Why Strategy Is Important to Business
Why Strategy is Important to Business
Linda Ann Gonzales
March 7, 2012
Management Policy and Strategy: MT460-03
1201B
Unit 2
Abstract
This project is about why it is important to apply the strategic management process to business and at the same time will be discussing the importance of strategy for business. This paper will continue to explain the concept of the strategic management process, and will discuss the importance of having a future oriented plan, the organization’s vision, mission, purpose, philosophy, or goals, and the strategic process as input for future decision making. The information gathered will be provided from the ebook, Strategic Management, 12th Edition, Authors, John A. Pearce, II, Villanova University & Richard B. Robinson, Jr., from the University of South Carolina. In addition other resource from the Internet will be used.
Why Strategy is Important to Business
Why Strategy is Important to Business
Strategic management begins with the company’s vision, mission, and goals. With these in the forefront of the decision making process, CEOs and higher-level managers or officer, and company executives develop, devise and create strategic plans for the long-term success of the firm. A strategy is a company’s game plan (Pearce & Robinson, 2011); it is a framework created and initiated at the start of a business used to clearly define company objectives for the overall present and future success of the company. Dobson, Starkey, & Richards (2004), in their book, “Strategic Management: Issues And Cases” state, “A well defined strategy integrates an organization’s major plans, objectives, policies and programmes and commitments into a cohesive whole” (Ch. 1). Top-level managers, such as CEOs, board of directors, and administrative Officers, are involved in the umbrella of the company’s strategic planning. Dobson et al. (2004) define management, “,,,in terms of its function as those activities that serve to ensure that the
Linda Ann Gonzales
March 7, 2012
Management Policy and Strategy: MT460-03
1201B
Unit 2
Abstract
This project is about why it is important to apply the strategic management process to business and at the same time will be discussing the importance of strategy for business. This paper will continue to explain the concept of the strategic management process, and will discuss the importance of having a future oriented plan, the organization’s vision, mission, purpose, philosophy, or goals, and the strategic process as input for future decision making. The information gathered will be provided from the ebook, Strategic Management, 12th Edition, Authors, John A. Pearce, II, Villanova University & Richard B. Robinson, Jr., from the University of South Carolina. In addition other resource from the Internet will be used.
Why Strategy is Important to Business
Why Strategy is Important to Business
Strategic management begins with the company’s vision, mission, and goals. With these in the forefront of the decision making process, CEOs and higher-level managers or officer, and company executives develop, devise and create strategic plans for the long-term success of the firm. A strategy is a company’s game plan (Pearce & Robinson, 2011); it is a framework created and initiated at the start of a business used to clearly define company objectives for the overall present and future success of the company. Dobson, Starkey, & Richards (2004), in their book, “Strategic Management: Issues And Cases” state, “A well defined strategy integrates an organization’s major plans, objectives, policies and programmes and commitments into a cohesive whole” (Ch. 1). Top-level managers, such as CEOs, board of directors, and administrative Officers, are involved in the umbrella of the company’s strategic planning. Dobson et al. (2004) define management, “,,,in terms of its function as those activities that serve to ensure that the
References: Dobson, Paul, Starkey, Kenneth, & Richards, John. (2004). Strategic Management: Issues And Cases. (2nd ed.) John Wiley & Sons. Blackwell Publishing, Ltd. ISBN 978-1-451-1181-2. Pearce, J.A., & Robinson, R.B. (2011). Strategic management: Formulation, implementation, and control. (12th ed.). New York, NY: The McGraw-Hill Companies, Inc. Strategic Management Process-Meaning, Steps and Components. (n.d.). Retrieved from http://www.managementstudyguide.com/strategic-management-process.htm.