Write a 8 pages paper on strategic management in the public and private sector. The sector is a complex process since there are multiple stakeholders with varying needs and limited resources available. There are various approaches to strategic management in the public sector. There are those approaches that emphasize analysis and have a problem focus such as portfolio or industry analysis. On the other hand, there are also those approaches that are conceptual in nature such as policy, stakeholder, issue management, and adaptive approaches. There are various approaches to strategic management in the public sector. There are those approaches that emphasize analysis and have a problem focus such as portfolio or industry analysis. On the other hand, there are also those approaches that are conceptual in nature such as policy, stakeholder, issue management, and adaptive approaches. .
A strategy is a mechanism through which an entity differentiates itself in a competitive arena. In nearly every industry and sector today, the strategy has become essential to staying in business. In the past, a business could sustain itself with a fairly static mission and customer base. Today’s marketplace is larger and more competitive with a better-educated customer base. Moreover, it is constantly changing at an ever-increasing speed. These conditions require business leaders to constantly adjust their strategies to remain competitive in the marketplace.
Strategic management is the “formulation and implementation of strategic plans and the orchestration and carrying out of strategic activities of vital concern to the total organization” (Koteen, 1997, p. 24). Strategic management is based on the following three characteristics:
Strategic management is a dynamic process in which strategies are aligned to enhance performance and procure desired business results. Strategic management is a continuous activity in which the strategic direction of the organization is determined and subsequently maintained. Strategic management involves regular decision making on a daily basis to deal with constantly changing situations and a challenging environment.
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