The Meaning of Strategic Management Strategic management is a unique way of achieving desired goals and objectives. so strategic management is simply defined as the art and science of formulating, applying and assessing cross-functional decisions that allow an entity to accomplish its goals and objectives. this management process mainly involves three functional areas including understanding …
Simply, stakeholders mean, an individual or groups who care about the business organization. So stakeholders are so important to every business organization. Every business organization should care about their stakeholders just because stakeholders and the business organization heavily depends on each other. In this article, we briefly describe some important terms about stakeholders, this includes …
Stakeholder analysis; Meaning, importance, Types, and Stakeholder Mapping Read More »
A strategy means, a smart way of determining and accomplishing goals and objectives. In this chapter, we discuss some key areas about strategies in the business context. This consists of, an introduction about strategy, elements of strategy, perspectives of strategies, and finally, levels of the strategies. What is a strategy? Simply a strategy can be defined as performing different activities, from competitors or performing the same activity in a unique way from the competitors. And also, Henry Mintzberg defines this as a form of a stream of decisions. According to Hitt, a strategy is a combined and synchronized set of commitments and activities designed to exploit fundamental competencies and increase a competitive advantage over others. Moreover, (Nicolaj, 2019) states strategy as a distinguishing array of interdependent choices that address certain questions.By considering all the above definitions about this term, there can be seen efforts to accomplish sustainable competitive advantage by preserving what is distinctive about an organization Elements of strategy There are mainly four elements and. It includes, An objective to achieve Where to compete (product, customer, Geography) Value proportion Source of competitive advantage Perspectives of strategies When considering about perspectives of strategies, there are the normative perspective and the descriptive perspective. From a normative perspective, the S is recognized as a science and developed purposefully step by step. And when it comes to descriptive perspective, it is recognized as an art. It emerges situational and does not develop purposefully. And also, creativity and imagination are used in descriptive perspective. Levels of strategy there are 3 levels such as corporate-strategy, Business-level …
Controlling or control is an essential function in management. It is interrelated with other management functions as well. In simple words, the controlling function means a managerial function that compares actual performance in the organization with planned activities. This function helps managers identify any mistakes or errors and mitigate the risks of their plans. This …
What is the meaning of leadership? , there are many definitions for leadership. It is an art of influence on people to achieve a common goal. Alternatively, leadership can be defined as a process of inspiring others. This chapter briefly describes some essential areas about leadership, including the definition of leadership, qualities of a good …
Organizing is another important function in management to accomplish goals and objectives. After establishing the organizational goals and objectives, the entity needs proper arrangements for achieving them. In this chapter, we describe the organizing function. This chapter includes the definition of organizing, core concepts in organizing such as work specialization, the chain of command, authority, …
In this chapter, we explain the planning process in management. The planning process is the primary function in management. This chapter covers about, a brief introduction about planning, how it’s important to the organization, what are the levels in this process and many more. Learning outcomes Understanding planning The importance Characteristics of good planning Levels …
Definition of management.!!! Many management students are very interested in management, usually looking for a specific definition of management. This chapter includes management definitions, the importance of management, management process, and some core concepts in management. After reading this, you will gain a good basic knowledge about management. when considering about definition of management There …