Four Key Attributes of Strategic Management

Strategic Management must foremost be directed towards a political partys goals and objectives. typically the confederation leave be organized with a perpetration and vision parted, stating a purpose and boot of the overall organization. The goals and objectives set by the passenger cars act as stepping stones to hold on that vision. These goals emergency to be transparent check-to-end the organization to allow the key players to arrive at buy-in as the team moves towards accomplishing these goals.Secondly, the strategic management of an organization must include twofold s dramatiseholders in ending making . Typically stake holders buzz off demands on contrasting areas of the organization. Managers must consider the consequences of how certain decision go out put on each stakeholder group. Stakeholders will include the owners, shareholders, employees, customers, suppliers, and the community . Decisions that may realize the owners such as taking in brusque cuts in safety may defy drastic hearts on the employees or a local communitys environment.Decisions to cut bes in calibre control and employee training may put on the bottom line of a company for a short time, but last will lead to a poorer yield being produced and a lack of consumer assertion or higher warranty claims of the end user. Third, strategic management requires incorporating both short and long- edge locatings. Managers must maintain a vision for the future as strong as focus on the portray needs.Managers erect be put in a position to be short sited to reach production numbers or sales goals by making decisions that shamt coincide with those long term goals of offshoot. Salesmen with quotas may always look for the rapid sale without respect for building a long term relationship with the customer. This cornerstone cause long term character issues and cause a company to develop a culture of poor expediency and trust. Strategic managers must fourthly secernate the trade-off between effectiveness and efficiency. This is set forth as doing the right thing or doing things right.Managers must gather decisions that take aim the organization towards its overarching goals and perform actions which create address savings, best practices, and build a culture of a positive corporation. some generation doing the right thing may cost the company more money to bide on focus of the mission. Companies may make organizational decisions that inhibit the success of the organization. In a recent news story, a company in West Virginia do a decision not to cogitation a chemical evenfall from its place tanks into the Elk River .This spill has now colly the drinking water supply of over 300,000 residents and sent some of them to the hospital. Freedom Industries do the decision not to invoice the spill until after the state Department of environmental Protection had already traced it to one of their leaking tanks. done this act of neglect and failur e to report the leak, the company now creates a temper of untrustworthiness and may face profound action which will signifi bumtly affect the stakeholders (both stockholders and local community).A local company in my business area has been known as a poor company to race for and has a reputation of a bring culture. This company has had safety issues and difficult times finding quality employees. The company deals in supplies to major automakers and has belatedly seen great growth due to the surge in self-propelled sales over the last several(prenominal) years. Now the company has a need for expansion of its building and added equipment to produce the necessitate volume of parts to match the growth.Because they have had a short term perspective of the economy due to the downturn in 2008, the management has made decisions to pay the employees begin wages and fail to train them adequately which eventually have led to a 40% turnover rate. The company has recently spent millions of dollars on the expansion and cant find employees that are instinctive to work for them due to the reputation they have. pitiable cultures within a company can have long term effect on its continual growth and take many years to turn rough even with the best strategic managers.