Thursday, September 26, 2019

Strategic management Essay Example | Topics and Well Written Essays - 2000 words - 22

Strategic management - Essay Example It is therefore very difficult to give an optimal decision that will ensure that a given strategy will be implemented effectively in the foreseeable future. Strategy formulation can be described as the phase of strategic management that encompasses planning and decision making that will enhance establishment of the organization’s goal and of strategic plan. Strategy formulation can be described as that phase of strategic management that involves the use of organizational and managerial tools to direct resources towards attaining strategic results. From these definitions of strategy formulation and strategy implementation, it is clear that strategy implementation will fail as a result of the failure of strategy formulation. Decisions that are made to process formulation of a strategy are prone to be affected by internal and external factors. Before proceeding with review of literature is important to talk about ‘strategy,’ which is a widely term. Due to the fact that strategy in this paper is referring to the ‘strategy’ that is used in strategic management. Most of the definitions that have been put forward to describe strategy are very easy and lack comprehensiveness (Mintzberg et al., 1998). It is for this reason that he argues that several definitions should be incorporated to define strategy, and he called them the 5Ps for strategy. The environment is frequently increasing in vitality making it difficult for the prevalence strategic planning. Strategic planning systems are therefore influenced by various factors as indicated by various studies. Some studies have indicated that an environment which is turbulent enhances decentralization of strategic decision making process (Lindsay and Rue, 1980; Grinyer et al., 1986; Wilson 1994). The fact that strategy planning involves the prediction as w ell as uncertainty about the future and the only way to curb

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