Strategic Management Research Paper Example | Topics and Well Written Essays - 750 words - 2

Strategic Management - Research Paper Example Thus, according to Balanced Scorecard Institute (2014), strategic planning refers to the organizational management activities which set priorities, focus resources and energy and ensure that stakeholders work towards attaining the organizational goals. On the other hand, strategic management is described as a comprehensive set of continuous activities and processes which an organization uses for systematic coordination and alignment of resources and actions to the vision, mission and values of the organization. Thus, planning typically describes a time-bound practice while strategic management is an ongoing engagement. Furthermore, the institute observes that strategic management would be used to define the procedures, policies and themes of an organization as opposed to planning which entails the organization of how resources would be allocated to various business operations so as to achieve its objectives. Thus, strategic management is different from planning. Evaluating the process of strategic management gives further insights into how better to define strategic management. Thus, Dess, Lumpkin and Taylor (2005) define it as both an art and science of formulation, implementation, and evaluation of functional decisions that make an organization achieve its objectives. With this regard, Clayton (n.d.) gives the 5-step strategic management process in organizations. Goal setting involves clarifying the organizational vision eventually leading to the development of a mission statement which succinctly communicates goals to employees and shareholders. The second stage is analysis where the organization gathers relevant information and data for accomplishing the vision. It involves conducting the SWOT (strengthens, weaknesses, opportunities and threats) analysis of the organization. This would then be followed by strategic formulation which involves the determination of strategy, reflecting upon and making decisions to design plans and strategi es to address the