Strategic Management †An Essential Tool

Strategic Management – An Essential Tool Free Online Research Papers Strategic Management is an essential tool employed by the senior management or leadership of a firm. It is an ongoing and complex process and hence, a dynamic one, where a firm’s management and leadership should be prepared to constantly adapt to competition and markets, reorganizing and retooling their organizations over time to meet set goals and objectives. Strategic Management is critical to ensuring any firm’s long term survival. It would analyze and evaluate the present and intended status of an organization; formulating varying strategies at differing organizational levels to meet those survival needs. This essay would highlight the various key areas and concepts, which comprise Strategic Management, defining what it is and how it can be used by an organization to ensure its future success. Strategic Management Strategy can be understood to be a science and an art, whereby one would attempt to execute well prepared and calculated plans, in an effort to accomplish given executive goals. This may be done through the use of various tactics, procedures, plans, decisions and measures. In addition, these strategies would serve to provide the organization with a desired competitive advantage. Management, on the other hand, may be defined as the process of effectively achieving organizational goals through Planning, Organizing, Leading and Controlling. Combining these two components together, one understands Strategic Management to mean, an ongoing and complex process of formulating an organization’s mid to long term goals and implementing the necessary strategies through management in order to realize them. Simply put, it’s the charting and directing of the future for an organization, ensuring its longevity and profitability within the aggressive business environment. Strategic Management would also been seen as the process of Crafting, Implementing and Execution of an organization’s strategies. This process would comprise five simple stages: The Development of a Vision and Mission. The Setting of Goals and Objectives. The Crafting Of Strategies. The Implementation and Execution of Planned Strategies. The Evaluation of Implemented Strategies. Vision and Mission Development Development of a Mission should be important to any organization. Mission statements would define an organization’s key values, beliefs, identity and purpose. It would reflect upon and answer such questions as what business do we want to be in, what customer needs are to be satisfied and what capabilities are to be developed. The Vision for an organization is a description of its desired future and operational state. The Vision would take into consideration future opportunities and changing conditions, essentially becoming a roadmap by which strategic decisions are crafted. For example, Eastman Kodak’s Vision is, â€Å"To become the world’s best in chemical and electronic imaging†; and Avis Rent-a-car’s Mission, â€Å"Our Business is renting cars. Our mission is total customer satisfaction.† Setting Goals Objectives The setting of Goals and Objectives transform the Mission and Vision into performance targets and serve to ensure commitment to the desired results. This in turn, can be used to create benchmarks by which the monitoring and tracking of performance and progress can be conducted. These goals should be quantifiable in nature. In defining goals and objectives, the following Criteria should be considered; Specific – where they are clearly and precisely expressed. Measurable – where tangible and assessable outcomes are produced. Agreed Upon – where those responsible for achieving the goals, have. Realistic – where they should be attainable. Timely – where they possess definitive start and completion dates. Crafting Strategy There are several questions which management should ask, necessary for the crafting of strategies. These questions include, how are we to succeed in the future? Are we going to delve into new and diversified markets? How are we to achieve a greater market share? And what values are we to build and develop upon. The strategies crafted at this point would guide the organizations on how these questions are to be answered, and as such, how the Mission and Vision are to be accomplished and pursued. There are essentially many types of Strategy, though only two will be highlighted. Firstly, a Planned Strategy, where management would prepare prospective game plans. Those plans chart the way forward, and the execution of actions necessary for constructing and maintaining a competitive advantage, ultimately attaining the successful business position. However, with time this Planned Strategy must react and respond to emerging business opportunities and conditions, therefore management would add new strategies and remove old ones. This is an Adaptive or Emergent Strategy. Examples of such conditions would include new competitive developments, technological advancements, developments, mergers and acquisitions within the industry, consumer trends and also prevailing economic and future conditions. Also, strategies are crafted at differing levels within the organization. In aiding with crafting, a situational analysis would be conducted. This is commonly known as a SWOT analysis, which looks at and evaluate the factors which would affect the organization’s competitive advantage and performance. Such as, The organization’s internal characteristic Strengths and Weaknesses, which serve to aid or retard internal organizational success. The business environment’s lucrative opportunity and imminent