Strategic management is a study which deals with the ways a manager creates a considered decision. The decision may relate with market, finance, organization and so on. In order to know well about the study of strategic management, one must get along with some elements which are explained below.
The history of strategic management study leads us back to the early twentieth century when Frederick Winslow Taylor, an industrialist, managed to implement scientific methods to management. This man was the first man who measured the progress of the business, imitating what the scientists did in their lab. And the result was, the first “strategic management”. However, it needs a few years for his finding to be acclaimed as a unique study.
Increasing efficiency seems to be the main purpose of strategic management. One must apply a certain rule on the business process such that efficiency can be maintained. The rule can be divided into several phases or stages in which each phase has its own goal. For instance, a manufacturer creates a strategic management framework containing three stages which includes marketing research, manufacturing product and promotions.
The goal of marketing research could be to collect information on the type of market while the product manufacturing is conducted to materialize a product which suits the taste of targeted market. The last stage in this strategic management framework, however, is to endorse the brand to create sales. Breaking down a broad framework into small parts with clear objectives will tremendously helpful to increase the process.
There are several devices which are used to conduct strategic management. One of the devices which are the most popularly used is SWOT analysis. This type of device gathers its name from an abbreviation of Strength, Weakness, Opportunity and Threat. By learning these four factors, a company is expected to run a better operated business.
Another tool for conducting strategic management is The Boston Consulting Group analysis, which is named after the firm that founded it. This device sorts out products into two groups, which include market share based products and growth based products.
The success of strategic management is marked by the occurrence of favorable results. These results may include increasing incomes, enhancing market shares, increasing number of customers, and so on—depending on the goals. While goals are made to determine the movement of the business, devices are used to make the path towards the goals.
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