• Internal Code :
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  • University : NIBM
  • Subject Name : Strategic Management

NIBM Strategic Management Assessment Solution

A vision without strategy remains as a misconception. The ability to make an effective plan on the basis of organizational objective within a particular economic situation is referred to as strategic thinking (Nuntamanop et al. 2013). It is very crucial for the organization to develop a unique business idea intended to create a competitive advantage. The success of the company depends upon these ideas. The strategic ideas help to grab the opportunity which further leads to the attainment of the goal. The strategic manager is responsible for the generation and adaptability of unique ideas. These ideas also help in making decisions for the success of the organization. The manager synthesis and analyze the thoughts which are collected from different sources. This process needs to seek innovation, creativity and unique future that affect the core strategies of the company. The process of planning, analyzing, and implementing the unique strategic ideas into reality to meet the organizational goal is known as strategic management. It helps the manager to assess the company current position and areas for improvement. Strategic management majorly comprises the analyses of an internal and external environment of the company along with its strength and weaknesses. The action plan will be formulated as per the analysis of all the aspects (David and David 2013). Moreover, the action plan will be executed at the right time, in the right way by the strategic manager to achieve the organizational goal. After the execution of the plan, it is mandatory to observe and evaluate the effectiveness of the plan executed. It includes the degree of success of the plan and the steps need to be taken for future improvement. It deals with the short term and long term goals. An organization makes these goals to strengthen the core competencies and decision making. Strategic thinking leads to strategic management. The organization needs to focus on both to achieve success.

The strategic management is basically focused on the opportunity and threats of the company along with its strength and weaknesses (Ansoff et al. 2019). The strategies are based on certain factors for the growth and expansion of the company. Strategic management plays a vital role in the success of the company in the following ways

  • It helps to define the companys goals and objectives by providing a path to move in the direction of success.
  • It encourages the organization to be proactive in all the aspects. However, it made the organization to be ready to handle any issue and provide an immediate response to the situation.
  • It is the foundation of the main decisions took place in the company. It creates new ideas and policies to make an effective decision for the growth of the organization.
  • It provides the external opportunity to the company along with the guidance of the path which leads towards that opportunity.
  • It helps to prepare the organization for all the possible future challenges. The company can develop a backup plan to overcome any issues that might come in the future. It enhances the chances of the company to sustain in the market and proceed towards the growth and expansion.
  • It defines the current position of the company in the market and its goodwill. Furthermore, it ensures the survival of the company in a dynamic environment, with respect to high competition.
  • It develops the core competencies which further help to earn a competitive advantage.

The Strategic management is like a guide book for the company which includes all the strategies related to competition, performance, results, and improvement following to help in the survival of the company in the changing and diverse environment. The company defines the vision and mission statements to achieve the goal of the company.
Strategic planning refers to regularising the strategic management process which is used to analyze the companys market situation, priorities, and competitive advantages. It provides a blueprint to the company to work upon (Haines 2016). Some researchers said that if the company doesnt know where to go when they will land in some different place where it might be dangerous for them to survive. The essence of strategic planning is to help a company develop and sustain advantage in the marketplace through unique resources, agility, superior products and/or superior service. The company analyses the market, competition, and various other aspects to make a unique and effective strategic plan. The unique ideas come from unique resources. The company has to think different to make a unique place in the market. If the company is having a fruitful idea then they can agile to compete in the market. The customer always wants something new and trending. The company who serve them in the right time with the superior product and service can rule in the market. Moreover, it provides valuable insights into the market trends, customers choice and the effectiveness of the product or service they are offering. These aspects affect the success of the organization. In a changing environment, a company booming in the market in the first year might be in debt in the next year. The huge competition made it difficult to survive in the market. Effective strategic planning keeps the company at a high pace and made them durable in the market. Customers attract towards unique concepts. The company fulfills the demand of the customer when they need it which further brings loyalty and delight to the customers. It enhances the brand image of the company which helps them for future growth and expansion.

