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Strategic management is the direction and control of business strategy where strategy is a plan to achieve goals in an environment of constraint and competition. This indicates that a particular management role has significant authority to set goals as contrasted with management roles that are confined to achieving goals. The following are illustrative examples of strategic management.
Market ResearchThe process of researching customers and markets. For example, determining customer needs and pain points with existing products.Competitive analysis is the process of researching your competitors to benchmark and compare against your own capabilities. The most common method for doing this is known as swot analysis whereby you list your strengths, weaknesses, opportunities and threats.
Goal PlanningGoal planning is the process of setting achievable goals in an environment of competition and constraint. This can apply at the organizational, department, team and individual level. For example, a sales team that sets sales goals for a year.Business Planning Business planning is the process of planning a new business or entry into a new market. For example, an ice cream manufacturer that develops a business plan for launching a retail location.
Strategic PlanningStrategic planning, also known as strategy planning, is the process of developing a plan to achieve goals. For example, a sales team that comes up with a camping strategy for reaching new customers to achieve quarterly sales targets.The development of a concrete plan to implement a strategy that includes resources and schedule. This can be managed as a program, project or as an action plan.
Program ManagementThe process of implementing change that is ongoing. For example, a toy manufacturer that begins an ongoing program to regularly develop and launch new STEM toys.Project ManagementProject management is the process of implementing a one-time initiative that requires significant coordination and control such as an airline that plans to implement a new flight operations system.
Action PlanAn action plan is a lightweight plan to do something. This is essentially a project that doesn't require formal processes such as an action plan to launch new content to a corporate website.Change ManagementChange management is the practice of leading change. This is the role of a program or project sponsor who is charged with communicating change, winning acceptance for plans and clearing issues.
Performance ManagementPerformance management is the process of setting performance objectives for each team and individual and managing performance against those objectives. For example, quickly providing feedback when performance is below expectations. This is a basic tool of strategy implementation. Issue ManagementThe ongoing process of dealing with the incidents, obstacles and problems that threaten your strategy. For example, a bank with a mature incident management process for dealing with technology failures.Operations ManagementThe process of managing your day-to-day business processes that generate revenue. This is inherently of strategic importance. For example, a solar panel manufacturer that seeks to reduce unit cost through improvements to operations.Stakeholder ManagementStakeholder management is the process of managing relationships and communications to the stakeholders in a strategy. For example, an information technology project team that manages relationships with dozens of business units that have a stake in their project.Competency ManagementCompetency management is the process of building up the talents and knowledge required to achieve goals. For example, if you want to sell into a new country you may require salespeople with the cultural capital to achieve this goal.The process of building up the business capabilities required to achieve goals. For example, a restaurant that develops the capability to bake their own bread in order to improve food quality and reduce dependence on suppliers.Business TransformationBusiness transformation is the process of implementing high impact changes on an aggressive schedule. For example, an energy company with a strategy to break its dependence on fossil fuels within three years.TurnaroundTurnaround the process of saving an organization that is failing such as an airline that suddenly sees revenue drop 80% such that they need to immediately reduce costs and secure funding to survive.|
| Type | | | Definition | The direction and control of business strategy including goals. | | Related Concepts | |
Management
This is the complete list of articles we have written about management.
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The definition of turnaround management with examples.
A list of techniques for developing and implementing a strategy.
A guide to the strategic planning process.
A guide to strategy implementation.
The common types of strategy monitoring.
A list of business weaknesses for strategic planning exercises such as swot analysis.
The definition of turnaround strategy with examples.
The definition of retrenchment with examples.
An overview of the strategic development process with examples.
The definition of the external environment with business examples.
An extensive list of business strategies.
The definition of strategic communication with examples.
A list of common types of business philosophy with examples from leading companies.
A list of common strategies with examples.
A list of common digital transformation strategies.
The definition of a cost leadership strategy with examples of how this strategy is realized.
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