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Theoretical Concept Related to the Strategic Management

Strategic Management and Sustainability both are identified as the main platform for the organization. To manage the specific identity of an organization, it is essential to follow the framed approach towards the process. Both these approaches are helpful in managing the flow of organizational work. The wide range of concept and services are being developed from the theoretical concept in relation to both the processes, but selection of the best aspect is essential to be found out on a definite level.  Before processing towards the major section of the essay, it is compulsory to find out the suitable way out for the complete procedure. The topic selected here for discussing the theoretical concept is the strategic management. Though the sustainable development is also considered for discussion, but the Australian organization identified in the discussion is mainly facing issues related to the strategic development on a wide landscape. The theoretical concept related to the strategic management may also assist in defining the basic aspect and development of the organization on an initial level. The general impact on the managers and other organization is also discussed through the help of this essay. At the end of the essay the major findings that are recognized are shown below:

The major theoretical concept will be identified which is related to the strategic management,

The impact on the managerial level is also identified. This will also aid in defining the problems related to the managers on a definite level.

Apart from these points, both positive and negative perspectives of the Australian organization are also identified.

The issues related to the strategy are considered as very common for every organization. Similarly, the topmost Australian organization Telstra is facing the issues related to strategic management from past many years. The two issues that are closely watched in Telstra for the past two years are chiefly related to the cyber security and leaking of the information on a defined level. Both these aspects are noticeable at the level of Telstra, because through these issues, the strategic aspects of the organization can be deeply observed. As Telstra is identified as the Telecommunication organization, so a wide range of competition is being observed. Apart from this, the issues related to the cyber security and planning are also influencing working procedure of the Telstra (Cai, 2013). The telecommunication industry is suffering from various strategic issues from past many years and for facing these issues in a proper way, strategic approach should be sharper and developed properly. There are various sections identified in the theoretical framework. These sections are specifically below with some specific details.

Strategic Goals and Implementation

The abstract section is helpful in specifying the most appropriate changes related to the organization. In this section, general details in respect to the strategic management are revealed. The introduction section is mainly helpful in highlighting the actual working structure of the organization. The theoretical framework of strategic management assists in defining the most specific concept and theories in the context of the organization. The next section of the essay is mainly related to the impact of theoretical aspects of the managers. It helps in defining special aspects related to the managers and the impact of the strategic theory may also be identified on this level (Ross & Bamber, 2009).

The theories play the most important role in achieving success in the strategic management. The strategic management possesses a strong platform for the improvement and management of the organization. As defined in the introduction above that there are long time strategic issues generating in the Telstra. Being most developed and organized telecommunication company, Telstra has to face various issues related to the internet and total security management. Before defining the major theoretical aspect in the context of the organization, some of the common aspects are essential to be discussed on the primary level.

The strategic management is considered as the framed or well-defined approach which is mainly helpful in structuring the major processes related to the organization. The top managers are setting goals on start-up stage and on that basis, the whole team will be working on a suitable level. The strategic management is successful in delivering the specific principles by the help of which, the developing policies, plans, resources and suitable services are allotted on the definite level. The suitable directions and way outs are also provided to the organization with the concept of strategic management. According to Michael Porter, three basic theoretical concepts are stated for the strategy, these are principles related to a specific strategy, preparation of unique & valuable market aspects, and creating a definite approach towards the process related to marketing. The paragraph defined below is successful in mentioning the concept related to the theoretical framework in the organization (Hoskisson & Hitt, 1999). 

The first theoretical concept linked to the strategic management is mainly related to the setting of the goals in the correct directions. This concept is identified as the most definite concept which is also considered as the initial process for the organization. By setting the goals in the correct direction, the strategic vision and mission associated to the organization can be achieved easily. The various upcoming opportunities will also get generated on the primary level. As it is mentioned above in the introduction section that the organization is facing different types of competition and the issues related to cyber security from past various days, so it is essential to plan the goals in the right direction. In short, strategic goals are helpful in making the suitable and appropriate coordination (Martin & Sánchezc, 2014).

