Management is the act of allocating resources to accomplish desired goals and objectives efficiently and effectively; it comprises planning, organizing, staffing, leading or directing, and controlling an organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal.
Areas of management application
Management application can be utilised by a person or a group of people and by a company or a group of companies depending upon the type of management skills being used. Management can be applied to every aspect of activity of a person or an organization.
In the field strategic management involves the formulation and implementation of the major goals and initiatives taken by an origination ‘s top management on behalf of owners, based on consideration of resources and an assessment of the internal and external environments in which the organization operates.
Our team can help to Strategic management team to provides overall direction to an enterprise and involves specifying the organization’s objective, developing polices and plans to achieve those objectives, and then allocating resources to implement the plans. Academics and practicing managers we have developed numerous models and frameworks to assist in strategic decision-making in the context of complex environments and competitive dynamics. Strategic management is not static in nature; the models often qualify include a feedback loop to monitor execution and to inform the next round of planning.
Corporate strategy involves answering a key question from a portfolio perspective: “What business should we be in?” Business strategy involves answering the question: “How shall we compete in this business. Out team helps to management to formularies a right business strategy as per needs and size of business to help us to select right business.
Formulation of strategy involves analyzing the environment in which the organization operates, then making a series of strategic decisions about how the organization will compete. Formulation ends with a series of goals or objectives and measures for the organization to pursue. Environmental analysis includes the:
Remote external environment, including the political, economic, social, technological, legal and environmental landscape.
Industry environment, such as the competitive behavior of rival organizations, the bargaining power of buyers/customers and suppliers, threats from new entrants to the industry, and the ability of buyers to substitute products; and
Internal environment, regarding the strengths and weaknesses of the organization’s resources
Strategic decisions are based on insight from the environmental assessment and are responses to strategic questions about how the organization will compete, such as:
- What is the organization’s business?
- Who is the target customer for the organization’s products and services?
- Where are the customers and how do they buy? What is considered “value” to the customer?
- Which businesses, products and services should be included or excluded from the portfolio of offerings?
- What is the geographic scope of the business?
- What differentiates the company from its competitors in the eyes of customers and other stakeholders?
- Which skills and capabilities should be developed within the firm?
- What are the important opportunities and risks for the organization?
- How can the firm grow, through both its base business and new business?
- How can the firm generate more value for investors?
Our team helps to find out answers to these and many other strategic questions result in the organization’s strategy and a series of specific short-term and long-term goals or objectives and related measures