scroll to top
Stuck on your essay?
Get ideas from this essay and see how your work stacks up
Word Count: 1,555
For an organisation to operate it has to first have goals and aims in order to then operate in manner whereby it can achieve the targets it has set for itself Such targets are the basis of what Strategic Management is all about Strategic Management is the process through which managers formulate and implement strategies geared to optimising strategic goal achievement Bartol et al 2001 One of the main general goals of every organization is to gain Competitive advantage in its respective industry Competitive advantage being the significant edge over competition in dealing with competitive forces Bartol et al 2001 This essay will deal with the formulation and implementations of Organisational Strategies which then lead to helping an organization achieve a competitive advantage in its industry We must first look at how strategies are developed in an organization in order to them attain its ultimate goal The strategic management process is divided into two stages namely Strategy Formulation and Strategy Implementation Strategy formulation deals with identifying the need for new missions or strategic goals by conducting competitive analyses and then formulating new strategies to assist in achieving these new strategic goals Strategy Implementation is the process of conducting newly formulated strategies and controlling them as they occur The best strategy for a company depends in the companys performance its particular strengths and weaknesses and opportunities and weaknesses and the opportunities and threats in its particular environment Houlden 1990 page 11 The most important factor in the Strategy Formulation Stage is conducting competitive analyses or SWOT analysis that identify an Organisations Strengths Weaknesses Opportunities and Threats A Strength is an internal characteristic able to improve an organizations competitive situation and a weakness is an internal characteristic leaving the organisation vulnerable to competitors strategic moves An opportunity is an environmental condition offering significant hope for improving an organisations situation whereas a threat is an environmental condition with significant prospects to undermine the organisations competitiveness
@Kibin is a lifesaver for my essay right now!!
- Sandra Slivka, student @ UC Berkeley
Wow, this is the best essay help I've ever received!
- Camvu Pham, student @ U of M
If I'd known about @Kibin in college, I would have gotten much more sleep
- Jen Soust, alumni @ UCLA