Monitoring of the Strategy

Strategy Formation and Implementation is the aspect which provides most suitable background to the working aspect. With the help of strategy formulation, the future strategy can be planned and managed on the wide landscape.  The planning ideas and accurate approaches will assist in providing specific assistance for the formation of the strategy. The appropriate guidelines are also provided on an initial level, which will help Telstra to face the defining set of competition among the team members. Apart from this, the competitive survival may also become easier for the company in comparison to the other organizations (Levy, Alvesson, & Willmott, 2001). This theoretical concept connected to the business is important, because the process of framing for defining the aspects is decided in this particular stage. The task of implementation is also essential to be identified. The suitable implementation will aid in facing issues related to the cyber security and database issues. While framing strategic approach, the execution also matters a lot as if the implementation is not organized in the right direction, then it would become difficult to generate the possible results.

Monitoring of the strategy is a different theoretical concept which helps in defining major aspects related to the analysis of strategy in the organization (i.e.Telstra). The Telstra is successful in delivering various services and planned approach for monitoring of the strategy. In fact, the management of the suitable steps is also decided in a definite direction (Greckhamer, 2010). The theoretical concept of strategic management is highly defined in reference to Telstra. There are various steps defined in contrast to the monitoring. In Telstra, there are various plans and services mentioned for completion of the process.

Apart from this, there are various other theories that are planned for the improvement and suitable processing. The strategic development can be possible with the help of these theories. All these theories have both the positive and negative impacts on the working strategy of the organization. The different theories which are very common are the resource based theory, institutional theory, strategic management process framework theory and game theory. These theories support in processing the work on a different level and in a approached form.

The resource based theory is identified as one of the major theories which may aid in providing an assistance for the definite types of sources. The recruitment of candidates and their processing can be done on the basis of suitable working aspects. The institutional theory and strategic framework theory are also helpful in making the appropriate decision (Pittsburgh, 2017). The direction of the decision will be positive and the decision related to the strategy is suitable to be defined too. Apart from this, the game theory is also based on the mathematical calculations and suitable assumptions. This will be helpful in defining the suitable aspects associated with the organizational decision. In Telstra, the most suited theories for the employees are identified as the strategic theory and decision making theory. The positive aspect of the theories is that the suitable direction will be provided for the execution of the organization. But, the negative impact is that it becomes difficult to execute all the theories on a simultaneous level, so a suitable sequence should be identified properly.

Different Theories Supporting Strategic Development

After observing all these aspects on a positive level, there are some negative aspects which are being discussed. These negative aspects will help in providing suitable recommendations for the completion of specific tasks. In case of setting the goals, specific plans should be made and approach towards the execution should be accurate in a possible manner. The critical approach towards goal setting is that if these aspects are not well-versed, the negative impact will be reflected in the growth of the organization (Cai, 2013). The social and political effects of strategic management are also creating reverse impact on the growth of the organization. Apart from these positive effects, the negative side effects are also highlighted in Telstra while performing the process of implementation and monitoring. The suitable steps should be followed in a positive manner. This will assist in making the strategy more beneficial for the organization. The negative influence on the task will destroy specific working strategy related to the organization as well, so an appropriate solution is required for the improvement.

After discussing the theoretical framework connected to the strategic management, the impact of  the theoretical concept of managers will be highlighted in the paragraphs shown below.

The managers or team members are considered as the most important assets for the organization. The suitable impact of strategy management on them is also essential to be identified and considered. The theoretical concept related to the strategic management is successful in providing assistance in various aspects related to the completion of the work. There are various factors on which impact of managers can be observed.

