Meaning of Strategic Management.

Strategic management is the ongoing planning, monitoring, analysis and assessment of all

necessities an organization needs to meet its goals and objectives. Changes in business
environments will require organizations to constantly assess their strategies for success. The strategic
management process helps organizations take stock of their present situation, chalk out strategies,
deploy them and analyze the effectiveness of the implemented management strategies. Strategic
management strategies consist of five basic strategies and can differ in implementation depending on
the surrounding environment. Strategic management applies both to on-premise and mobile
platforms. Strategic management is based around an organization's clear understanding of its
mission; its vision for where it wants to be in the future; and the values that will guide its actions. The
process requires a commitment to strategic planning, a subset of business management that involves
an organization's ability to set both short- and long-term goals. Strategic planning also includes the
planning of strategic decisions, activities and resource allocation needed to achieve those goals.

Concept of Strategic Management.

Strategic management covers the setting objectives for the company, keeping an eye on competitors’
actions, reassessing the organization’s internal structure, evaluating present-day strategies, and
affirming the implementation of those strategies throughout the company. It is a combination of
strategic planning and strategic thinking. Strategic planning is the recognition of achievable goals.
Strategic thinking is the capacity to identify the organization’s requirements to accomplish the goals
pointed out through strategic planning. There are two types of strategic planning – prescriptive and
descriptive. The former strategic management is the development of strategies in advance of an
organizational issue. Descriptive strategic management is making the strategies as and when needed.
While most of the companies’ upper management implements the strategy, others employ strategists
who plan and execute the strategy to improve company function.

Write the Frame work of Objectives?

Objectives and key results (OKR) is a goal-setting framework that helps organizations define goals —
or objectives — and then track the outcome. The framework is designed to help organizations
establish far-reaching goals in days instead of months. An organization may achieve either lower cost
of production or product differentiation as an advantage against its rivals. It is important to look at
the market positioning of the brand and company and also to pinpoint all the competitive
advantages the company has over its competitors.

What is an E Commerce?
E-commerce (electronic commerce) is the buying and selling of goods and services, or the
transmitting of funds or data, over an electronic network, primarily the internet. These business
transactions occur either as business-to-business (B2B), business-to-consumer (B2C), consumer-to-
consumer or consumer-to-business.The terms e-commerce and e-business are often used
interchangeably. The term e-tail is also sometimes used in reference to the transactional
processes that make up online retail shopping.In the last two decades, widespread use of e-
commerce platforms such as Amazon and eBay has contributed to substantial growth in online retail.
In 2011, e-commerce accounted for 5% of total retail sales, according to the U.S. Census Bureau. By
2020, with the start of the COVID-19 pandemic, it had risen to over 16% of retail sales.

Meaning of Retrenchment?
Retrenchment of employees is one of the ways companies use to terminate employees when the
company is forced to downsize its number of employees. Subsidiary companies of Multinational
Corporations often resort to retrenchment in labour law to deal with their expenditure on human
resources. However, companies often fail to consider the legal requirements to be carried out before
retrenching their employees. The Industrial Dispute Act, 1947 deals with employment-related disputes
in India and Section 2(oo) of the Act states that ‘retrenchment means termination of service of a
workman by an employer for any reason whatsoever, otherwise than as a punishment inflicted by way
of disciplinary action. However, the following are not covered within the definition of retrenchment:
0Voluntary retirement of a workman. 0 - Retirement of workmen on reaching the age of
superannuation if the employment agreement contains a provision regarding superannuation.
0 - Termination of service of a workman due to the non-renewal of employment agreement.
0-Termination on grounds of continued ill-health
Strategic Management in Marketing.
Strategic marketing management is the planned process of defining the organization’s
business, mission, and goals; identifying and framing organizational opportunities; formulating
product-market strategies, budgeting marketing, financial, and production resources; developing
reformulation. Strategic management is the management of an organization’s resources to achieve
its goals and objectives. Strategic management involves setting objectives, analyzing the competitive
environment, analyzing the internal organization, evaluating strategies, and ensuring that
management rolls out the strategies across the organization. A strategic manager may oversee
strategic management plans and devise ways for organizations to meet their benchmark goals. 
Strategic management is divided into several schools of thought. A prescriptive approach to strategic
management outlines how strategies should be developed, while a descriptive approach focuses on
how strategies should be put into practice.

Strategic Management in HR and Global Competitiveness.

Strategic human resource management (strategic HRM) provides a framework linking people
management and development practices to long-term business goals and outcomes. It focuses on
longer-term resourcing issues within the context of an organisation's goals and the evolving nature of
work. Globalization is making the world a better place! But can we just make this conclusion without
understanding globalization and its effects. The growing interdependence of the world’s economies,
cultures and population, brought about by cross-border trade in goods and services has given a kick
hike to globalization. This increase in conceptual and empirical work has now shifted the focus on how
firms go about globally, keeping along the development and maintaining the advantage of
globalization. The global competitiveness is concerned with overall performance of the economies all
over the globe.

Value chain approach

The value chain approach is one of several market systems approaches to development. In recent
years this type of methodology has seen a surge in popularity among a variety of donors in a diversity
of contexts. While they differ in their terminology, frameworks, principles and even definitions of a
system, what these types of approaches have in common is the foundational belief that the poor and
their economic opportunities are profoundly influenced by the dynamic systems in which they
participate. By influencing how those systems perform, we can improve opportunities and outcomes
for the poor. The value chain approach seeks to understand the firms that operate within an industry
—from input suppliers to end market buyers; the support markets that provide technical, business,
and financial services to the industry; and the business environment in which the industry operates. 

