WEEK 3 : Learning journal

1) In your own words using referenced quotes describe what "strategic management" is.

• The process of decision making taken by the general manager of a firm  while representing the capital stakeholders with an expectation of achieving effective performance and results in each aspect of its functioning is "strategic management". We can also say that it a process that helps to determine the goals,values and objectives of an organization.

Strategic management analyses the major initiatives taken by a company's top management on behalf of owners, involving resources and performance in external environments.

2) How is business strategy similar to military strategy? How is it different?

Similarities:

• Military does not often attack head to head with frontal attack since it is very costly,this is same with the business for numerous marketing campaign there is high expenses.
• Just like we use the term strength, objectives and mission widely in an organization, the military also used these terms in the battle field addressed as issues or obstacles.
•  Both business and military pin point the rivals weakness and dominate them by using their core strength.

Differences:

• The formation of business strategy usually occurs due to an assumption of competition whereas assumption of conflict is the bass of forming of military strategy.
• The purpose of military and business strategy varies. Military strategy's purpose if to battle and get victory whereas business strategy's purpose is to create values for the stakeholder by stabilizing their interests.
• In a military world the career progression is constant but in business world the career progression is not constant.

3) What do you understand by the term "strategic analysis", strategic development" and "strategic implementation".

• Strategy analysis: This is the very beginning part of the strategic management process in an organization.with the help of strategy analysis we can formulate and implement strategies effectively.  This strategy is very important since it gives the organization a thorough analysis on the internal and external aspects of a business and moreover it would make the probability of  fail strategy certain.

•  Strategic development: Here the development of strategic plan takes place, which is very essential for an organizational strategy for obtaining the aim of the organizations objective.

• Strategic implementation: A list of strategy are drawn by an organization among which the best one is selected to obtain strategic objectives and goals. So, we can also say that strategic implementation is the translation of choosing strategy into and action effectively and efficiently in an organization.

4) Write about your experience with today's case study. What answers did you give? Was it easy to answer the questions? Did your group agree with each other?

• The case study that we studied today was on the growth strategy implemented on the city Milton Keynes, Peter borough and Swindon by the conservative leaders.Due to the lack of growth and prosperity these towns were called sleepy cathedral which was near Cambridge.So, they wanted to bring upon growth and prosperity in these towns.

My assessment on the case study:

Since, the cities where connected to the main developed cities of England through transport it was a good short term strategy and it was almost three times less than that of London because of the land price.during the time of 2001-2011 its shows the highest growth rate of population in Milton Keynes.Although the expansion strategy brought growth to the town it did not have equal growth rate in the service sectors. Well it was as difficult as we thought it would be to answer the questions and our group came to a conclusion that this growth strategy is a "mad" one. The growth of population in an unwanted manner causes growth in crime, unsystematic lifestyle  and the dissatisfaction of a local who enjoyed the leisure and suburban feel of the town.

References:

^[1] Nag, R.; Ham brick, D. C.; Chen, M.-J (2007). "What is strategic management, really? Inductive derivation of a consensus definition of the field" (PDF). Strategic Management Journal 28 (9): 935–955. Doi: 10.1002/smj.615. Retrieved October 22, 2012.