Threats, which serve to provide prospects for external organizational success or only serve to prevent it. The levels at which the Strategies are crafted would be the Corporate, Business and Functional. Corporate Level Strategies look at the organization in a holistic manner; and would include such actions as new business acquisitions, portfolio diversification, the synergy of business elements into one competitive force and ensuring priorities which promote the most successful business position. An example would be Cisco Systems, which purchased 71 companies between 1993 and 2000 to bolster its core competencies, and make it a foremost seller of IT products and solutions. Business Level Strategies look at the organization on a per unit basis. These strategies would define the competitive edge of the organization, unite its functions and also address any internal problems. Wal-Mart launched years ago an e-commerce site, where customers would make online purchases; and in so doing, further capitalized on its market share. Several of its competitors have also tried to keep up, launching similar services. Functional Level Strategies look at the functional departments within the organization and how they can be used to support and reinforce the Business Level Strategy. In 2005, the Dell Corporation sought to have a Dell computer in every home and business in America. To date, Dell has offered quality and affordable home and business computing solutions through very aggressive marketing, production, product development and customer support. This action has brought the company very close to the realization of its vision. The Implementation and Execution of Strategy This is the most complex and driven part of the Strategic Management Process. The Implementation stage of the process covers how management would put into action its organizational tools and resources, in a timely, efficient and effective manner, in order to achieve its goals and objectives. It can be shown to be done through the following. Leadership is the most critical area of Implementation. It would involve the influencing of others to agree upon and accomplish goals; generally through persuasion, motivation, a sense of involvement and purpose, understanding and culture-changing. Structure may be defined as follows†¦ â€Å"Organization structure is defined as (1) the set of formal tasks assigned to individuals and departments, (2) formal reporting relationships, including lines of authority, decision responsibility, hierarchal levels, spans of managers’ control and (3), design of systems to ensure effective coordination of employees across departments.† 1 Human Resources would cover all employees, their relative development, environments, conditioning, training, and employment status. Information and Control Systems would include information technology systems, information systems, policies and procedures, budgets, incentives and pay packages – all things necessary for ensuring success of other factors. Evaluation of Strategy Over time, management would have to monitor and evaluate the performance and progress of the organization, ensuring that it’s meeting its targeted goals. As mentioned previously, business and internal environments change with time, and management must ensure that its targets are being met effectively and on time. It may be found that the emergence and evaluation of new and existing conditions, strategies will have to be altered, redefined and improved upon to ensure Visions and Missions are held true. Organizations would need to make policy and budgetary changes, revise or modernize work processes and ethics, as well as improve financial reward systems and working conditions, hence, taking some remedial or corrective action. This would ensure that the organization stays on track for success. Conclusion Previous reading has shown that Strategic Management is indeed critical to an organization’s success, affecting every level and aspect of the organization. It is a cycle of events that take place over the lifetime of the organization, where CEO’s and Directors make long term decisions about their organizations; leaving the job of ensuring that the organization achieves its given goals and objectives to management. Ultimately, this would ensure the organization’s profitability to shareholders and investors, viability in given markets and survivability in the future and most importantly a sustained competitive advantage. References 1. Daft, R L (2003) â€Å"Management† – Sixth Edition. Ohio, USA: Thomson Learning South Western (p) 313. Online Resources 1. Wikipedia.com – The Free Online Encyclopedia. http://en.wikipedia.org/wiki/Strategic_management (23rd October, 2005) References 1. Daft, R L (2003) â€Å"Management† – Sixth Edition. Ohio, USA: Thomson Learning South Western. 2. Daft, R L (2004) â€Å"Organization Theory And Design† – Eight Edition. Ohio, USA: Thomson Learning South Western. 3. De Kluyver, C (2000) â€Å"Strategic Thinking – An Executive Perspective†: Prentice Hall 4. Hannagan, T (2005) â€Å"Management Concepts Practices† – Fourth Edition: Prentice Hall 5. Thompson And Strickland (1999) â€Å"Strategic Management: Concepts And Cases† – Eleventh Edition: Mc Graw-Hill Research Papers on Strategic Management - An Essential ToolThe Project Managment Office SystemOpen Architechture a white paperIncorporating Risk and Uncertainty Factor in CapitalAnalysis of Ebay Expanding into AsiaBionic Assembly System: A New Concept of SelfDefinition of Export QuotasResearch Process Part OneMarketing of Lifeboy Soap A Unilever ProductInfluences of Socio-Economic Status of Married MalesPETSTEL analysis of India

