strategy novelty organizational dynamics strategic planning exploration exploitation strategic management methodology strategic management framework strategic management activities good-to-great strategic intent management leadership strategic management competency strategic control organizational theory environment
See environment for the interpretive perspective of the organization and its strategic management implications. Strategic management is about charting how to achieve a company's objectives, and adjusting the direction and methods to take advantage of changing ...view middle of the document...
createadv antage.com/glossary /strategic-management 1/9
I think of the field relatively broadly. I would say that it encompasses the definition and implementation of an organizational course of action. Central to the determination of those actions is an understanding of the relationship between choices available to a manager and firm performance (which I would define far more broadly than profitability to include dimensions such as innovation and survival). Hence, most research in the field either concerns understanding the links between organizational actions (routines) and performance outcomes, or considers how one actually goes about changing these routines The study of how organizations create value, including not only 'the plan' but also the organizational configuration that it is combined with Marketing -It is a field about what drives performance of certain businesses and which strategy works I view the field of strategic management as eclectic, involving all the various business functions such as finance, marketing, supply chain, economics, psychology, statistics, etc. More specifically, it involves firm boundaries, market and competitive analysis, strategic positions and dynamics, and internal organization The field looks at substantive and process issues such as strategy content, governance mechanisms, strategy choices, market driven strategy, choices of markets, advantage, value propositions, configuration, reacting to markets, and structure, Governance, CEO, leader, strategic choices Management -Developing an explanation of firm performance by understanding the roles of external and internal environments, positioning and managing within these environments and relating competencies and advantages to opportunities within external environments Strategic management is the process of building capabilities that allow a firm to create value for customers, shareholders, and society while operating in competitive markets The study of decisions and actions taken by top executives/TMTs for firms to be competitive in the marketplace Conceptual elements -- from scholar's explicit definitionsnew in order by predominance of mention (Nag, Hambrick, and Chen, 2007, 947, Table 5) -Performance - performance, advantage, value, success, outcomes, sustainability, profits Firms - firm, organization, business, company Strategic initiatives -- actions, plans, strategy, choices, positioning Environment -- competition, environment, market, external Managers and owners -- CEOs, managers, top leaders, executives Internal organization -- process, internal, behavior, implementation, practices, organizing, routines Resources -- resources, capabilities Strategic management has a disparate, ambiguous nature. Strategic management's apparent weakness seems to be its strength. Its amorphous boundaries and inherent pluralism act as a common ground for scholars to thrive as a community, without being constrained by a dominant