Strategic management is a branch of management which comprises the formulation and implementation of key objectives and proposals that are drawn by the management of an organization while taking into account the internal and external environment of the organization.
The importance of strategic management is about identifying crucial objectives of the organization, creating policies and plans to attain those objectives and then after assigning resources to implement the plans. The two role of strategic management within an organization are the Formulation and Implementation of the strategies.
In this step, a detailed analysis of the operational environment of the organization is done. Then after a series of strategic resolutions are taken for the progress of the organization. Various methods of analyses are used to evaluate the environment of the organization like Porter’s 5 forces, PESTLE, Benchmarking, SWOT analysis etc. Using these analyses, remedies for some significant strategic questions are sought. These remedies are then framed as a sequence of short term and long term objectives and related measures.
In this step assessment regarding what should be the measures taken to achieve the objectives formulated in the previous step should be written. Every stakeholder relating to the organization should be involved in the plan. This involves the preparation of a strategic map that recognizes key components (like market, operations, finances, work environment etc.) and directs them towards the achievement of the objectives. Here normally Balance scorecards are used to align the organizational vision and thereafter a detailed stakeholder analysis is carried out.
What should you be expecting in Strategic Management Assignment?
In the strategic management assignment questions generally, tasks are given to devise a marketing plan to achieve an organizational marketing objective. Majority of the assignments in strategic management are split up into 2 parts.
In part 1 you are asked to carry out an internal and external analysis of the organizational environment. And in part 2 using the information gathered in part 1 tactics are articulated to implement marketing strategy.
How to score better by understanding the marking rubric?
By reading the marking rubric you may have noticed that in a strategic management assignment critical analysis, interpretation of the test, data analysis done to formulate strategic directions, and implementation of objectives using tactical actions comprise lion’s share of weightage. So, the main effort should be given in using effective analysis tools for the formulation of strategic decisions and its implementation. You should have a strong hold on the strategic management concepts and frameworks so that this portion of the assignment is drafted in a well-organized way. A student should have sound knowledge on what is strategic management process. You should concentrate on some pressure points for maximizing your outcome while preparing a strategic management assignment.
Pressure point 1
PESTLE, SWOT analysis, and Porter’s forces are considered among the best methods to analyze the organizational environment in a strategic management assignment.
Speaking of PESTLE analysis, it is not a separate analysis, but the specifications you have to concentrate on while conducting a SWOT analysis. Although it is an external environment analysis tool, it provides a base for SWOT analysis. It is used to spot the political, economic, social, technological, legal and environmental factors. This analysis will help to understand and point out the external factors that are affecting the organization both in a positive and negative way.
After this step SWOT analysis is conducted to analyze both the internal and external environment of the company. This analysis is done to estimate the position of the company. It provides an outline of strengths, weakness, opportunities, and threats the company is facing.
This analysis aids to acquire understanding the internal strength and weakness and hence create objectives to create weakness while amplifying the strong side of the company.
After conducting these analyses you can conduct Porter’s five forces to determine the magnitude of competition in a business and its profitability level.
The five key components of the Porter’s five forces denote the source of competitive pressure within an industry. By conducting this analysis you can explain why the company is able to maintain various levels of profitability.
By using these methods formulation of strategy can be drafted for the assignment. You can also use analysis tools like Benchmarking, Business portfolio analysis, Critical question analysis etc. for detailed study and formulation of objectives.
Pressure point 2
After generating valuable objectives from the outcomes of the analyses conducted, you have to throw light on how should be these objectives implemented. The widely used methods for the implementation of strategy are budgeting, preparing balanced scorecard, applying Ansoff matrix etc.
Balance scorecard is used to arrange the business activities to the vision and strategy of the organization. A balance scorecard must clarify 4 points to the manager:-
- The way customers are viewed by the company
- The area in which the organization should excel
- Will the company keep on improving and generate value?
- Approach of company towards the stakeholders
After creating Business scored a detailed Stakeholder Analysis should be done to realize how the decision may impact your key stakeholders.
Stakeholder Analysis consists of:-
- Identification of stakeholders
- Position analysis
- Assessment of project’s after-effects on each stakeholder
- Assessment of the difference in opinions and areas of conflicts, as a basis for planning the decision-making process.
- Assessment of the similarity in interest with a view to finding a potential coalition for and against the project.
- Assessment of need to influence the view and approach of the stakeholders.
Where you can go wrong while preparing strategic management assignments?
While conducting these analyses in the strategic management assignment there is a great possibility that the student will end up with the false result because of the lack of knowledge about its modus operandi.
Like, while conducting PESTEL analysis a student creates a normal mistake of providing a vague goal, focusing on only one category etc. Ignoring a single component will lead to false results for the analysis. For instance, Social factors include an organization’s customers, and if you are not paying attention to this component, the organization will face a difficult time in selling products.
While conducting SWOT analysis many students make the mistake of drafting it too long-winded. A SWOT analysis should be concise and to the point.
It requires a great effort and intelligence to conduct these analyses in a strategic management assignment and a slight error may lead the student to a false conclusion. It will affect the relevancy of the assignment and the student may end up with poor grades. Having the knowledge of subject isn’t enough for a student to come up with a perfect assignment. It needs a great deal of critical analysis and excellence in portraying the knowledge in your piece of writing. Strategic management assignment help possesses a vast range of experts who have PhDs in the respective field and are able to prepare a fresh strategic management assignment from scratch for you. We follow the policy of giving premium quality assignments at cheap rate. If you are struggling to prepare the assignment, give it a try to our strategic management assignment help service.