What Is Strategic Management Essay

663 words - 3 pages

Running Head: UNIT 2 ASSIGNMENT 1

Geraldine Spinner

January 16, 2012

Management Policy and Strategy


Unit 2

Introduction to Strategic Management


Strategic management is the set of decision and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives (Pearce, 2010). The concept of the strategic management process is screening ideas, development of mission and setting of objectives, the ...view middle of the document...

A vision outlines what the organization wants to be, or how it wants the world in which it operates to be. It concentrates on the future. It is a source of inspiration.

It provides clear decision-making criteria. A vision is more encompassing. It answers the question, "What will success look like?" It is the pursuit of this image of success that really motivates people to work together. Values are hypothetical thought of what we think is good or important. They direct the way we feel and act about certain ideas, things, situations, and people. They are principles which lead us decisions and actions. Organizational values define the acceptable standards which govern the behavior of individuals within the organization. Goals are defined as statements that are formulated and lack of specificity while objectives are likely to appear in exact form ("Strategic Planning"). Goals statements compose of five elements: task, what, who, time frame and deadline (Covey, 2010).
Strategy management provides guidance to the organization and sets the future direction of the organization....

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