Strategic Management through Innovation and Cost Saving

Abstract

The "strategy" word is originated from the Greek word; stratus (means army) along with "ago" (means moving/leading). A strategy is an action taken by the manager to achieve more than one goal or aims in the organization. Strategy means "A general direction set for the company and its various components to achieve a desired state in the future. Strategy results from the detailed strategic planning process". The strategy seeks to incorporate organizational actions and use and allocate finite resources within the organizational environment in order to achieve the current goals. It is important to take into account while preparing a strategy that actions are not made in a vacuum and that a response from the concerned customers, competitors, suppliers, and employees would certainly meet any act made by a firm. Strategic Management is an actions and decisions' stream that contributes to implementing successful organizational priorities policy or strategies to attain organizational objectives. Strategic management is a process where strategists identify objectives/goals and take strategic actions. Strategic Management may be seen in different organizational forms, such as government, cooperative, service, business, etc. Strategic management is an on-going process of evaluating as well as regulates the involved industries and business; first evaluates their competitors and defines objectives and strategy that satisfy all current and future competitors; after that reevaluate every strategy quarterly or annually or regularly to assess how this was carried out and whether this has achieved or needs to be replaced by a new plan or strategy to access changed situations, political environment, financial, new social, new economic environment, new competitors, or new technology. Strategic Management is a science and art of implementing, formulating, as well as assessing cross-functional decisions, which allow a firm to attain its goals or aims (Andrews, K.). Strategic Management particularly emphasizes computer information, R and D research and development, marketing, production, finance, and integrating management to attain firm success. Strategic management's goal is to use the trends of today for tomorrow and to develop new as well as various opportunities for long-term planning. A strategy is an organization's well-defined roadmap. It determines an organization's overall mission, direction, and vision of the firm.