Assignment no. 1 Research the following topics.

Overview of Strategic Management

Strategic Management is the identification and explanation of strategies that

managers can manage to achieve better performance and competitive advantage for
their organization. A firm is said to have a competitive advantage if its profits exceed
the average profits of all the companies in its industry. Strategic Management can
also be defined as a set of decisions and actions that the manager undertakes and
determines the result of the company’s performance. Managers must have a
thorough understanding and analysis of the general and competitive organizational
environment in order to make the right decisions. They need to perform SWOT
Analysis (Strengths, Weaknesses, Threats, Opportunities). That is, you must
maximize your strengths, minimize your organization’s weaknesses, take advantage
of opportunities that arise from your business environment, and not ignore threats.

Strategic Management Process

The Strategic management process is a continuous culture of valuation that the

company adopts to outperform the competition. This is as simple as it sounds, it is a
complex process that shapes the overall vision of the organization for present and
future purposes. The way different organizations create and carry out their
management strategies is different. As a result, there are different models of the
strategic management process that an organization can adopt. The correct model
depends on a number of factors:

 The existing culture of the organization.

 Market dominance of the organization.
 Leadership Style.
 The organization’s experience in creating and implementing SMPs.
 Industry and competition.
 Strategic Management Challenges

Businesses have always faced strategic management challenges, but in the 21 st

century things are changing, and so are the challenges organizations must face
to ensure future success. Regardless of whether companies operate locally or
internationally, the same challenges must be overcome. The following are the 21 st
century Challenges in Strategic Management.

 Deciding whether the process should be more an art or a science.

 Deciding whether strategies should be visible or hidden from stakeholders.
 Deciding whether the process should be more top-down or bottom-up in
their firm.

References:

Cameron, Steffani (2019) What Are Three 21 st Century Challenges in Strategic

Management? Retrieved on October 27, 2020. From https://www.bizfluent.com/list-
7605927-three-century-challenges-strategic-management.

Strategic Management – Meaning and Concepts Retrieved October 27, 2020. From
https://www.managementstudyguide.com/strategic-management.htm

Strategic Management Process: What Is It? Retrieved October 27, 2020 From
https://www.stratadecision.com/blog/strategic-management-process-what-is-it/
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