Differences and Similarities

Differences and Similarities - Describe the differences and...

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Describe the differences and similarities of strategic management and management. Also discuss why managerial knowledge is important for today’s companies. Mary Parker Follett defined management as "the art of getting things done through people". One can also think of management functionally, as the action of measuring a quantity on a regular basis and of adjusting some initial plan, and as the actions taken to reach one's intended goal. From this perspective, there are four management functions: Planning, Organizing, Leading, and Controlling.So management is the planning, organizing, leading and controlling of human and other resources to achieve organizational goals effectively and efficiently. Managers at all levels in all organizations perform each of those functions. Planning: is the process of identifying and selecting appropriate goals and courses of action . The planning process is comprised of deciding which goals to pursue, deciding what courses of action to adopt and deciding how to allocate resources. Organizing: is establishing a structure of working relationships, allowing employees to work together to achieve organizational goals that is to set up a organizational structure a formal system of task and reporting relationships that coordinates and motivates organizational members. Leading: is the effort to motivate, coordinate and energize individuals and groups to work together to achieve organizational goals through leadership.This involves using power, influence, vision, persuasion, and communication skills and the outcome of this is highly motivated and committed employees. Controlling: the establishment of accurate measuring and monitoring systems to evaluate how well the organization has achieved its goals.A manager should know these basic principles in order to run their company successfully(Jones G.R. and George J.M). Strategic management as a theory originated in the 1950s and 60s.The most influential pioneers were Alfred Chandler, Philip Selznick, Igor Ansoff, and Peter Drucker. Strategic management is the process of specifying an organization's objectives, developing policies and plans to achieve these objectives, and allocating resources so as to implement the plans-similar to the planning process-. It is the highest level of managerial activity, usually performed by the company's Chief Executive Officer (CEO) and executive team. It provides overall direction to the whole enterprise from the top to the bottom. An organization’s strategy must be appropriate for its resources, circumstances, and objectives.This process involves matching the company's strategic advantages to the business environment the organization faces e.g. S.W.O.T. A good corporate strategy should integrate an organization’s goals, policies, and tactics into a unified one(Strategic Management,2006). Strategic management and management have many striking similarities and
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This note was uploaded on 05/02/2008 for the course MGT mgt101 taught by Professor Andreou during the Spring '08 term at SUNY Adirondack.

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Differences and Similarities - Describe the differences and...

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