Strategic Management Fundamentals

Strategic Management Fundamentals

INTRODUCTION

Strategic management integrates administration, marketing, finance, accounting, among others, being the art and science of formulating, implementing and evaluating decisions that allow organizations to achieve their objectives. Strategy involves a planning process about how an organization or individuals will achieve the objectives set.

Glossary

1. Management.- Management is the action and the effect of managing and administering. In a more specific way, a management is a diligence, understood as a necessary procedure to achieve something or resolve an issue, usually of an administrative nature or that involves documentation. Management is also a set of actions or operations related to the administration and management of an organization.
2. Strategy.-In the field of administration and business, strategy has been defined as a framework for making decisions about how the business game will play. These decisions, which occur daily throughout the organization, include everything from capital investments to operational priorities, from marketing to hiring, sales approaches, brand efforts and how each individual considers their list of pending tasks every morning.
3. Strategic management.- Strategic management is a process of systematic evaluation of your business, through which the long -term objectives are defined, goals and objectives are identified and, very important: strategies are developed to achieve the objectives and resources are located to implement them.

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4. Strategic analysis.- Strategic analysis is part of the strategic management process and its objective is to determine the strategy that the company has to formulate and implement to achieve its objectives. Through strategic analysis, the company designs a strategy through which to be able to achieve the proposed objectives. This strategy must be the result of the analysis of the environment and the internal analysis of the company, so that through it the company is able to adapt to the external circumstances (market conditions) and to efficiently use its internal resources and capacity.
5. Strategic plan.- The strategic plan is an integrated document in the business plan that includes economic-financial, strategic and organizational planning with which a company or organization counts to address its objectives and achieve its future mission. Throughout its development, the strategic plan indicates the basis for the operation of the company in line with an achievement of future objectives, still ignoring what the future will be. In other words, it will define what actions will have to be carried out at the business level to be able to face the challenges that appear and finally achieve the objectives previously set.
6. Strategic vision.- It refers to the ability to understand and prevent market changes. Learn to identify executives who possess this quality. The strategic business vision refers to the ability to understand and prevent market changes. It is a common characteristic among the executives of successful companies and a quality that must be looked at in the executives they hire.

CONCLUSION

Planning for strategic management develops from outside. Eliminate or minimize all intermediate levels of decision and information transmission, which implies bringing decision making to direct executors of policies that emanate. Good communication between all those involved in the process, including the recipients of their policies and executors;and a good analysis of reality based on the suitability of those who participate in the process;In a constant dialogue with the stimuli of the environment and in an unlimited capacity to recognize the changes and be able to rethink the next step.

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