Strategic Management Essay Example | Topics and Well Written Essays - 4000 words

Strategic Management - Essay ExampleThe key which we can derive from this verbal description is that outline is of foreseeing and planning for the future in order to optimize the performance of a certain base or entity in order to achieve a long term goal. It is the positioning of that certain entity which leave transcend into an immediate outcome into a wider and greater scheme of things and objectives. As many a translation people view what strategy is, they do not entirely deviate from the real essence of the word. When we reiterate strategy in the matters of business, it is best defined as a specific way a buckram competes in the industry, as said by Collis & Rukstad. There is no such thing as ordinary template when it comes to strategic oversight. There are no pre-defined methods and ways. Every scenario differs from another and each requires a various strategy in order to navigate the complexities and the many variables of the world of business. In order achieve a good strategy, the crucial component is the management. By assessing what components are involved in the formulation of a strategy and discerning how each are related and how one and each of them fit in the larger double requires an adept management team and skill. Herein comes then the concept of strategic management. This is a field which concerns itself with the melt down of action that the management section of the company acts on behalf of its owners in order to better utilize its resources so as to enhance the performance of the company when it is pitted in the external environment. It involves itself on the very indigenous building blocks of the company, which are defining the scope of its objectives and missions and visions (Nag et al., 2007, p. 935). The management should also have a sound and feasible policies and plans that are also capable of being flexible in order to cope up with the ever so changing and volatile times of the business battlefield. It also oversees how the company equips and gears itself in order to grasp the realisation of its objectives and long term goals. In a more simple definition, strategic management provides the overall focusing in reference with and in limitation of what the company has and willing have, its liabilities, and its faults, and potential failure points. By creating consonance and orchestrating the performance of the whole company, it shall then function as an efficient organism, capable of covering up its weaknesses with adjustments that will then be played by the strengths and advantages of the company. As many would put it, strategic management is an on-going mould that evaluates and controls the business and the industries in which the company is involved assesses its competitors and sets the goals and strategies to meet all existing and potential competitors and then appraise each strategy annually or quarterly to determine its effectiveness (Lamb, 1984, ix) One very public and popular tool in or der to come up with a good strategy for the management is the SWOT analysis (Chapman, 2007). This is a very helpful framework for identifying the Strengths, Weaknesses, Opportunities, and Threats (which is also the standing meaning of the acronym). For this paper, the germ will evaluate the SWOT of the Starbucks