Defining about Strategy Management and explaining about its importance
It is the strategy management techniques that help the organization to develop varied strategies. In simple terms these are the plans showing how the organization will work and do business. It also shows the competing level of organization with other firms and how they attract customers. This model of business is for making money. This strategy management is important for basic three reasons like how the organization is performing, importance of helping the managers to cope up with changing situation and thirdly coordinate and focus more upon employee’s effort.
Explanation of what manager does through the six step process of Strategy Management
Basic six steps including the strategy management that is planning, evaluating and also implementation has been necessary for business. These include steps like: identification of organizations goal, external analysis, internal analyzing, form various strategies in order to implement the strategy and lastly evaluation of those strategies. It is all done with strength of resources organization have. If the organization doesn’t work well then it is called weaknesses. Opportunity is always a positive side whereas threats are negative.
Description of three category of corporate strategy
If an organization is expanding the business growth then this is of growth strategy. It could be either services or products. The strategies include concentration, integration both horizontal as well as vertical, and diversification. If organization is not showing any changes then it is stable. Both retrenchment and turnaround strategy are meant for showing what actually the organization is facing through. This can easily be shown through the BCG graph matrix. In fact, the share of market shows how well this is done. Four basic categories shown on BCG matrix are cash cows, question of marks, stars and dogs.
Competitive advantages description along with how do competitive strategies various organizations that are used to get them
It is the distinctive edge that keeps the organization aside. In fact it also becomes the basis for the strategy of an organization. The five competitive strategies can easily be shown with the help of Porter’s forces model and it rules the industry. The forces would include threat of substitutes, new entrants, bargaining power of all the buyers and suppliers lastly power of rivalry. Thus a strategy that could keep them safe is cost of leadership, differentiation and focus.
Talk on the current issue of strategy management
Managers are bound to face these categories of strategy issues that include strategy of leadership, flexibility of strategy, strategy meant for today’s environment. The first one strategy leadership is meant for the ability of anticipating, marinating the flexibility and thinking quite strategically to work with those of other organizations. This is done for creation of organization that will work valuably for futures following the 8 keys of dimension. The strategy based flexibility is for recognizing the changes in the external surroundings for better resources commitments and also for right decision making process. This strategy is necessary as often managers arisen facing varied issues.
Managers are provided with e-business strategy for reduction through costs and differentiate the products. In fact the e-business is also a click and bricks strategy that would combine all online and the traditional businesses. Thus the managers of strategy management team are more conscious for their customers need and also focus on culture that takes care of customers. In fact the manager at this strategy management team can try to be more innovative along with timing.