What is Strategic Management?

  

Strategic Management ActivityCritical thinking, reasoning abilities, and content specific competencies are essential skillsets for business leaders. The ethical application of these skillsets to business principles in a 21st century globalized economy are essential to all professionals and as such, are part of the program objectives for graduate business education.Graduate Business Learners should gain a broad view of organizational performance factors from the general management perspective. Activities are designed to develop the skills needed for effective leadership and management in the 21st century globalized business economy. These skills promote and integrate program outcomes and include decision-making, strategic management, creativity and innovation, leadership, problem-solving, and real-time business application. Activities will also develop research and writing skills that accompany high level responsibility in the academic and business environments. These skill sets will empower business managers, executives, and leaders to perform in a dynamic environment where market expansion is global. Excellence in these areas are essential to organizational viability and will allow Learners to add value to their respective firms and to grow both personally and professionally. One important aspect of Leadership is the ability to create and apply the Strategic direction of an organization. Strategy may be defined as careful plan or method with a coordinated set of actions with direction, the art of devising plans toward a goal.While a strategic plan is multifaceted, the focus is to be on offering or creating value for the firm or customer. This is the only part of the strategic plan that you must present.The first part of your assignment is to choose a topic from the assigned readings that can be related to strategy or strategic planning and management, and present a summary. Your summary should demonstrate your understanding of the major concepts as they relate to the learning objectives and course material.Subsequent to your summary and working with your chosen topic, present the details of how your strategy will deliver value to the firm or the customer. The strategic direction should lead to some organizational objective or success factor for the business (value). This is an opportunity to apply what you have learned, and to demonstrate your ability to achieve Strategic Competitiveness (successful formulation & implementation of a value-creating strategy).Please follow the GraduateEssay Format listed in resources, under additional resources. All assignments must be in APA 6th ed. format.Assignment OutcomesCompare various personalities to maximize effectiveness, appraise values & attitudes Create a method to understand group social perceptions. Recommend strategies that will improve job performance incorporating motivation Solve communication issues and plan for managing stress

Introduction:

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Strategic management is an essential aspect of effective leadership and management in the business world. It involves the application of critical thinking, reasoning abilities, and content-specific competencies that are crucial for business leaders to succeed in a globalized economy. In graduate business education, there is a need to develop skills that promote decision-making, creativity, innovation, leadership, and problem-solving while integrating program outcomes. These skills will empower business managers, executives, and leaders to perform in a dynamic environment, where market expansion is global.

Description:

The focus of this Strategic Management activity is on creating and applying the strategic direction of an organization. Learners are required to choose a topic from assigned readings that can be related to strategy or strategic planning and management and present a summary that demonstrates their understanding of major concepts as they relate to learning objectives and course materials. Subsequently, the learners will present the details of how their strategy will deliver value to the firm or customer.

The strategic direction should lead to some organizational objective or success factor for the business. Learners will have the opportunity to apply what they have learned and demonstrate their ability to achieve Strategic Competitiveness, which involves the successful formulation and implementation of a value-creating strategy.

Throughout the activity, learners will develop critical skills such as comparing various personalities to maximize effectiveness, appraising values and attitudes, creating a method to understand group social perceptions, recommending strategies that will improve job performance incorporating motivation, and solving communication issues while planning for managing stress.

To ensure that assignments meet the required standard, learners are expected to follow the Graduate Essay Format and APA 6th ed. format. Successful completion of this activity will prepare learners to be effective leaders and managers in the business world, where strategic management is an essential skill set.

Objectives:
– To develop critical thinking, reasoning and content-specific competencies among graduate business learners.
– To equip students with the skills required for effective leadership and management in the 21st century globalized business economy.
– To promote decision-making, creativity and innovation, problem-solving, real-time business application, research and writing skills among graduate learners.
– To empower business managers, executives, and leaders to perform in a global dynamic market.
– To emphasize the ethical application of skill sets to business principles in a 21st century globalized economy.

