STRATEGIC MANAGEMENT IN A GLOBAL CONTEXT, ASSESSMENT A Essay

STRATEGIC concern IN A GLOBAL CONTEXT, ASSESSMENT A - Essay ExampleFormal strategic preparation is a process of decision qualification where suggestions are taken from the top level management towards fashioning effective decisions within the organisation. It is worth mentioning that formal preparation can non be really effectual unless managers apply their ingrained knowledge, judgement and perception about the planning process (Steiner, 2010). On the other hand, alternative strategic decision-making is a modern process of defining a strategy or direction and making decisions by re new-sprung(prenominal)al formal procedures with the prime motive of solving issues with aid of inculcating circumstantial restraints and significances. With the growing competition in the planetary commercializeplace, many critics believe that formal strategic planning does not meet the current dynamic market requirements while making effective decisions and alternative forms of decisions making ar e more(prenominal) appropriate while making any decision (Popa, n.d.). With these considerations, the main objective of this study is to provide a detailed analysis which would string that alternative forms of strategic planning are more appropriate for organisations that operate in highly changeable and dynamic environments. Discussion Todays business environment is considered to be in one of the closely competitive industrial environments. With the rapid technological developments and the increasing competitors demands for new goods, the strategic planning process is overly evolving at a rapid pace. It has at that placefore become vital for every organisation to implement plans that would not only aid them in maintaining their leading position but also facilitate them in attracting more customers by fulfilling their current demands. Strategic planning is determined to be an organisational management function that is utilised for backing priorities, resources, strengthening o perations and ensuring that the employees and other people associated with the organisation are working in a collaborated mood towards the accomplishment of a common goal. It also helps in establishing an agreement around intended outcomes along with accessing and adjusting the organisational functionalities in accordance with the changing environment (Hitt & et. al., 2012). However, there have been numerous discussions amid different critics about the nature and the disadvantages of traditional strategic planning. Nature of Traditional/Formal Strategic Planning Approach Traditional strategic planning process mainly utilised theoretical and management tools to implement steps that would aid in attaining the approaching goals of the organisation. However, the effectiveness of the process mostly relies on how well the plan has been defined, the level of the organisational readiness to implement new changes in its functional process and its commitment towards building actions to achi eve the organisational objectives (Eoyang, 2003). However, with the growing challenges in the business world, there has been an emergence of a number of limitations arising out of traditional st