Essay on Strategic Management - 1145 Words

Summary In the domain of management, strategic management encompasses identification together with definition of strategies. Usually, managers employ these strategies to strive for high performance as well as competitive advantage for a business establishment. In this respect, strategic management draws higher profitability if well planned and executed. In addition to that, it includes decisions as well as acts managers set about, and which determines the outcome of the organization’s performance. Incisively, a science is whatever skill that manifests detailed use of facts for a particular purpose. Subsequently, art is clearly characterized as the skill critical for any human tasks. Not only is strategic management a behavioral science,†¦show more content†¦With reference to strategic management, the same principles exist. For instance, cause and effect relationship where lack of stability in authority and responsibility, leads to ineffectiveness. Second is examination of val idity as well as predictability of the subject under consideration. In essence, legality of scientific standards is proved at any convenience. It is important to note that, each test will give similar result. Furthermore, scientific management principles can also be examined for validity by use of standards like unity of command through comparison of two persons. Thirdly, generally accepted principles involve scientific standards which signify basic truth of a specific area of enquiry. Chiefly, these principles are relevant . In brief, strategic management encompasses some cardinal principles for instance the principle of unity, which are used worldwide. Finally, experimentation together with observation is involved which basically makes up thorough scientific look into a field under consideration. Similarly in strategic management, principles founded on scientific research accompanied with observation like the principles highlighted by Henry Fayol. A number of these principles are established by way of experiments as well as practical encounters of managers. From above arguments, it is undeniable that strategic management like other sciences has a well arranged body of knowledge even though it is not like that of other physicalShow MoreRelatedStrategic Management20602 Words   |  83 PagesHammond/Design Pics/Corbis Strategic Management Inputs Strategic Management and Strategic Competitiveness, 2 The External Environment: Opportunities, Threats, Industry Competition, and Competitor Analysis, 32 The Internal Organization: Resources, Capabilities, Core Competencies, and Competitive Advantages, 68 Strategic Management and Strategic Competitiveness Studying this chapter should provide you with the strategic management knowledge needed to: 1. 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