Learning Outcomes:
– Demonstrate an understanding of major concepts as they relate to strategy, strategic planning, and management.
– Evaluate and analyze various personalities for maximizing effectiveness.
– Develop a method to understand group social perceptions.
– Propose strategies for improving job performance that incorporate motivation.
– Demonstrate the ability to formulate and implement a value-creating strategy.
– Solve communication issues and plan for managing stress.

Heading 1: Program Objectives
The objectives of the program are geared towards developing critical thinking, leadership, decision-making, and content-specific competencies among graduate business learners. The emphasis is on ethical application of these skill sets to business principles in a globalized 21st century economy.

Heading 2: Strategic Management Activity
The strategic management activity focuses on developing a broad view of organizational performance factors from a general management perspective. The activity aims to equip graduate learners with the skills required for effective leadership and management in a globalized economy. These skill sets include decision-making, creativity and innovation, problem-solving, real-time business application, research and writing skills, and the ability to perform in a dynamic global market.

Heading 3: Creating and Applying Strategic Direction
Creating and applying strategic direction is an important aspect of leadership. Learners are expected to demonstrate their ability to formulate and implement a value-creating strategy. The activity involves choosing a topic from the assigned readings that can be related to strategy or strategic planning and management and then delivering the details of how the chosen strategy could deliver value to the firm or the customer.

Heading 4: Assignment Outcomes
The assignment outcomes focus on developing skills such as analyzing personalities for maximizing effectiveness, understanding group social perceptions, proposing strategies for improving job performance that incorporate motivation, demonstrating the ability to formulate and implement a value-creating strategy, and solving communication issues and planning for managing stress.

Solution 1:
To maximize effectiveness, it is important to understand different personalities and how they interact with one another. The first step towards this is to appraise values and attitudes. One way to do this is to conduct a personality assessment test on team members. This will help the team leader get a better understanding of everyone’s personality type and the characteristics that define them. Once this is done, the team leader can develop strategies to ensure that everyone is playing to their strengths and that tasks are assigned to individuals based on their skill set.

To understand group social perceptions, it is important to understand how group dynamics work. This can be done by conducting a social perception exercise where team members are asked to share their perceptions about one another. This exercise helps team members understand biases, preconceptions, and judgments that arise in group settings. Once team members have a clear understanding of these issues, the team leader can develop strategies to address and overcome them.

To improve job performance, motivation is key. One way to do this is to identify the factors that motivate individuals. These can be monetary rewards, recognition, opportunities for growth, or simply a comfortable work environment. Once the team leader knows what motivates the team members, he or she can develop strategies to ensure that the workplace is motivating and inspiring. One approach is to set clear expectations for each task, provide regular feedback and reward team members for good work.

Solution 2:

Effective communication is key to managing stress and encouraging productivity. One way to address communication issues is to conduct a team-building exercise where team members must collaborate on a task. This helps team members understand each other’s working styles and improves communication. Additionally, it is important to establish clear communication channels and set expectations around communication. This can mean, for example, setting regular check-ins, providing written feedback, or scheduling team meetings.

To manage stress, it is important to create a positive work environment. This can be done by ensuring that the workload is manageable, taking time to celebrate successes, and ensuring that team members have access to the support they need. One approach is to develop a workplace wellness plan that includes strategies for stress management, such as meditation, yoga, or exercise breaks. Additionally, it is important to encourage open communication and to provide support for anyone struggling with stress.

Suggested Resources/Books:

1. Strategic Management: Concepts and Cases: Competitiveness and Globalization by Michael A. Hitt, R. Duane Ireland, and Robert E. Hoskisson.
2. Strategy: A History by Lawrence Freedman
3. Blue Ocean Strategy, Expanded Edition: How to Create Uncontested Market Space and Make the Competition Irrelevant by W. Chan Kim & Renee Mauborgne
4. The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses by Eric Ries
5. Competitive Advantage: Creating and Sustaining Superior Performance by Michael E. Porter

Similar Asked Questions:

1. What are the most important skills for business leaders to possess in the 21st century globalized economy?
2. What is Strategic Competitiveness, and how can it be achieved?
3. How does creativity and innovation factor into effective leadership and management?
4. What role does ethical decision-making play in strategic planning and management?
5. How can leaders effectively manage communication issues and stress in the workplace to improve job performance?

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