Strategic Management Process – Improve Your Business by Evaluating Your Strategic Management Process

Every business could perform well by evaluating their strategic management process properly. It should not just plan alone, it should be managed effectively. Most of the companies limit their strategic thinking only by planning.  Strategic planning is essential for every business, but it is only one part in the process.

Strategic Management Process

Strategic Management Process

Strategic Management Process

A good strategic management process will help your business to improve and to gain more profits. Every business should know that performance of the management process is very important. There is a big different between planning and performing. The company will be successful only if it follows all the stages of the strategic management process.

The strategic process can be explained in three stages, definition stages describes defined market strategy, translation stage deals with the business philosophy, building stage is the main goals of creating and designing perfect performance measurement, operating state is creating good environment for frequent development of the business. To cover all the stages perfectly in the business, the company has to think more and focus on the correcting every stage in the process. A number of companies will find this process is difficult for them. Some of the companies target more on the technical side than to look on the conceptual. Sometimes this is ok, but regarding with strategic management process, it is the wrong procedure. The effectiveness will come by implementing all the process. The improvements can also be done after the overall process in implemented.

To know the importance of all stages working, one has to consider the impact on the performance if any stage is missing. Two stages are often missed by many companies translation and the operating stage. Many companies developed good market strategy on the first stage, but they fail in the translation stage, which deals with business philosophy, they may miss something regarding with their suppliers, shareholders, customers, and employees. To be effective the market strategy should be understood and approved by stakeholders at the translation stage. The main goal of the operating stage is to create frequent improvement surroundings which develops the overall business strategy of the business and offers good feedbacks to the other stages of the strategic management process.

Some companies have performed frequent development program in their company. The business strategies will be effective only if it is refined and strengthened in the course of time by continuous checking and improvement of insights. This can be achieved in the operating stage. If all the stages of strategic management process are well placed in the business, even though it is imperfect, the company can accomplish its desired results and develop more in its business. To be effective, all the stages in the management process should be implemented and performed well by the company. The seven steps which are involved in the strategic management process are Review or develop Vision and Mission, Business and operation analysis, Develop and Select Strategic Options, Establish Strategic Objectives, Strategy Execution Plan, Establish Resource Allocation, and Execution Review.

 

Related Posts:

Marketing Strategies for Your Business – Make the Marketing Plan for Your Business Work For You

Strategic Management Process

Marketing strategies for your business involve all the activities that take a product from the point of production to the point of consumption or purchase. As we know, marketing tools and strategies are one of the most important steps in any business. The success of any small business marketing is directly dependent or proportional to the marketing plan you have adopted. So developing a good and efficient marketing strategy is a great challenge. The strategy differs with our business. First of all you must know your consumer or customer.You must know them very well. They must be given the feeling of “foolishness” if they did not buy your product. This will give you better customers and increase your profits. This can be only achieved by developing a successful small business marketing strategy.

marketing strategies for your business

Marketing Strategies for your Business

Before developing marketing strategies for your business you should keep your “target market” and social networking strategies in mind. Before planning your marketing tools you should be aware on three prime areas. They are Target Market,Purchase market and communication market. Lets see how important they are-

1.Target market – as the word indicates it is the group of customers you aim.Your success depends on how you make this group larger and larger.

2.Purchasing target – group of consumers that buy your product because they can only afford it.They are more considered on the price rather than its quality.

3.Communication Target – The communication methods that you use to influence this target market.No doubt,it had a big impact on your business.

You should be aware of “Marketing mix” which is the combination of marketing tools used to gain popularity or publicity for your product.The four p’s in marketing are-

a)Product
b)Price
c)Place (market)
d) Promotion

The benefits of planned marketing strategies for your business are numerous.Business owners often depend on their intuition or experience rather than on reality.This is great mistake committed even by some veteran marketers.This informal knowledge will help you to make decisions and will be helpful to some extent.But this will not give you the best marketing results.So before making decisions about marketing strategies for your business you should have definitely performed marketing research.A good marketing strategy can not worked out without doing market research.A well planned marketing strategy will be an added advantage and definitely a boon to your business.
Here I suggest you some simple steps to developing goo marketing strategies for your business .
1.Describe and reveal your product’s USP(Unique selling proportion).
2.Define your target market to help zero in on strategies for you business.
3.Write down the benefits of your products or services.
4.Describe how you will position your products or services for your marketing plan.
5.Define your marketing methods.You can give advertisements through newspapers,magazines,channels,use internet marketing tools such as social bookmarking sites and other methods to create awareness about your product among the public.

Marketing strategies for your business that are well planned,detailed and heavily researched will give good results. It is an essential step for large as well as small enterprises to promote your business. The strategy involves highly expensive and complicated methods in the case of large enterprises.The marketing strategy for your business forces the marketing personnel to look internally in order to fully understood the results of past marketing campaign decisions. It forces the marketing personnel to look externally on the market in which they operate.Marketing strategy helps to set future goals and directions for future marketing. Good marketing strategies for business are a key component in taking new initiatives.

A marketing strategy is generally undertaken for many reasons-
1.Needed as a part of planning process with in marketing area.
2.Needed to develop strategies to introduce something new and entering new markets and trying new plans to fix an existing problem.
3. An essential component of over all business plan such as new business proposal etc to the financial community.

 

Related Posts:

Incorporating Human Resource Management Into Your Strategic Management Process

Strategic Management Process

Human resource management is the function within a company or any in organization which focuses on the employment of, management of, and offering right direction for the people who work in the company or organization. It can be also done by line managers. Human resource management deals with the problems related to people like hiring, compensation, organization development, performance management, wellness, safety, benefits, communication, training, motivation and administration. It is a strategic and comprehensive approach to handling people and the workplace surroundings.

Human Resource Management

Human Resource Management

An effective human resource management helps the employees to give their best according to the direction of the company to achieve the best results on organization goals and objectives. It is moving away from the traditional administration, personnel. Its features includes with Personnel administration, Organizational management, Industrial
management and Manpower management.

Human resource management techniques force the managers of an organization to express their goals to the workers so
the workers can easily understand and perform the work on the same direction. If it is properly practiced, these techniques are expressive of the goals and performing practices of the organization. it is also done by many company to reduce the risk level with in the company.

Within human resource management the work can be observed in to three types like best practice, best fit, and resource based view. The idea of best practice is also known as ‘high commitment’. It is the process which adopts best practices in human resource management which give better organization performance. The practices includes with selective hiring, sharing information, employment security, extensive training, high pay based on company performance and self-managed teams.
There is large number of studies which offers proof of best practices. The contingency approach to human resource management is best fit.  It can be performed where there is a close fit between human resource management practices and company strategy. The company strategy covers with human resources policies and practices. This approach states that the strategy of the company can be understood.

The resource based view is focuses on the internal resource of the company and how they give to the competitive advantage. Actually the main goal of the human resource management is to assist a company to satisfy the strategic goals by drawing the attention of the workers and maintaining employees and to manage them in the effective manner.

There are large numbers of colleges and universities provide bachelor and master degree in human resource management. The scheme of Dave Ulrich defines four fields for the effective functioning of human resource management, change agent, strategic business partner, and administration expert and employee champion. The process can be done by HR department and some work can also be outsourced or done by line managers. The HR function may include recruitment and selection policies, reward and disciplinary procedures and developing the policies. These functional areas have to be aligned properly and it should be correlated with the business strategy. It concerns with the implementation of particular human resource management function.

Related Posts: