MGT510 Strategic Management

MGT510 Strate Strategic management can be considered as the procedure of setting the objectives, goals, and purpose to make the company or the organization more competitive. Mostly, the strategic management looks at rightly organizing operations and incomes to obtain these goals. Strategic management incorporates strategy evaluation, internal organization analysis, and strategy execution throughout the organization.

It is to be noted that in business, strategic management is highly significant because it permits the organization to examine the sections for operational enhancement. In most cases, they either analytical procedure which helps in identifying the probable threats and the chances of the common guidelines. Based on the structure of the organization, the organization can select either a prescriptive or the descriptive approach to that of the strategic management.  It is to be noted that under the prescriptive model, the strategies are outlined for the development and the execution. By contrast, the descriptive approach describes the ways in which the organizations can develop these plans.

It is through this course, the students will be able to understand the concept of strategic management. Additionally, they will be able to understand the ways in which the organization can change its policies and the rules n order to survive in the competitive market. Additionally, this will enable the students to conduct the right policies, mission, values of the organizations which will help them in maintaining the right form of association with their stakeholders.  The right knowledge and the application of strategic marketing will eventually enable the students to obtain a higher rate of revenue for the company and have more rate of success.

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Unit details of MGT510 Strategic Management

Unit details of this course include the following:

Unit code:- BSBADM506

Location:- Footscray Nicholson, Industry, Werribee

Study level:- Vocational and further education (TAFE)

Brief on MGT510 Strategic Management

Strategic management offers the general direction by developing the plans and the procedures which are created to obtain the aims and then allocating the resources to apply the procedures.  Additionally, the strategic management is for the organization is to obtain a competitive advantage over their competitors. This offers the students to meet their objectives.

Additionally, this will even enable the students to have the primary actions and the decisions which will eventually permit them to obtain their aims and the objectives.  The strategic management policies need the ongoing evaluation of the procedure within the organization and the external factors which can influence the ways the organization operates. MGT510 assessment answers will help the students to have the top-level programs and have them the right form of decisions.  

There are numerous schools of thought on the ways in which strategic management is being conducted. Additionally, there is a various number of academics as well as managers who have enhanced the various number of frameworks to operate the strategic management process. It is through this process, the  five phases will be covered which are as follows:

• The current strategic direction of the organization
• Identification and analyzing both the internal as well as the external strengths and the weakness
• Conduct the right formulation of the action plans
• Execution of the right action plan
• Conduct the right evaluation of the degree to which the actions plan has led to effective changes and has led to the wanted outcomes of the organization.

It is to be noted that the successful communication, data collection, and the culture of the organization play a very significant part in the procedure of strategic management, especially for the companies which have a complex level of operations. Therefore, the lack of the right communication and the wrong corporate culture can lead to the misalignment of the strategic management plan of the organization. thus, strategy management incorporates the process of examining the cross-functional decisions of the business before the process of application to ensure that they are connected to the plans of the strategy.

Through the assessment, the students will be able to do the following-

• Examine the strategic goals which incorporate the vision, mission, strategic objectives, and values of the organization
• Examine the internal setting which incorporates the resources, personnel core competencies, activities of the organization which are among the others
• Examine the internal environment which incorporates the economy, business market, and competitors.

Through this assessment, the student will be able to

• Set the right yearly objectives for the organization
• Revise the policies to meet the objectives
• Allocate the right resources
• Recreate the structure of the organization
• Manage the people
• Conduct the right change in the organization

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Weightage of this MGT510 Course Code in Their Semester

Through the strategic management assessment, the students will be able to understand the various ways in which the steps can be created for new strategies. additionally, they will be able to apply them rightly. On the other hand, the students will even get to understand what is being expected from them, the range of the values which is based on similar transactions, and the other strategic options which can be available to them.  This will provide the students with overall plans and the policies which are needed to obtain the objectives and then arrange the resources to apply the plans accordingly.

The weightage of this section of the assignment will contain 30 percent of the marks.  The students need to focus on this section of this paper more effectively as this will help the students to eventually be more effective and successful in their future endeavors. MGT510 task answers are important as it will enable the students to have a competitive advantage in comparison to the other organizations. therefore, this section of the investigation is of higher significance and contains huge marks.  

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