Introduction"Strategic management is the process of decision making which have high medium term to long term impact on activities of the organization including the implementation of those decisions to create value for customers and key stakeholders and to outperform the competitors"(Hubbard, G., 2000, p-2).Strategic management has three elements such as strategic analysis, strategic choice and strategic implementation. Strategic analysis gives the idea to understand the strategic position of the organization. It is an ongoing activity of organization. Strategic analysis gives the clear picture of the changes in the environment and how these changes affecting the organization and ...view middle of the document...
Concentration focuses on growth of single product or service. Concentration occurs through market development, product development or horizontal integration (adding one more similar business). Vertical integration - this approach involves the growth through production of inputs previously provided by supplier or trough replacement of a customer role by disposing of its own output (Kumpech & Bolwijn, 1998). Diversification - this approach involves in the growth through development of new areas clearly distinct from current business (Bartol et al., 2001).As an example Failte Ireland's Cultural Diversity Strategy.The implementation of a Cultural Diversity Strategy for the industry was one of the recommendations of the Tourism Policy Review Group which has set challenging targets for tourism development by 2012. The strategy was prepared by an industry working group including members from Failte Ireland, the Irish Hotels Federation, Restaurants Association of Ireland, Vintners Federation of Ireland, Licensed Vintners Association and the Irish Hotel and Catering Institute." Workers from non-national backgrounds are vital to the future success and sustainability of the Irish tourism industry, and must be valued developed and integrated accordingly. Our industry is likely to need another 6,000 workers per annum to 2010 and a significant number of these will come from overseas", said Failte Ireland Chief Executive Shaun Quinn. There are currently around 25,000 non-national workers out of 145,000 working in the Irish tourism industry.(www.failteireland.ie)Stability strategies - this strategy involves maintaining the status for growth of the organisation slowly or methodically. Organizations select stability for many reasons. When a company is doing well the managers don't want the risk and disturb of aggressive growth. This happens in case of small private owned businesses which are the larger group to adopt a stability strategy. Another reason is that it provides a chance for recovery (Bartol et al., 2001).Defensive strategy - this strategy focus on reducing organizational operations through cost reduction or asset reduction. Defensive strategy includes harvest, turnaround, divesture and liquidation (Bartol et al., 2001).Strategic analysis focuses on stabilizing the current environment, and it also support the organization's business plans and goals. Strategic analysis helps to grip, new projects, new technology, consolidation of data centers, data warehouses, exponential data growth, cost of ownership, and resource available in an organization to assess the future requirements. Strategic Analysis, reviews the business plan, potential blockage or other issues in the current architecture, processes and their implementation in new initiatives, and processes (http://portal1.legato.com). Strategic analysis gives the idea about the key factors that are affecting the present and future development of the organization and the opportunities offered by ...
