Strategic Management
Expert-defined terms from the Professional Certificate in Sustainable Aviation Management course at London School of Planning and Management. Free to read, free to share, paired with a globally recognised certification pathway.
Strategic Management #
Strategic Management
Strategic management is the continuous planning, monitoring, analysis, and asses… #
It involves setting long-term goals, developing strategies to achieve those goals, and allocating resources effectively to implement the strategies. Strategic management is crucial for an organization's success as it helps align the organization's internal capabilities with the external environment to gain a competitive advantage.
Key components of strategic management include environmental scanning, strategy… #
Environmental scanning involves analyzing the internal and external environment to identify opportunities and threats. Strategy formulation involves developing a clear vision, mission, and objectives for the organization. Strategy implementation involves putting the formulated strategies into action, while strategy evaluation involves monitoring and assessing the effectiveness of the strategies.
Strategic management is essential in the aviation industry as it helps airlines… #
By effectively managing resources, anticipating industry trends, and adapting to changes, aviation organizations can achieve sustainable growth and profitability.
- Strategic Planning: The process of defining an organization's strategy or dire… #
- Strategic Planning: The process of defining an organization's strategy or direction and making decisions on allocating its resources to pursue this strategy.
- SWOT Analysis: A strategic planning tool that helps identify an organization's… #
- SWOT Analysis: A strategic planning tool that helps identify an organization's strengths, weaknesses, opportunities, and threats.
- Competitive Advantage: A set of unique features of a company and its products… #
- Competitive Advantage: A set of unique features of a company and its products that are perceived by the target market as superior to those of the competition.
- Long-Term Planning: Planning that looks beyond the current year and focuses on… #
- Long-Term Planning: Planning that looks beyond the current year and focuses on achieving goals over an extended period.
- Resource Allocation: The process of distributing resources such as human resou… #
- Resource Allocation: The process of distributing resources such as human resources, financial resources, and physical assets among different departments or projects.
- Performance Evaluation: The process of assessing an organization's performance… #
- Performance Evaluation: The process of assessing an organization's performance against predetermined goals and objectives.
- Strategic Leadership: The ability of an organization's leaders to anticipate i… #
- Strategic Leadership: The ability of an organization's leaders to anticipate industry trends, make strategic decisions, and inspire others to achieve the organization's goals.
Examples #
Examples
- An airline may engage in strategic management by analyzing market trends, sett… #
- An airline may engage in strategic management by analyzing market trends, setting a goal to increase market share, developing a strategy to offer new routes, and allocating resources to implement the strategy.
- A maintenance company in the aviation industry may use strategic management to… #
- A maintenance company in the aviation industry may use strategic management to assess its strengths and weaknesses, identify opportunities to expand its services, and develop a plan to enter new markets.
Practical Applications #
Practical Applications
- Strategic management can help aviation organizations adapt to changes in consu… #
- Strategic management can help aviation organizations adapt to changes in consumer preferences, technological advancements, and regulatory requirements.
- By conducting regular environmental scans and staying updated on industry tren… #
- By conducting regular environmental scans and staying updated on industry trends, aviation organizations can identify new opportunities for growth and innovation.
- Effective resource allocation through strategic management can help aviation o… #
- Effective resource allocation through strategic management can help aviation organizations optimize their operations and improve profitability.
Challenges #
Challenges
- Developing a clear and achievable strategy that aligns with the organization's… #
- Developing a clear and achievable strategy that aligns with the organization's goals.
- Anticipating and responding to changes in the external environment, such as ec… #
- Anticipating and responding to changes in the external environment, such as economic downturns or regulatory changes.
- Ensuring effective communication and coordination among different departments… #
- Ensuring effective communication and coordination among different departments and stakeholders in the organization.
- Balancing short-term goals with long-term sustainability and growth objectives #
- Balancing short-term goals with long-term sustainability and growth objectives.