Strategic Management Essay Example | Topics and Well Written Essays - 2500 words - 10

Strategic Management - Essay Example Positioning of the organisation through strategy, responding to real time issues through strategic management and managing the resistance offered by the competitors through systematic planning are some of the broader aims of strategic management (Ayanda, M., n.d.). There are a few key attributes that strategic management addresses. It helps the organisation to move towards its goal and achieve its objectives. It helps the stake holders to be a part of the decision making body. The need of incorporating short term and long term goals can be identified. It also helps in understanding the trade off between efficiency and effectiveness in order to achieve the goals of the organisation. Some theorist do believe that the traditional approach is the standard approach to strategic management however it can no longer cope up with the complexities of the new demands (Dess, et.al., n.d). Brinkerhoff had a very simple way of defining strategic management. He defined strategic management as ‘looking out’, ‘looking in’ and ‘looking ahead’. According to Brinkerhoff looking out means, evaluating the environment in order to set organisational goals and also recognise the potential stakeholders. By looking in he means to identify the strengths that the firm possesses meaning the resources like finance and the man power. Looking ahead points out at formulating strategies and allocating resources to set targets and evaluate performance. Strategic management mainly consists of the following five factors. They are setting goals, analysing, strategy formation, strategy implementation and evaluating the strategy. These factors need continuous interaction and feedback between them (Susan. n.d.). The Balance Scorecard is an effective tool by which organisations can evaluate its performance which in turn helps to accomplish the vision.