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Explain MGT527 Strategic Management

Strategic management plays an important role in the growth and development of any company whatsoever. Understanding the market in analyzing the company's positive and negative aspects needs to be done in order to develop a strategic plan so that it can be implemented for the welfare of the company. Strategic management involves the monitoring analysis and the assessment of all the necessities is that a company needs in order to grow and develop with the passage of time. There are several benefits of strategic management for a business such as it fulfills the requirements of the business that needs to be done in order to grow and develop. Not only that but also it gives the proper direction to the company so that the company can work towards the development of its own. There are many five stages of strategic management such as formulating the action plans assessing the strategic direction of the organization. There are also steps like identifying the internal and external factors that can work towards the development of the company. Understanding the drawbacks is also equally important because it gives the company a reason to develop new plans which would work for the development of the company.

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MGT527 Task Answers

The different types of strategic structure that a company goes through in order to develop its performance in the market. There is five strategic management that can work towards the benefit and development of any company whatsoever. The first one is the competitive strategy which talks about the strategic management that a company applies in order to understand the competition in a market and work towards the development of the goals according to the competition of the market. That can be several other companies that serve the exact purpose like the one that is trying to compete however the strategic management plan is the one that actually differs from one another so that it gives an opportunity to every company to be different from the other one. Hens a strategic management plan according to the competitive market should be such that it can gain the attraction of more and more audience from the international market on the national market whatsoever. The second one is the corporate strategy full stop the corporate strategy is a type of strategic management that talks about diversification in the company which gives an opportunity to a company to move from one place to another and settle their business and spread their roots as well. Suppose a company is trying to move from the national market to the international market hence the need to develop the statistical plan according to the international market that would help them to gain more perspective about people from different parts of the world can also help them in order to recruit people from a cross-cultural background which benefit the profitability of the company in the long run.

Next comes the business strategy developing a business is not an easy thing to do. Hence analyzing different factors like the internal factors and external factors of a company analyzing the market and the minds of the people who are being dealt with by the company is important to form a business strategic plan. Coming up with new strategies to handle the competition in the market and developing new products in order to gain the attraction of the targeted audience is equally important for the business strategy and management program. Hence the business strategy is the diversification of the strategic plan of business which gives an opportunity to the employees and the business hierarchies to explore more options and brainstorm new ideas to come up with innovative and creative ideas in order to refurbish the products and services that there are provided to the customers. Next comes the functional strategy is a type of strategic management that is done to maximize the productivity of the resources that the company is trying to do. Different kinds of strategies and plants work towards the development of the performance of the employees working in a team. As the employees of the building blocks of any company whatsoever it is important that the performance is also of high quality. This is because of the fact that if the company is trying to develop new statistical plans in order to grab the market then the company also needs to focus on how the performance of the employees are on the basis of the work they are doing. Therefore if the company is managing a functional strategy in order to develop the performance of the employees it would actually help in the profitability of the company in the long run.

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MGT527 Assignment Answers

Production operating strategy is important for any company in order to develop an operating strategy that (MGT527 solutions) helps the company to design and position the production system also select and design the product of the services that they are going to offer to the people who are the target audience. Not only that but also refurbishing and reconstructing the ideas of the products and services that they are going to provide to the customers is also a part of the operating strategy. There is certain analysis as well which needs to be conducted in a company in order to understand the strengths weaknesses opportunities and threats that are faced and enjoyed by the company. A company can have different kinds of strengths that would help the company in order to draw and develop with the passage of time while at the same time it can also have weaknesses that might be of great danger for the company as well.

Hence SWOT analysis is conducted by the managers and hierarchies in order to understand what are the strengths that the company has and what are the weaknesses that they need to work for. Not only that but also they also analyze the opportunities that the company can have from the market which they need to grab in order to grow and develop and what are the threats that the company can face while entering a market so that they can be aware of the fact and have a proper strategic plan in order to avoid the threats and work for the betterment of the company.

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