Describe on Strategic Budget and Audit.

Strategic budgeting allows flexible forecasting for complex spending and revenue goals. Its purpose is
to shift the focus from the big picture to detailed data. Businesses use budgeting tools to better
allocate funds, and achieve specific long term goals. A strategic audit is an objective review and
evaluation of a strategic plan (or set of plans) that have been put into motion by senior leaders
and key stakeholders designed to meet an organization’s future objective. The audit ensures that
strategic plans are pinpointed, remain relevant, and continue to create value for the organization.
Audit is the examination or inspection of various books of accounts by an auditor followed by
physical checking of inventory to make sure that all departments are following documented
system of recording transactions. It is done to ascertain the accuracy of financial statements
provided by the organization.

What is an Acquisition?
An acquisition is when one company purchases most or all of another company's shares to gain
control of that company. Purchasing more than 50% of a target firm's stock and other assets allow
the acquirer to make decisions about the newly acquired assets without the approval of the
company’s other shareholders. Acquisitions, which are very common in business, may occur with the
target company's approval, or in spite of its disapproval. With approval, there is often a no-shop
clause during the process. We mostly hear about acquisitions of large well-known companies
because these huge and significant deals tend to dominate the news. In reality, mergers and
acquisitions (M&A) occur more regularly between small- to medium-size firms than between large
companies

SWOT Analysis.
SWOT (strengths, weaknesses, opportunities, and threats) analysis is a framework used to evaluate
a company's competitive position and to develop strategic planning. SWOT analysis assesses
internal and external factors, as well as current and future potential. A SWOT analysis is designed to
facilitate a realistic, fact-based, data-driven look at the strengths and weaknesses of an organization,
initiatives, or within its industry.
O - Strengths - Strengths describe what an organization excels at and what separates it from the
competition: a strong brand, loyal customer base, a strong balance sheet, unique technology, and so
on. For example, a hedge fund may have developed a proprietary trading strategy that returns
market-beating results. It must then decide how to use those results to attract new investors.
O - Weaknesses - Weaknesses stop an organization from performing at its optimum level. They are
areas where the business needs to improve to remain competitive: a weak brand, higher-than-
average turnover, high levels of debt, an inadequate supply chain, or lack of capital.
O - Opportunities - Opportunities refer to favourable external factors that could give an organization
a competitive advantage. For example, if a country cuts tariffs, a car manufacturer can export its cars
into a new market, increasing sales and market share.
Threats - Threats refer to factors that have the potential to harm an organization. For example, a
drought is a threat to a wheat-producing company, as it may destroy or reduce the crop yield. Other
common threats include things like rising costs for materials, increasing competition, tight labor
supply. and so on.

Explain on BCG Model

The Boston Consulting Group (BCG) growth-share matrix is a planning tool that uses graphical
representations of a company’s products and services in an effort to help the company decide what it
should keep, sell, or invest more in.The matrix plots a company’s offerings in a four-square matrix,
with the y-axis representing the rate of market growth and the x-axis representing market share. It
was introduced by the Boston Consulting Group in 1970.
O - The BCG growth-share matrix is a tool used internally by management to assess the current
state of value of a firm's units or product lines.
O - BCG stands for the Boston Consulting Group, a well-respected management consulting firm.
O - The growth-share matrix aids the company in deciding which products or units to either keep,
sell, or invest more in.
O - The BCG growth-share matrix contains four distinct categories: "dogs," "cash cows," "stars," and
“question marks.”
O - The matrix helps companies decide how to prioritize their various business activities.

What is a Corporate Restructuring?

Corporate restructuring refers to making significant changes in a company’s organizational or financial
structure. This could mean a change in business strategy, closing subsidiaries, acquiring new
business, etc, to increase long-term profitability. Sometimes businesses also undergo restructuring to
improve their overall performance and efficiency.  They can also help a company better serve the
needs of its customers and shareholders. Restructuring businesses may also result in the closure of
underperforming or unprofitable business units. For some ventures, a company restructure may be a
final effort to retain solvency when a firm is in financial trouble and has to restructure its debts with its
creditors. To keep the business afloat, the procedure entails reorganizing the company's debt and
selling off non-essential assets.

What is an Organization Life Cycle?

Like living things, organizations are born or established and undergo stages or cycles over time. For
example, humans are born, grow, mature, and later begin to diminish and, after that, die. Similarly,
organizations undergo the pattern where they are born, grow and mature into performing their tasks,
and later decline upon accomplishing their purposes or due to other reasons. Therefore,
an organizational life cycle describes the stages an organization undergoes from the time it is
established until the time it is terminated. Organizations follow a sequence, depicting a sequential
nature by following a particular pattern. The life of an organization is influenced by various factors like
strategic planning, marketing, business planning, financial management, etc. Organizations undergo
various stages between the period they are established and their decline or collapse period. The
organizational life cycle also allows for comparing the various phases, which improves clarity and
enables leaders to understand the possible problems and challenges in each phase. The leaders can
then make provisions and establish initiatives to counteract the possible issues. Each cycle stage
depicts challenges, activities, and priorities that the management must be aware of to ensure
business sustenance. Four basic steps depict the organizational life cycle; the start-up stage,
the growth stage, the maturity stage, and the decline stage.