COMPONENTS OF STRATEGIC MANAGEMENT
Strategic management is an outlining, scanning, searching and appraisal of all that is vital for a firm to meet its objectives and targets. It also consists of strategic planning and strategic execution.
Strategic planning is a capable instrument to keep your association stimulated, engaged and successful. It helps the firm to meet its goal by developing a vision, a mission, guiding principles, broad objectives and specific tactics. Before starting a planning process, an association should direct a SWOT analysis. The SWOT is the phrase for strengths, weakness, opportunities and threats. The mission becomes out of and bolsters the vision. The guiding principles, which perform the firm’s assessment system, direct the association’s role as it seeks after its central goal. The broad objectives become out of the mission and make an interpretation of into the quantifiable terms.
Strategic execution is stated as it is the successful execution of a strategic plan or it’s completing your methodology. While these viewpoints are unquestionably valid, they aren’t useful as far as understanding what should be done to really drive business comes about. It’s helps how to execute the plan of project by step by step.
My experience about project which have done as a major project in our college is Advanced Monitoring and Data logging of Domestic Consumers. It explains that monthly electrical reading of a consumer through email. For execute the project, first we should implement a plan and maintain a good teamwork. In teamwork there should be communication, flexible and monitoring between them. We developed a programming design to implement the project and it should be accurate. We successes in execution of our project without fail.