How Many Students Prep for the ACT

How Many Students Prep for the ACT SAT / ACT Prep Online Guides and Tips If you’re currently preparing for the ACT, you might be wondering how many other students are in the same boat. As you may have expected, you’re not alone - there are a lot of students out there who are trying to prepare for the ACT. In this post, I’ll go over exactly how many students take the ACT, before talking about the different methods of prep that these students use. How Many Students Take the ACT? The ACT is a very popular test with high school students. Over the past few years, it’s grown even more popular than the seemingly ubiquitous SAT. In 2015, more than 1.92 million students took the ACT, compared to about 1.7 million students who took the SAT. In total, about 59% of graduating seniors took the ACT this past year. The average score for these 1.92 million students? A composite score of 20. How Do Students Prepare for the ACT? Unfortunately, there aren’t any exit poll results available that illuminate how, exactly, students prepare for the test. We do know that there are a few different strategies students take in order to study for the ACT. Here, I'll go overthe major types of ACT prep that students use before talking a bit about their pros and cons. Independent Study Some students may prepare for the ACT independently if they don't have a lot of financial resources available to pay for more expensive methods. Independent study may also be effective for studentswho prefer working alone or who are self-motivated and disciplined. If you are up to the challenge of tackling ACT prep on your own, there are a lot of resources out there for you. There are a couple of key goals you should keep in mind. First, stick to a schedule. If you’re not accountable to anyone but yourself, it’s easy to fall behind in your work. No matter how good your intentions are when you start, you won’t prep to the best of your ability if you don’t give yourself enough time to prepare. For more info on setting a study timeline, read our 6-step guide to figuring out how long you should study for the ACT. Second, use the right materials. One of the hardest parts of studying effectively on your own is sifting through materials to figure out what’s useful and what isn’t. If you spend all of your energy preparing for the ACT, but you use materials that don’t help you learn to do well on the test, you’re unfortunately wasting your time. Start by checking out these top 10 recommended test books and complete official ACT practice tests. Private Tutor You might seek out a private tutor if you have large gaps in knowledge ortrouble with importanttest concepts. Independent tutors can give personalized, customized instruction on difficult ACT concepts and strategies. Meeting with a tutor can also help keep you on track as you prepare. Tutors can also be pretty expensive, and it’s hard to know ahead of time how effective they’ll be. I’d encourage you to read this guide to figure out whether it would be better to get a tutor or work independently. If you’ve pretty much decided on getting a tutor, learn more about how much they cost and what they actually do to help you prepare. Tutoring: very effective at its best, a waste of resources at its worst. In-Person ACT Prep Course In-person prep courses have set curriculums that help keep you accountable when it comes to sticking to a study plan. These may be good options for students who are pretty unfamiliar with the ACT and need a crash course to get familiar with the test. There are a few drawbacks to in-person courses, however. First, they're not customized to each student - you might be using your time inefficiently by reviewing things you don’t need to review, or not spending enough time on concepts you need more help with. Second, they focus more on test familiarity and strategy than on content, which is a drawback if you have weak content areas. Finally, they can be very expensive (depending, of course, on the program that you select). Online ACT Prep Course Students who want the flexible benefits of working independently + the added support of a study regimen may find what they're looking for with an online ACT prep course. There are a lot of different online prep options out there, all with different approaches, strengths, and weaknesses. In general, though, online courses have several things in common with each other: they make iteasier to set a study plan and stay on track, and theyprovide study contentwhich means you don’t have to dig around for it yourself. Ultimately, online courses will vary widely when it comes to quality and cost. It’s easy to make the same mistakes with these online prep courses that you may make with independent study - mainly, using ineffective materials or studying inefficiently. A good online course often comes with the benefits of independent work + in-person courses. What's the Best Way to Prepare for the ACT? This is the million dollar question, right? What’s the best way to make sure that you do as well as possible on the ACT? As you may have guessed after reading through the last section of this article, the answer will really depend on your own strengths, weaknesses, and goals. The most effective way to find a great ACT prep method may take some trial and error, but here are some starting points to get you on the right track: If you’re very self-motivated, generally pretty good at sticking to a schedule, and prefer working alone, independent study may be a good fit for you. If you perform better when you work one-on-one with an instructor, or you’re pretty frustrated with some core content and/or strategy