Sponsors are the person or an organization that is contributed to cost or kind in return for their marketing and branding of the company (Bryson 2015). They are the face of the company to the outside world. They play a vital role in formulating and implementing strategic business plans. Their role and responsibility are as follows

  • The sponsors are supposed to understand the organizational culture, rules, and regulation.
  • To keep the events or any other project aligned with the companys strategy which will help to structure the plan.
  • The sponsors play a major role as a translator. They are responsible for any information regarding the companys project, event or any other professional seminars which they are a sponsor. The information of the company should be positively translated to the stakeholders.
  • The sponsors are accountable for the projects of the company and communication with the executive or manager with respect to a certain situation.
  • They are also responsible for the project that it must contribute to the profit of the business.
  • Sponsors are great leaders. They encourage the leadership to make the projects successful in the company. The coordination, management of the team is crucial for them.
  • Clear and authentic communication must be done between the sponsors and the manager or executives.
  • They act as a bridge between the project and business community to contribute to the decision making in the company. The sponsors are supposed to involve the decision making groups in their discussions. So that they can take an appropriate decision for the success of the company.
  • They are representative of the organization who can directly communicate to the higher authorities like manager and executives.
  • They are also responsible for successfully conducting the projects and events which end up with the profitability of the company.

The operating plan consists of each and every activity of the company including day to day task and departmental goals. Moreover, it comprises the strategies to be achieved, the responsible person for the accomplishment of a certain task, the deadline of the task and the financial resources available for the task (Hyvri 2016). The operating plan provides direction to make business strategies. The manager refers to an operating plan and formulates the strategies to accomplish them. The business strategy comprises the strategy related to the operating plans to make the best use of available resources. The policies and plans of the business support the companys long term strategies. The strategy which is made on the basis of operational plan comprises the strategies related to the work, resources available, financial resources, the human resource required, quality control and so on. The company analyses the market, competitors, internal and external factor affecting the business to formulate the operational plan. The operational plan must consist of authentic information because all the strategies will be made according to it. The manager has to check the information twice while using it for strategy making. The operational strategy directly impacts the results of the company. The business strategy keeps fluctuating with the change in the operational plan. Any improvement found after the market analysis leads to the change in the business strategy. The business strategy and plan must be planned in an organized manner and executed well for the smooth working of the organization. The employees must be clear about the goals and strategies of the company. Moreover, they must be updated with the changes took place in the same. The operating plan is highly relatable to business strategy as it provides the guild lines to make an effective strategy. The company needs to communicate these things to the employees for the enhancement of productivity.
In todays era, the performance of the operating system matters a lot in providing satisfactory results. The performance can measure more effectively in a computer system rather than an individual can do (Koufteros 2014). The operating system provides accurate results in measuring the performance. The large calculation can be done in a few minutes which take more efforts and time by doing it manually. There are some factors that contribute to the ambiguity of measuring performance in operating systems. The factors are as follows

  1. Metrics The number that used to measure the performance in the operating system is referring to as metrics. The metrics must be relevant to the organizational goal. The most import thing in measuring the performance through metrics is that the performance must be measurable in a quantitative manner.
  2. Comparing alternatives the operating system provides various possible alternatives. We need to compare the alternatives and find out the best alternatives. The comparison should be done by comparing all the possible alternatives with the goals and objective of the organization and choose the best relevant alternative which contributes proper measurement of the performance.
  3. Knowledge of Technology The manager should know how to use the software to measure the performance. The knowledge of technology is just getting effective results. The manager should also expertize in dealing with the breakdown of the system or any other problem of the software. They should aware about the technical issues might occur during measuring the performance.
  4. Adequate data the data which is entered in the software must be valid and accurate. The data should not be defined in a qualitative manner.
  5. The operating system provides important tools for measuring performance. It will further help to contribute in making a decision regarding the performance appraisal and improvements for the future. The performance measurement also helps to make certain strategies for the success of the organization.

References

Ansoff, H.I., Kipley, D., Lewis, A.O., Helm-Stevens, R. and Ansoff, R., 2019.Implanting strategic management. United States Springer.
Bryson, J.M., Crosby, B.C. and Stone, M.M., 2015. Designing and implementing crosssector collaborations Needed and challenging.Public Administration Review,755 647-663.
David, F.R. and David, F.R., 2013.Strategic management Concepts and cases A competitive advantage approach. London Pearson.
Haines, S., 2016.The systems thinking approach to strategic planning and management. United states CRC Press.
Hyvri, I., 2016. Roles of top management and organizational project management in the effective company strategy implementation.Procedia-Social and behavioral sciences,226, 108-115.
Koufteros, X., Verghese, A.J. and Lucianetti, L., 2014. The effect of performance measurement systems on firm performance A cross-sectional and a longitudinal study.Journal of Operations Management,326 313-336.
Nuntamanop, P., Kauranen, I. and Igel, B., 2013. A new model of strategic thinking competency.Journal of Strategy and Management,63 242-264.

 

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