primary issues that help in managing the internal environment. The consequences related to the organization are important to be managed efficiently.  The significance of strategic management is important into the mainstream usage of different management tools. This includes usage of several critical operational tools that helps in conducting business effectively.  It consists of managerial activity of setting goals and tactics that ensures a variety of decisions (David, 2011). The strategic management is important for three components that include strategic analysis, strategic choice and strategic implementation. I found strategic operations as an important part for future endeavors. As a student, strategic decisions are important for managing the daily routine. The various components of the strategic management process allows in managing the requisite work by ensuring implementation of strategies. It is important task in an organization to implement the strategies through proper analytical tools. According to my understanding, it is important to critically analyze the strategies in order to manage the activities. Strategic management is important for managing the strengths and weakness in an effective way (Knott, 2015). Key awareness related to strategic implementation is necessary for gaining long term sustainable goals. Effective strategies depend upon the quality rather than on how it is been implement. While studying my individual experience states that the organization can only succeed if the strategies in a way it allows in gaining efficiency at work. A sound well thought plan is important to be implemented in order to gain precision at work.   Strategic implementation requires completing the tasks in an efficient way. It requires an effective implementation of the plan. Each piece of work is relevant to the business opportunity and helps in accomplishing related goals (Hitt, Ireland and Hoskisson, 2012).

It is important to put action plans to allow the business organization to gain effective result. Deciding the deadline related t the task will help in managing the activities in an effective way.  After reviewing the strategies it is important to develop the business channels in order to manage the work in an effective way. My personal experience states a necessity to add organizational interest in order to gain tasks.  The strategist needs to make sure that the team is highly motivated. In such a situation it is relevant for the team to acquire support to form a relevant strategy. An individual needs to contribute in an effective way by ensuring the contribution of the team. It is important to own the success program in order to review the overall program.  The implementation calendar requires developing the strategies in an effective way by ensuring multiple strategies.  A strategist has a responsibility to keep a track over the activities that are important in a normal course of action.  The purpose is to gain long term sustainability in gaining required purpose (Hill, Jones and Schilling, 2014).

Personal Development as a Strategist

As a strategist the key challenges faced in the organization are related with the issues that are not in control of an individual. Strategic planning is a process that help stakeholder in managing the organization. Having seen so many strategies it is important to understand the reason behind the failure. Lack of leadership is one of the reasons that cause failure (Thompson and Martin, 2010).  The members in the organization contribute towards the success plan in managing the activities in an effective way.  Strategic thinking is guided by vision, mission and future Endeavour. Strategic thinking is about managing the activities over the time in spite of unforeseen circumstances. There is a necessity to manage the activities in an effective way by organizing the issues. In true consensus it is important to manage the activities by enhancing the productivity (Slack, 2015). One cannot predict the future contingencies that might occur in an organization. As per my personal experience it is relevant to develop an integrated business model to add effectiveness in the organization.  Overly ambitious plans are harmful for the organization in order to manage the activities.  Too many goals in the organization affect the overall productivity. Leaders need to provide an efficient model that allows in managing the activities. Lack of momentum in the short term is one of the major reasons that effects implementation of strategies for the future prospect.  Organizations are lacking effectiveness in creating a momentum due to uncontrollable business environment. Ideally during the planning process a business organization need to evaluate an effective plan to discover areas of growth and development. It has become important to identify different measures that are associated with the strategic implementation of objective (Rothaermel, 2015).

Strategic management discipline helps in understanding different ways through which an individual can implementing strategies in future. This will allow me to grow as an efficient leader by providing eminent services to my organization. While interacting with the business it is important to develop an understanding related to various objectives in an organization that will allow in managing task. This has become important for me to manage the activities in a critical way in future by developing an insight into the activities.

In order to achieve success it is important for a business organization to develop activities in the best possible way that will allow in gaining accuracy in managing work.  A rapid change in the business environment needs to be made in an effective way by understanding the future endeavors. It is important to understand various business activities that are relevant in term of future expansion (Foss and Knudsen, 2013).  All the learning derived need to be implemented in the future so as to manage the activities in a best possible way.  Strategic management is one of the significant constituent in developing effective activities. This will allow an individual to understand business more efficiently. My reflection paper provides an insight on how an individual can significantly improve the productivity. The academic knowledge undergone will allow in managing the business activities efficiently (Grant, 2016).

Challenges in Strategic Planning

Strategic management disciple is significant from the future point of view where the knowledge can be utilized appropriately by meeting the appropriate goals.  It helps in better decision making and to develop knowledge that is important for engaging in a productive activity (Morden, 2016).

The Value chain analysis in managing the business activities help in managing the strategies as per the competition in the market.  It is necessary to improve the business system in order to generate efficiency. The competitive advantage is to arrange the activities in a way it increases the overall productivity. The main purpose is to guide the organization by improving the level of customer satisfaction. The organization margin depend upon the way in which business is been carried. By reconfiguring the value chain the organization will be benefited. Value chain is accessible only if an individual develop competitive advantage in the business by adding differential cost.  The main advantage of Value chain is due to its adaptability.  This has helped in ensuring high productivity.  To ensure high productivity value chain analysis studies the factors and makes estimation in relation to implementation of business function (Markgraf, 2017).

Valuable	Yes (By creating valuable services for future)
reliable	Yes( reliable services for the organization )
Imitability	No( services need not to be imitable )
Organization	Yes( to create strategic capability in order to gain advantage )

The strategic capabilities are business activities that help stakeholders in shaping the business.  The Process of shaping business activities requires an actionable plan. It is a major component that helps in managing business viability. Business groups related to the organization helps in managing the market in a strategic way.  As a strategist it is my duty to see all the components that are important for managing the capabilities.  Accessing the strategic capabilities is a complex process that affects number of factors in gaining efficiencies. As a business function it is critical to manage the activities by analyzing the functions in an appropriate way.   Business capabilities can only be created in a way that helps in managing the activities to arrange the business function. The functionality need to be implemented in a way it helps in arranging the business activities.  These activities are important for the future point of view in order to manage the different circumstances. It is important for a business organization to analyze critically the activities that might affect the future productivity. The purpose is to implement the knowledge in a way that helps in managing the activities in the best possible way. One of the purposes is to coordinate the function as per the changing circumstances.

References

David, F.R., 2011. Strategic management: Concepts and cases. Peaeson/Prentice Hall.

Foss, N.J. and Knudsen, C., 2013. Towards a competence theory of the firm (Vol. 2). Routledge.

Freeman, R.E., 2010. Strategic management: A stakeholder approach. Cambridge University Press.

Grant, R.M., 2016. Contemporary strategy analysis: Text and cases edition. John Wiley & Sons.

Hill, C.W., Jones, G.R. and Schilling, M.A., 2014. Strategic management: theory: an integrated approach. Cengage Learning.

Hitt, M.A., Ireland, R.D. and Hoskisson, R.E., 2012. Strategic management cases: competitiveness and globalization. Cengage Learning.

Knott, P.J., 2015. Does VRIO help managers evaluate a firm’s resources?. Management Decision, 53(8), pp.1806-1822.

Markgraf, B.2017. Key Elements of Business Strategy Implementation. Online. Available at: https://smallbusiness.chron.com/key-elements-business-strategy-implementation-63668.html Accessed on: 2 June 2017

Morden, T., 2016. Principles of strategic management. Routledge.

Rothaermel, F.T., 2015. Strategic management. New York, NY: McGraw-Hill.

Slack, N., 2015. Operations strategy. John Wiley & Sons, Ltd.

Thompson, J.L. and Martin, F., 2010. Strategic management: awareness & change. Cengage Learning EMEA.