areas, a private tutor might serve you well. If you’re looking for a true crash course on the ACT and like the idea of regular class meeting times, you might want to check out an in-person ACT prep course. If you need a little push to stick to a study plan, prefer flexibility in your prep work, and don’t want the hassle of finding your own prep materials, you should look into an online ACT prep course. The good news is that you can mix and match the above strategies to fit your specific needs. Maybe you want a short in-person crash course on the ACT before settling into independent study or an online prep course. Perhaps you supplement your primary study method with a few hours of work with a private tutor, just to get instruction on a difficult topic. Ultimately, there’s no one â€Å"best† method when it comes to preparing for the ACT - there’s only the method that’s best for you. Keep in mind that the best method might be a combination of some of the strategies listed above! To get more detailed infoon the pros and cons of different study methods, you should definitely check out our guide on the secret truths of ACT prep strategies. What's Next? Preparing for the ACT tends to be most effective when you give yourself plenty of time before the test, but perhaps you're working on a slightly tighter timeline. Not to worry - you can still get some good prep in! Check out these last-minute ACT prep programs, last-minute ACT tips, and last-minute ACT strategy guides. Maybe you have tons of time to prepare and want to get your score as high as possible. If this is the case, read our guide on how to get a perfect ACT score. Want to improve your ACT score by 4+ points? Download our free guide to the top 5 strategies you need in your prep to improve your ACT score dramatically. Have friends who also need help with test prep? Share this article! Tweet Francesca Fulciniti About the Author Francesca graduated magna cum laude from Harvard and scored in the 99th percentile on the SATs. She's worked with many students on SAT prep and college counseling, and loves helping students capitalize on their strengths. Get Free Guides to Boost Your SAT/ACT Get FREE EXCLUSIVE insider tips on how to ACE THE SAT/ACT. 100% Privacy. No spam ever. hbspt.forms.create({ portalId: '360031', formId: '2167ba30-e68e-4777-b88d-8bf3c84579af', formInstanceId: '2', submitButtonClass: 'btn-red-light btn', target: '#hubspot-container2', redirectUrl: 'http://ww2.prepscholar.com/blog-subscribe-thank-you', css: '.post-bottom .hs-form.stacked label {display:none;} .post-bottom .hs-form.stacked .field div.input {padding-top: 55px; padding-left: 300px;} .post-bottom .hs-input {width: 220px} .post-bottom .btn-primary, .hs-button.primary {margin-top:0px; padding-left:350px} .post-bottom .hs-form-field {margin-bottom:5px}' }); $(function(){ $(".exclusive-tip-form #hubspot-container2 label").hide(); }); function replace_tag(a, b){ $(a).each(function(index) { var thisTD = this; var newElement = $(""); $.each(this.attributes, function(index) { $(newElement).attr(thisTD.attributes[index].name, thisTD.attributes[index].value); }); $(this).after(newElement).remove(); }); } $(function(){ replace_tag($(".posts-by-topic h3"), "h2"); }) Ask a Question BelowHave any questions about this article or other topics? Ask below and we'll reply! Search the Blog Search jQuery(function(){ var $ = jQuery; var url = 'http://google.com/search?q=site:' + location.protocol + '//' + location.hostname + ' '; var $searchModule = $('.hs-search-module.57be371b-d320-475e-ba56-6a98a730dcac'); var $input = $searchModule.find('input'); var $button = $searchModule.find('.hs-button.primary'); if (false) { $input.val(decodeURIComponent(location.pathname.split('/').join(' ').split('.').join(' ').split('-').join(' ').split('_').join(''))); } $button.click(function(){ var newUrl = url + $input.val(); var win = window.open(newUrl, '_blank'); if (win) { //Browser has allowed it to be opened win.focus(); } else { //Browser has blocked it location.href = newUrl; } }); $input.keypress(function(e){ if (e.keyCode !== 13) return; e.preventDefault(); $button.click(); }); }); Improve With Our Famous Guides SATPrep ACTPrep For All Students The 5 Strategies You Must Be Using to Improve 160+ SAT Points How to Get a Perfect 1600, by a Perfect Scorer Series: How to Get 800 on Each SAT Section: Score 800 on SAT Math Score 800 on SAT Reading Score 800 on SAT Writing Series: How to Get to 600 on Each SAT Section: Score 600 on SAT Math Score 600 on SAT Reading Score 600 on SAT Writing Free Complete Official SAT Practice Tests What SAT Target Score Should You Be Aiming For? 15 Strategies to Improve Your SAT Essay The 5 Strategies You Must Be Using to Improve 4+ ACT Points How to Get a Perfect 36 ACT, by a Perfect Scorer Series: How to Get 36 on Each ACT Section: 36 on ACT English 36 on ACT Math 36 on ACT Reading 36 on ACT Science Series: How to Get to 24 on Each ACT Section: 24 on ACT English 24 on ACT Math 24 on ACT Reading 24 on ACT Science What ACT target score should you be aiming for? ACT Vocabulary You Must Know ACT Writing: 15 Tips to Raise Your Essay Score How to Get Into Harvard and the Ivy League How to Get a Perfect 4.0 GPA How to Write an Amazing College Essay What Exactly Are Colleges Looking For? Is the ACT easier than the SAT? A Comprehensive Guide Should you retake your SAT or ACT? When should you take the SAT or ACT? Michael improved by 370 POINTS! Find Out How Stay Informed Get the latest articles and test prep tips! Looking for Graduate School Test Prep? Check out our top-rated graduate blogs here: GRE Online Prep Blog GMAT Online Prep Blog TOEFL Online Prep Blog