Personal reflection on strategic management theory and practice

  • Category:
    Management
  • Document type:
    Essay
  • Level:
    Masters
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    2
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    945

5Reflective Essay for Concepts of Strategic Management

REFLECTIVE ESSAY FOR CONCEPTS OF STRATEGIC MANAGEMENT.

Reflective Essay for Concepts of Strategic Management

The rationale of this paper is to demonstrate my experience of learning the importance concepts of strategic management and public policy throughout the course. Furthermore, I intend to provide the reason for choosing strategic management and of course my expectation as the practitioner of strategic management.

Strategic management and public policy learning process was a fascinating experience as I came to learn several concepts that can be used to position a business entity in the right way to ensure its success. Furthermore, these concepts helped me in sharpening my focus for applying strategic management for the prosperity of the business entity. The core strategic management concept I came to learn is the Strategy formulation concept that involves creation of goals, values and mission statement of the organization (Bryson, 2015). These factors, mission statement, organization goals, and values direct the organization as it pursues the strategic opportunities. It is through the setting of targets that the managers of the organization decide on the strategic management choices such as the steps that they ought to take so as to achieve the sales targets set and generation of high amounts of revenue in the business. Through goal setting measures the organization decides how to compete favorably in the global business area. This strategy involves the development of a long- range plans that can be applied to ensure effective management of the environmental opportunities as well as threats and considering corporate weaknesses and strength because it defines the mission of the company, identifying the achievable goals, setting policy guidelines and developing the strategies (Yodico, 2015). I chose this concept of strategic management because they help me a lot in understanding the strategic management of business as they contribute to making the decision on the factors that can aid in the success of the firm since business strategy consists of series of business choices that leads to the realization of business goals (Jeyarathnam, 2008). This is because, strategy formulation facilitates many actions and the desired results that would be in other ways be difficult to achieve. When the strategic plan is communicated to the members of the organization in advance, it will provide them with a clear vision of the intensions and objectives of the company. Formulation of strategy will help me a lot as a practicing manager to in examining the prospect of change in the future of the organization under my management.

Another fundamental concept of strategic management that I came to learn is the analysis strategy formation. This concept involves the analysis of the firm’s weaknesses and strength comprising of the internal analysis and external analysis as well (Hassinibaba, 2009). Through the external and internal analysis, the organization takes key measures that would ensure that the organization changes the weakness it experiences to strength. Such analysis also enhances strategizing ways that can be implemented to adapt to the technology and emerging markets.

Analysis strategy formation is paramount in any business because through carrying out the analysis of the business, the analysis brings to light the whether the business is sick or healthy (Concepts perception of strategy and strategic management: University case study, 2009). As a result it enables the managers of the business to take up measures to control the factors that are affecting the business for possible failure and then formulate strategies that can make the business prepare for any possible threats from the competitors. I chose this concept of strategic management because it involves planning, evaluating and implementing business strategies in matching business resources to gaining the market opportunities. As a practicing manager, this concept will be fundamental in my career in identifying the strength of the business to know exactly what differentiates my company to my competitors which can provide me a background to knowing measures that I can put in place to give room for the improvement of the company. Furthermore, this analysis will give my company opportunity for growth because I would have already identified the weaknesses and strength of my company and formulated strategies can enhance the development if my company.

The concepts of strategic management and public policy that I have learned throughout this course will help me a great deal in my public leadership endeavors. This is because of emerging trends in the in the organization leadership where the flatter organization model is slowly replacing the traditional public agency models (Lane & Wallis, 2009). Concepts of strategic management for all the public sector leadership comprises of the theory of public leadership that emerges from the commitment of the of the management team. Principles and concepts of strategic management will help me internalize the particular features of the public sector and the overall implications of the rule of law. These concepts learned throughout thus course are important in making the rational decisions because they pay attention to the factors that are most important in the growth of the organization.

References

Antoniou, P. and Ansoff, H. (2004). Strategic Management of Technology.

Technology Analysis & Strategic Management, 16(2), pp.275-291.

Bryson, J. (2015). Strategic Management in the Public Sector: Concepts, Schools, and

Contemporary Issues by Ewan Ferlie and Edoardo Ongaro. International Public Management Journal, pp.1-4.

Jeyarathnam, M. (2008). Strategic management. Mumbai: Himalaya Pub. House.

Lane, J, & Wallis, J 2009, ‘Strategic management and public leadership’,

Public Management Review, 11, 1, pp. 101-120, Business Source Complete, EBSCOhost, viewed 21 April 2016.

Pournasir, S. (2013). Key Success Factors of Strategic Managemnt Implementation in

SMES in Iran. JOIS, 6(2), pp.65-78.

Special Issue of Strategic Organization: «Strategic Management

Theory and Universities». (2015). Strategic Organization, 13(4), pp.365-367.