Strategic Management - Management Report

Paper Summary:

This report discusses current reasons why strategic management and its techniques are important to business and organizations. It also discusses the importance of analysis, goals, strategies, and techniques that can be used to improve a company's performance in the business world. The techniques discussed include Hoshin Planning and the Balanced Scorecard.

Table of Contents:
Memorandum
Introduction
Strategic Management
Relation between Goals, objectives, strategies, and tactics
Industry Analysis
Strategy Analysis Techniques
Implementation of Strategies
Evaluation and Control of Performance
Hoshin Planning
The Balanced Scorecard
Conclusion
References

From the Paper:

"Strategic management is the process of identifying an organization's objectives by developing plans and policies to achieve these objectives. It is considered the highest level of managerial activity and is performed by the organization's CEO and management team. The decisions that this team makes is what determines the long-run performance of a company. Strategic management does not replace traditional management activities such as financing, accounting, marketing, human resources, and production. Rather, it incorporates them into an extensive context, taking into account the external and internal environment and the organization's overall purpose and direction. Strategic management includes four basic components, and all four interact with each other. Figure 1-1 shows how the four components interact."

Sample of Sources Used:

• David L. Eldredge, James R. Marshall, Abolhassan Halati "The Business Strategy and Policy Game" Los Angeles, CA (1998)
• David A. Kenyon, "Strategic Planning with the Hoshin Process" http://www.qualitydigest.com/may97/html/hoshin.html (May, 1997)
• John A. Pearce, Richard B Robinson Jr., "Strategic Management: Formulation, Implementation, and Control of Competitive Strategy" McGraw Hill (2003)
• J. David Hunger and Thomas L. Wheelen, "Essentials of Strategic Management," (2003)
• Paul Arveson, "What is the Balanced Scorecard?" http://www.balancedscorecard.org/basics/bsc1.html (1998)

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