Strategic Management Essay Example | Topics and Well Written Essays - 2500 words - 11

Strategic Management - Essay Example These, along with many other factors combine to form a strategic plan for a business (Carroll 1993). This further is usually divided into three parts namely the corporate level, the business level and the operational level strategy. Where corporate level strategy is the overall goal or plan of the organization, the business level is a little narrow and focuses on how each will compete within a particular market and lastly the third one is how different units of the business will achieve the business level strategy. For example, a local caterer will have a corporate strategy which will be providing catering services for different occasions, whereas the business level strategy will be to provide special and custom edited services to the various clients and finally for this purpose the operational level strategy will include the training of workforce to provide high quality service and chef training to adjust food according to the client’s individual requirements (Barry 1998). After we have understood what exactly business strategy is, we can now move on to discuss what strategic management in meticulous does. In simple words, strategic management includes the decisions and plans related to the strategies working within an organization. It is a series of steps that form a never ending cycle. In simple words one thing follows the other and is an ongoing process. A strategy is very important because it makes sure that the organization is able to achieve its short term and long term goals and satisfy the various stakeholders. Therefore it is of utmost importance that these strategies are planned and regulated in the best possible way so as to have the result up to the desired mark (Stonehouse 2004). But before this cycle starts off it is very important that the goals of the company are clearly recognized and defined. Apart from the goal there is a mission