Question

Summarize and expand on Chapter #1 of the textbook (Art & Science of Strategic Management), and explain why you think strategic management is more an art than a science (or argue the opposite)? Use your own words and take a position. It is VERY IMPORTANT in the business world -- especially as an MBA -- that you demonstrate you are knowledgeable and that you actually HAVE A THOUGHT (i.e. that you have a position on the issue). So avoid regurgitating the chapter (and all other questions in this course related to summarizing chapters) and provide both a concise summary of the chapter, as well as your review/critique of the chapter (this means: provide some interesting insight). Summarize and expand on Chapter #2 of the textbook (Leading Strategically), and describe what YOU think about the role and responsibilities of the CEO. (I’m curious as to how you feel Emotional Intelligence plays into the art of being a CEO – is it important, and why or why not?) Summarize and expand on Chapter #3 of the textbook (External Analysis), and explain why you think Porter or PESTEL is important (think about it: Porter is an economist, so he looks at the world of business by examining industries; so do you think his five forces model makes sense, or serves as a fundamental platform for CEOs to use to analyze their firm’s strategic position)?

Answer 1

A process of creating a set of different steps which increase the company's financial status as well as driving the companies economic departments is called strategic management of the company. How company is going to be in different kind of working environment and by working in different environment how the company is producing benefits by using proper strategies over the economical as well as the financial system is the main job of strategic management for a company.
Organisational strategic management can be defined as a continuous effort of planning, monitoring, analysis as well as assessing internal factors of the company for achieving their goal. Strategic management for an organisation is very very important at as it defines the way of working as well as the goal efficiency of the organisation. Buy a proper strategic management a company can work more efficiently and produce better productivity with the same resources. Strategic planning can be done to define anything in the organisation from economics to the human resource management everything is based on strategic planning.
Some approaches to strategic management are as follows
Industrial organisational approach
This is specific type of approach is done to improve the all competitive rivalry as well as resource allocation and economies for skill. In this type of approach a company directly analyses its overall position towards the specific market and generate their new strategies according to the received data.
•   Economic theory
Economic can be defined as an approach in which the overall settlement of the strategies inside an organisation is done via economic analysis of the company. My having an a company and economically analysed, the level of overall investment as well as different aspects of cash flow are determined and later applied to the company's strategy.
•   The sociological approach
This is specific type of approach directly deals with the human interaction as well as bounding the rationality and satisfying the behaviour of human resources inside an organisation. by having profit as a sub optimality,  these companies directly deals in the human resources. Fine example of this type of sociological approach in Google.

The specific views for strategic management are done to provide a Basic support for the company structure while doing business for the local market as well as International markets. Different market segments require different type of strategies as well as strategic URL patterns are determined through different analysis methods. Some of the strategies in business management are as follows.
•   Corporate strategy
It can be for the describe why are providing a strategy with diversified pattern in a firm. What determined in the competitive environment of a business as well as creating different competitive advantages over the task are provided through the corporate strategy for a specific business or firm.
•   Business strategy
Business strategy can be defined as an aggregate of different Strategies for a single business in which different analysis are done towards the specific strategies according to the dealing segments of the business and a result is provided for the better management as well as market presentation. This also helps in creating a long term success plan for the specific business.
•   Functional strategy
All the functional strategies in marketing as well as development and human resources strategies can be included into function strategies which creates a running environment for a firm. Functional strategy directly affects the overall planning for future as well as the current market position of a firm.