From this course and program, I learned that strategic management is the management of a company’s resources to achieve its goals and objectives. It is a plan for ensuring that performance targets are achieved and expanded upon. Strategic management provides overall direction by establishing goals-oriented plans and policies and then allocating resources to put those plans into effect (Fuertes et al., 2020). In the end, organizations employ it to gain an advantage over their competitors. I also discovered that creating a business vision necessitates knowledge of global trends, the competitive landscape, and stakeholder expectations. Organizations may increase their long-term competitive position by making strategic decisions and committing to strategic planning. Strategic management may enhance worker motivation in addition to financial rewards. Employees’ overall performance may be improved by setting practical individual goals and integrating them into organizational goals.
In addition, I would like to study the concepts not considered in detail during the course, namely Blue Ocean Strategy (BOS). Instead of opposing competitors, businesses may develop new markets for themselves, according to BOS, which is based on a comprehensive analysis of hundreds of organizations spanning decades and numerous sectors. In other words, rather than participating in the Red Ocean, which are crowded markets with no distinction or cost competition, corporations may establish Blue Oceans, or wholly new markets, by focusing on value innovation.
During this course I managed to improve my knowledge in the field of analysis of the internal and external environment of the organization. This skill allows managers to best determine the current position and capabilities of the company. In addition, the skills of formulation and implementation of the strategy were mastered. An important feature here is the attentive attitude to all interaction processes within the company, without which it is impossible to implement projects successfully. In addition, I improved my strategy evaluation skills, which are equally as vital as strategy formulation since they disclose the comprehensive plans’ efficiency and significance in achieving the desired results.
Reference
Fuertes, G., Alfaro, M., Vargas, M., Gutierrez, S., Ternero, R., & Sabattin, J. (2020). Conceptual framework for the strategic management: A literature Review—Descriptive. Journal of Engineering, 20, 1–21. Web.