Strategic management deals with overall planning and controlling activities in an organization. Some of the element of strategic management includes strategic thinking, implementation and formulation. Strategic thinking concentrates on processes such as external exploration of finding alternative approaches to organization strategies. On the other hand, strategic formulation represents organization efforts in developing causes of action while in the implementation stage management executes the plan. These elements are extremely important in strategic management (Ginter, Duncan, & Swayne, 2013). It is because of the fact that each of the elements is connected to strategic management and affects decision-making. Thinking in a strategic manner is one of the key determinants of the organization future successes. It enables the management to focus on factors that affects the organization overall performance standards. Therefore, they plan for actions that will be carried out in the future by incorporating current performance standards.
Formulation and implementation elements are related to strategic management in the sense that they are the processes, which determine organization’s cause of action (Spath & Abraham, 2013). Formulation will outline the company’s activities supposed to be carried out in the organization in order to achieve the set out goals and objectives. Implementation involves line managers who will conduct the real business operations for the organization (Ramani, Mavalankar, & Govil, 2010). They will control and oversee the operations and development of the specified plan. These elements are learned through various ways, mostly training. This means that an individual will be in a position to perform strategic management duties after he or she attends training or has credible experience. The process includes little documentation with higher magnitude in terms of organizational impact. It also stipulates and evaluates the business strength and weaknesses.
Ginter, P. M., Duncan, W. J., & Swayne, L. E. (2013). Strategic management of health care organizations. San Francisco, CA: Jossey-Bass, Wiley.
Ramani, K. V., Mavalankar, D., & Govil, D. (2010). Strategic issues and challenges in health management. New Delhi: Sage.
Spath, P. L., & Abraham, S. C. (2013). Strategic management in healthcare organizations. San Diego C.A: Ashford University.