ORGANIZATIONAL BEHAVIOR - STRATEGIC MANAGEMENT

ROLE OF STRATEGIC MANAGEMENT

Within an organization, various tasks are carried out using various approaches. At all organizational levels, the function of strategic management is essential. When it comes to strategy implementation, the organization is particularly interested in departments like marketing, finance, and human resources.

STRATEGIC MANAGEMENT IN MARKETING

The three Cs of marketing strategy are customers, corporations, and competition. Marketing plays a crucial role in the expansion of an organization as it contributes to revenue generation and growth, customer acquisition, and brand building. Product development, marketing mix, and new market entry are all areas in which marketers create strategies.

Here is an overview of strategic management's function in marketing:

Choosing which new products should be created and marketed

Determining which of the current products require expansion

Keeping current clients in order to increase customer loyalty

Growing the clientele

Increasing the number of distribution channels

Increasing the company's sales by entering new markets

Recognizing the needs of consumers and the tactics of competitors

Getting used to the shifting surroundings

As a result, marketing strategies support the process of locating, satisfying, and cultivating long-term relationships with consumers. This aids in an organization's long-term objectives being met.

STRATEGIC MANAGEMENT IN FINANCE

Organizations strive for financial success by implementing strategies that maximize returns on invested capital. A strategic financial thinker manages money through plans and regulations. Financial decisions pertaining to investments, borrowings, reserves, and surplus are influenced by plans and policies. Financial tactics have to do with the following:

Distributing the capital resource combinations with the lowest costs

Making investment choices that optimize shareholder wealth and net present value

Recognizing limited financial resources and successfully balancing them

Generating money for the organization by issuing shares

Managing finances, credit, and risk

Financial strategies, then, seek to maximize the use of financial resources. Effective financial management in an organization results from the successful application of financial strategies.

STRATEGIC MANAGEMENT IN HUMAN RESOURCE

Collaboration between top management and the human resources department is essential to achieving business strategies. Organizations prioritize human resource management as a means of attracting, training, and retaining qualified workers in order to uphold a superior workforce.

The following are covered by the human resource strategic management policies:

Keeping skilled individuals in the workforce to maintain a pool of productive workers.

Hiring new employees with the competencies the organization will require in the future.

Reducing the workforce through attrition or termination, reorganizing work units to increase efficiency, and rearranging tasks to create well-designed jobs.

Training newly hired employees to help them settle into their roles and offering professional development opportunities to existing employees to help them get ready for promotions within the company.

Employing outside people or organizations to finish specific jobs. This is especially useful for completing specialized tasks for which the organization lacks the necessary expertise.

Facilitating employee involvement in order to accomplish the organization's goals. ensuring unique employee motivation initiatives.

Setting goals for workers' performance. assessing performance in relation to goals.

Supplying employees with training, development, and appraisal systems.

Increased productivity within the company results from strategic thinking in the HR division, which also aids in gaining a competitive edge.

CONCEPT OF STRATEGIC PLANNING

Planning is a methodical process that converts organizational vision into broadly stated goals and forecasts a desired future. The procedure entails creating a plan outlining how to accomplish the specified objectives.

Corporate planning, in the words of Peter Drucker, is an ongoing process that involves making entrepreneurial decisions methodically and with the best knowledge possible about their future, organizing the efforts necessary to carry out these decisions methodically, and measuring the outcomes against expectations through systematic feedback that is organized and systematic. Corporate long-range planning, in Hussey's opinion, is a comprehensive approach to managing a company rather than a technique. Corporate planning helps the business stay vigilant.

Strategic planning assists in visualizing an organization's future by continuously observing different business aspects and determining which plans, resources, and processes would work best together. The following is a list of strategic planning's characteristics:

Focuses on an organization's future decisions

Determines the goal of the organization

Synchronizes short- and long-term plans

Helps an organization create its strategic intent and action plans.

finds new areas in which the organization should invest.

Guarantees the wise distribution of resources and fosters forward-thinking behavior by motivating forward-planning within an organization

When it comes to strategic planning, there is no set model.

Here are the steps involved in strategic planning:-

1. Analyzing the current situation: In this stage, SWOT analysis is used to examine the internal and external environments of an organization. Examining the organization's advantages, disadvantages, opportunities, and threats is part of the analysis. To evaluate the current state of affairs, the organization also examines its suppliers, buyers, and customers in addition to its competitors.

2. Outlining the forthcoming state: In order to outline the organization's future course of action, including where it wants to be, its core values, and what it wants to do, organizational vision and mission statements are developed in this step.

3. Choosing goals and tactics: To fulfill its vision and mission, the organization must choose its goals and tactics in this step. Every organizational level should be considered when developing these strategies.

4. Implementing and assessing strategies: The last phase involves executing the plan and assessing its effectiveness. In large organizations, like governmental agencies or large corporations, people other than the plan creators carry out the implementation. Generally, different sections of the plan are dispersed to different organizational units.

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