Strategics management Research Paper Example | Topics and Well Written Essays - 2000 words - 1

Strategics management - Research Paper Example Evaluation of a strategy is also an inherent part of strategic management because without knowing whether the current strategy is working or not, no firm can set and achieve goals. In this essay we will discuss how strategic management skills can be applied by managers. It is important for managers to define the purpose of the organization. Vision of a firm informs the employees and the customers about the purpose and value of the firm (Mind Tools, 2011). It is an essential part of application of strategic management skills to design vision of a firm so as to guide employees regarding their behavior. Customers can also learn through vision of a firm about how can they be benefitted by the firm. Usually vision of a firm is defined in a sentence or a statement commonly known as the vision statement. It entails the long term purpose of the firm and how employees are supposed to operate in the company. Strategic management is all about taking strategic decisions and strategic decisions have certain characteristics. Strategic decisions are of high magnitude, they have a long term focus, and they require high level of commitment (Haberberg & Rieple, 2007). Vision statement is also a strategic decision because it has all above three characteristics. Objectives of the firm are more specific short term targets. Strategic management skills are applied to define short term targets for the firm and short term targets are important for a firm because they serve as steps that can lead the firm to the long term targets. Firms also require regular assessment of their position and for that short term targets serve useful. Vision of a firm is a broadly defined purpose of the organization, on the other hand objectives are short term targets that can be measured empirically and are specific. Managers should always check whether the firm is treading on the right path or not, and vision and objectives help managers in