Strategic management Assignment Example | Topics and Well Written Essays - 2000 words - 3

Strategic management - Assignment Example In fact, through strategic management, businesses are capable of assessing their competitors in the market, setting attainable goals and strategies in order to meet their market demands and stay ahead of all the existing and potential competitors. Of importance to note is that in most occasions, strategic management is dependent of the size of an organization and its overall operations. Thus, scholars such as Rao, et al. (2008) argue that strategic framework ought to address fundamental issues that directly affect the development of an organization. Apparently, a good strategy has been described as one concept that is modest and easy to understand. In other words, Rumelt (2012) refers it to the strength that is mostly applied to any opportunities that present themselves in organizations. As such, any strategizing opportunity must comprise of ascertaining crucial issues that are present in the market and the organization in general. Moreover, these crucial points must be keenly focused to come up with results that are action oriented. In this regard, any good business strategy must have a specific action that aims at giving an ultimate solution based on a defined challenge. Of importance to note is that a good strategy is comprised of numerous analyses, and strong development of thoughts and implemented policies that reduce obstacles for the sole purpose of ensuring that the organization moves ahead in terms of maximizing its profit. In light of this, a good strategy is mainly focused on problem solving activity that handles basic issues and not specific ones through the use of intelligent individuals to achieve new and better heights. Contrary to numerous assumptions, a good strategy does not necessary deal with ambitious goals, vision, innovation, leadership or determination (Cunningham & Harney, 2012). Many business leaders have argued that