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    Brilliant Business - Strategic Management
    Brilliant Business - Strategic Management
    Brilliant Business - Strategic Management
    Ebook167 pages1 hour

    Brilliant Business - Strategic Management

    By Niall McCreanor

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    About this ebook

    "Brilliant Business: Strategic Management" is a book that provides readers with a comprehensive overview of the various strategies and best practices involved in managing a successful business. The book covers a wide range of topics, including analysing the business environment, defining business strategy, marketing and sales, financial manageme

    LanguageEnglish
    PublisherDagda Publishing
    Release dateMay 1, 2023
    ISBN9781803526874
    Brilliant Business - Strategic Management
    Author

    Niall McCreanor

    Niall McCreanor is an Irish author with a love for the extraordinary. Niall has a strong marketing background having worked with some of the worlds biggest brands and Niall is also a podcaster. Feel free to get in touch with Niall via Twitter -- @niallmccreanor

    Read more from Niall Mc Creanor

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      Book preview

      Brilliant Business - Strategic Management - Niall McCreanor

      I. Introduction to Business Management Strategy

      Business management strategy is a critical component of any successful organisation. As noted by Mintzberg et al. (2005), strategy involves a pattern in a stream of decisions that defines the organisation’s goals and objectives and guides its actions and operations over time. In other words, strategy is about making choices that create a sustainable competitive advantage for the organisation (Porter, 1996).

      This chapter gives an overview of business management strategy, including why it’s important and how it applies to organisations of all sizes and types. We start by talking about what strategy is and its most important parts, such as vision, mission, goals, and objectives. Then, we look at the different kinds of strategies that companies can use, such as differentiation, cost leadership, and focus (Porter, 1980).

      Next, we explore the role of strategic planning in organisations and how it can help to align goals and objectives with actions and operations. We also talk about how important implementation and evaluation are in strategic planning, as well as how important it is to keep getting better and change with the times (Ansoff, 1987).

      In the last part of the chapter, we talk about how important business management strategy is in today’s complex and changing business world. We argue (Mintzberg et al., 2005) that organisations that don’t make and use good strategies are less likely to survive and do well in the long run.

      Why Business Management Strategy Matters

      Business management strategy is important for the success of any company, no matter how big or what industry it is in. Porter (1996) said that strategy is about making decisions that give the organisation a competitive advantage that can last. In other words, strategy helps organisations to focus their resources and efforts on the activities that are most likely to lead to success.

      One of the key reasons why business management strategy matters is that it provides a framework for decision-making. By defining the organisation’s goals and objectives, strategy helps managers to prioritise their actions and allocate resources effectively (Mintzberg et al., 2005). Without a clear strategy, organisations may struggle to make decisions that are aligned with their overall vision and mission.

      Another reason why business management strategy matters is that it helps organisations to adapt to changing circumstances. In today’s dynamic business environment, organisations must be able to respond quickly to new opportunities and threats (Ansoff, 1987). A well-defined strategy can help organisations to anticipate and respond to changes in the market, industry, or competitive landscape.

      Finally, business management strategy matters because it helps to create a sense of direction and purpose for the organisation. By defining the organisation’s vision and mission, strategy provides a clear sense of what the organisation stands for and what it is trying to achieve (Kaplan & Norton, 2008). This can be a powerful motivator for employees and stakeholders, helping to create a shared sense of purpose and commitment.

      Business management strategy matters because it provides a framework for decision-making, helps organisations to adapt to changing circumstances, and creates a sense of direction and purpose for the organisation. Without a clear strategy, organisations may struggle to achieve their goals and objectives, and may be at risk of falling behind their competitors.

      Overview of Business Management Strategy

      (Mintzberg et al., 2005) say that a business management strategy is a set of decisions and actions that a company takes to reach its goals and objectives. It means figuring out what the organisation’s vision and mission are, setting goals and objectives, and making sure that resources and actions are aligned to reach those goals. Effective business management strategy can help organisations to create a sustainable competitive advantage and achieve long-term success (Porter, 1996).

      One of the key components of business management strategy is vision. The vision statement describes the organisation’s desired future state and helps to inspire and motivate employees and stakeholders (Kaplan & Norton, 2008). A well-crafted vision statement can help to create a sense of purpose and direction for the organisation.

      Another important component of business management strategy is mission. The mission statement describes the organisation’s purpose and core values, and provides a framework for decision-making and action (Kaplan & Norton, 2008). A clear mission statement can help to ensure that all stakeholders are aligned around a common set of goals and objectives.

      Setting goals and objectives is also part of a business management strategy, along with having a vision and mission. Ansoff (1987) says that goals are broad statements of what the organisation wants to do, while objectives are specific, measurable, and time-bound goals. Effective goals and objectives can help to focus the organisation’s efforts and resources on the most important activities.

      Lastly, a business management strategy involves making sure that the organisation’s actions and resources are in line with its goals and objectives. (Mintzberg et al., 2005) This could mean coming up with specific strategies and tactics for each goal and allocating resources in a way that helps these strategies work. Effective alignment can help make sure that the organisation makes the most of its resources and meets its goals and objectives in the most efficient and effective way possible.

      Business management strategy is a set of decisions and actions that organisations take to achieve their goals and objectives. It involves defining the organisation’s vision and mission, setting goals and objectives, and aligning resources and actions to achieve them. Effective business management strategy can help organisations to create a sustainable competitive advantage and achieve long-term success.

      Importance of Business Management Strategy in Today’s Business Environment

      In today’s complex and changing business world, it is more important than ever to come up with a good business management strategy. Companies face a range of challenges, including rapid technological change, evolving customer preferences, and intense competition, and a well-developed business management strategy can help companies to navigate these challenges and achieve sustained success.

      One of the most important things about business management strategy is that it helps companies stay competitive in a market that is always changing. By developing strategies that are aligned with market trends

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