Business Studies
Strategic Management Principles
Strategic management principles are significant rules and guidelines fundamental in a person’s reasoning and decision-making capabilities. These principles can be applied in career planning, strategic life plans, social life, and financial planning. It is true to say that the materials within the course can help a person create an effective strategic plan for a professional career, personal goals, and generally planning for life. Such a plan must have some of these details: what one values most, for instance, family or health. The project must also have a mission statement centered on the values an individual is willing to honor. The mission statement acts as a reminder of life’s purpose (Gallus & Frey, 2016). A SWOT analysis has to be done and incorporated within the plan. The analysis will outline the personal strength, opportunities, weaknesses, and threats. It will also determine who can provide accurate feedback on the weaknesses and strengths. The plan must also include goals in line with the fundamental values, for example, a career-related goal.
Once all these have been appropriately formulated, the plan will help one concentrate on what is within his or her control, as opposed to things one has no control over, such as the economy. An individual will also be able to highlight the positive results that change will initiate instead of concentrating on what should be disposed of (Gallus & Frey, 2016). For example, focusing on attaining good health is effective that solely depending on losing weight. The plan will help a person lower her goals rather than over-commit and concentrate on taking daily actions no matter how small they appear. These actions will make things happen correctly and in the best way possible.
References
Gallus, J., & Frey, B. S. (2016). Awards: A strategic management perspective. Strategic Management Journal, 37(8), 1699-1714.
Slack, N., & Brandon-Jones, A. (2018). Operations and process management: principles and practice for strategic impact. Pearson UK.
