Week 2: Learning journal

1) In your own words using referenced quotes describe what "strategic management" is 

Strategic management is the analysis of the major initiatives taken by a company's top management on behalf of owners, in which resources and performance in external environment are involved. It is all about specifying the organizations mission, vision and objectives, moreover developing policies and plans usually in terms of projects and programs, that are introduced to achieve these objectives, and then using resources to introduce polices and plans.


2) How is business strategy similar to military strategy? How is it different?

Similarity:

• The term strategy has been emerged from the military field, later this term was also used in businesses.
• In a battle of military the military never goes straight ahead they look for chances and choices they have to win the battle similarly in a business they look for resources and opportunities so that they can beat their competitors.

Difference:

• In business strategy there is a assumption of competition whereas in military strategy there is a  assumption of enemies. 
• Military strategy is based on getting victory whereas business strategy is based on increasing the values of stakeholders and their interest.

 3) What do you understand by the term "strategic analysis", "strategic development", and "strategic implementation".

Strategic analysis: 

Strategic analysis is all about looking at what is happening presently outside your organization and will be happening in the future. It will lead to more clearer and relevant goals with better quality decisions and more secure future. It is also know as "external environmental analysis". We can also say that it is the process of making the right decision.

Strategic development:

Developing of the strategic plan takes place in order to obtain the required objectives. With the help of S.W.O.T analysis we can get a developed strategy. This is a very essential part for the organization for achieving its goal.

Strategic implementation:

Here a number of strategy are drawn and amongst which the best alternative strategy is selected and then implemented to achieve the required goal. So, basically we can say that strategic implementation is to implement the best strategy to achieve effective goals.

4)  Write about your experience with today's case study. What answers did you give? Was it easy to answer the questions? Did your group agree with each other?

Today case study was all about the rapid growth in Milton Keynes, Peterborough and Swindon. In this case we came to know the strategy applied to develop the cities which were in a state of being unrecognized. Due to the lack of prosperity and development, they wanted to make the cities alive.

My assessment on the case study

There was a lot of changes brought in the cities. The housing and the commercial properties were made affordable to the people in the cities, so that the people could have a standard of living. The transportation system were improved.Although there was being bought a lot of improvement in the cities. they were welcoming a lot of immigrants which was increasing the rate of population making the existed people uneasy. Moreover, attracting a lot of business with the offers that the city provided, which effected the leisure of the public.

REFERENCES:

Business Dictionary. (n.d.). Retrieved March 6, 2013, from www.businessdictionary.com: http://www.businessdictionary.com/definition/strategic-management.html

Business Dictionary. (n.d.). Retrieved March 5, 2013, from www.businessdictionary.con: http://www.businessdictionary.com/definition/strategic-analysis.html

Business Dictionary. (n.d.). Retrieved March 5, 2013, from www.businessdictionary.con: http://www.businessdictionary.com/definition/strategic-implementation.html