What is the important of Strategic Management framework in property management?
to help them accomplish their specific organization objectives
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The ultimate importance of strategic management is to lessen red tape and reduce bureaucratic overload so as to streamline management practice and create a larger potential fo…r profit and dividends thus improving the bottom line.
Strategic management is the process of developing and executing a series of competitive moves to enhance the success of the organization both in the present and in the future.… These competitive moves are derived from the demands of the external environment in which the firm operates as well as the internal capabilities which it has developed or can reasonably hope to build or acquire. While managers may follow somewhat different strategic management routines, a sound process should include an analysis of the current business situation, the formulation of objectives and strategies based on that analysis, and an implementation and evaluation procedure that ensures progress toward each strategy and objective. This article focuses on the formulation of appropriate strategic objectives based on a sound understanding of the internal and external environments faced by the firm. A brief discussion of implementation is included though this topic is covered in greater detail in other entries. As nobody can surely predict the future, it is sensible to have a number of options available to directors and managers that can be put in place relatively quickly. The key to all strategic management is having a transformation process working to move you from where you are now to where you want to go. That transformation process needs to be built upon people in the business, as they are the people that are going to get you there. The transformational process needs to be a two way process, because just issuing out directives from on high will not work. Everyone in the business needs to buy into the process both mentally and physically, otherwise rather than being an ambassador for the company, they become an assassin within the company. As harsh as it sounds, people need to Fit in or F* off (FIFO). The hardest part of any change management process is convincing people internally to do it and them seeing the benefit of the change, which is not always easy to do. This can only be done by not just putting a process in place, but actually changing the mental attitudes of the staff and the new processes becoming their normal business behaviour. Within every successful strategic management group you also need a innovation cell (often the most difficult to cultivate) to think out of the box and to question normal business behaviours and processes, otherwise there is a danger that the Executives will be marking their own homework, and convince themselves they are always doing the right thing.
One of the most significant reasons is that it can make a difference in how well an organizations performs. The most basic questions about strategy look at why firms succeed o…r fail, and why, when faced with the same environmental conditions,their performance levels vary. The organizations that use strategic management do have higher levels of performance,and that makes it pretty important for managers..
Strategic management used to play a different role in more predictable times after the Second Word War. Strategic plans of the past usually range 3 to 5 years. Some companies …could even have plans for 10 good years. That's not possible today given rapid evolution of our society.. What still matters in strategic management lies in the value of planning ahead. There's an old saying that if you fail to plan, you are planning to fail. By acting on this, strategic management actually gives the organization direction, a sense of identity and unity towards what the business goal. Therein lies the continued importance of strategic management towards business success
1.It results in higher organizational performance. 2.It requires that managers examine and adapt to business environment changes. 3.It coordinates diverse organizational units…, helping them focus on organizational goals. 4.It is very much involved in the managerial decision-making process.
Strategic management is the art and science of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its objectives.…. It is the process of specifying the http://www.answers.com/topic/organization 's objectives, developing policies and plans to achieve these objectives, and allocating resources to implement the policies and plans to achieve the organization's objectives. Strategic management, therefore, combines the activities of the various functional areas of a business to achieve organizational objectives. It is the highest level of managerial activity, usually formulated by the http://www.answers.com/topic/board-of-directors and performed by the organization's http://www.answers.com/topic/chief-executive-officer (CEO) and executive http://www.answers.com/topic/team .. Strategic management provides overall direction` to the enterprise and is closely related to the field of http://www.answers.com/topic/organizational-studies .. courtesy : http://www.answers.com
Good Project Management is critical to keeping strategic targets on schedule.. A strategic plan is usually management-driven and forward-looking. That means your strategic pl…an may take over three, five or ten years to achive it's goal. During that time, you need a heartbeat, or tracking method - to ensure everything is on the right course; or corrections are made at the right time to keep it on course.. Any activity performed during the course of a project to ensure it remains on target is called Tactical Planning. Tactical Planning Decisions are made for short-term goals. A good project manager will monitor the overall life-cycle of a project, and suggest changes or adjustments as needed, depending on their requirements (Cost, Quality and Time drive most schedules...)
The Property management is the part for your property maintenance. You only decide the best association service company that is appropriate for your profile. At the moment it …is very simple to search. You only choose the right company from that long list.
what is mean of extrapolation in management practise?
experience and vision connot guarranty success in business.
It is controlled in the symbolic places. they get reperesented differentley to everything else though.
It is a plan to grow a business at a reasonable rate. If the business grows too slowly, there is not enough profit to keep the doors open, and if it grows to fast, the economi…c resources of the business cannot keep up with the growth.
environment scanning . formulation . implementation . evaluate
Knowing that I am only 13, for me managers do strategies called PECs or Personal Entrepreneurial Competencies that includes how to manage their business properly. these ar…e the examples of PECs, Vigilance for Opportunities, Creativeness, Commitment to Work Contract, High- Energy Level and many more, PECs is really a great guide. As long as you follow it, the more you successfully run your business. .
A company is said to have strategic goals if in fact it creates business or change of business. Here is one example. A company like Pepsi Cola, retains its customer base in co…la sales, however, develops a new policy that is geared to expanding its business base by deciding to compete in non-cola beverages. This new policy can be said to be a new strategy.
Strategic management is critical to the development and expansionof all organizations, as it aligns the mission and vision withoperations. In deep, Strategic management repres…ents the science ofcrafting and formulating short-term and long-term initiativesdirected at optimally achieving organizational objectives. Strategy and a company's mission statement and vision areinherently tied, and constitute the core concepts that allow acompany to execute these goals. Following this, the companystrategy must constantly be edited and improved to move inconjunction with the demands of the external environment.