The first aspect is connected to the concept of motivation. The motivational planning is considered as one of the most recognized concepts, which is helpful in promoting the existing situation of an organization. To motivate the employees, it is essential to provide them with short term targets. Afterwards, these short term targets will be converted into the long term targets. The small rewarding system and motivational points will be helpful in improving the performance of the employees (Nooraie, 2012). If the strategy is prepared in a suitable manner, then motivational factor for the employees will be high. But, if the strategic aspect is not well prepared then motivation of the managers will reduce, which is not worth for the organization. At Telstra, the basic reason for hacking in cyber security is de-motivation of the employees. The seniors lack in providing suitable support to the managers. To avoid this situation, it is essential to make employees motivated and approachable.

Goal settings are the other factors which is identified as one of the sources for the strategic management. By setting the definite set of goals, it could become possible to assist the managers on an initial level. Through strategic management, different goals can be provided to the managers. The strategic planning department provides some long term as well as some short term goals to the candidates. By the help of these goals, the managers can able to focus on their specific objectives. The positive aspect of goal setting is that strategic and targeted approach towards process can be fulfilled. In the big organization like Telstra, goal setting is identified as one of the essential tasks. The goal setting will assist in reinforcing existing aspects linked to the organization. There are various issues related to the information security that are faced by the organization. All these can be solved by setting the suitable goals of the organization. The negative aspect of the goal setting in reference to strategic management is that if goals are not achieved on a definite level and if the planning lacks in any condition, then suitable management won’t be provided to the organization. The inappropriate goal setting also reduces the efficiency related to the managers.

The suitable implementation of the theoretical concept of strategic management will also lead to increase the working efficiency of the managers on a wide level. The correct implementation will be helpful in framing definite approach for the execution in the organization. For an example, in Telstra, different fields or sections are defined on the different levels. Each section has different team members and team leads. If the definite strategy will be planned in a specific manner, then it could become easier to manage the functioning and processing related to the organization. Apart from this, the output received by the managers is also specific and appropriate. The overall strategic management aids in providing the specific platform for the suitable implementation, if planned in a definite and correct manner (Salkic, 2014). 

Social and cultural aspects are identified as new concepts which are being introduced in the organization with a specific approach of growth and development. The organization is offering different CSR activities on definite level. This will help in providing suitable assistance to the organization. The strategic management assists in planning definite approach for the managers as well as for the growth of the organization. On the managerial level, this approach of strategic approach can be fulfilled with suitable monitoring and implementation process (Matzler & Bailom, 2017). The positive aspect of this feature is that it will be helpful for the organization to manage its definite identity. But in case if the specific strategy is not described, then in that case, the social and cultural aspects related to the organization will definitely fail. To manage all the scenario in a definite mode, some recommendations are also mentioned below in the paragraphs. 

The Telstra is identified as one of the leading organizations with various opportunities and suitable management aspects. But, as it is visible in the essay that there are various issues that are being observed at an initial level, so it is compulsory to plan some new opportunities for the organization. By the help of this, the organization will not suffer from the issues related to the strategic management. The recommendations are defined in the paragraph shown below.

To manage the strategy in a definite form, it is compulsory to introduce the concept of technical perspective in every possible manner (Galliers, 2017). By introducing this concept, it will become easier to manage the strategy in the right direction. Though the organization is facing the issues related to cyber security and other issues in the organization, but still the right approach will help in providing suitable assistance to the approach.

The second recommendation is that the continuous review of the organizational management for the feedback is also essential. The continuous tracking of organizational activity and  identification of resources in the organization will assist in providing suitable assistance to the Telstra. Apart from this, the common issues which get tougher day by day may also get solved very easily. There are various system for taking feedback, that can be identified for the processing like 360degree feedback, personal interaction and filling of a definite set of forms. This will also improve the level of organization (Quiggin, 1988).

The last set of recommendation is related to the continuous improvement. The organization have to plan a different set of approaches for the improvement of the organization. The formal suggestions and specific set of approaches for the further improvement are required for the development. On the organization as well as managerial level, it would become possible that the improvement can be managed effectively (Walker, 2013). 

Conclusion:

The essay shown above is successful in defining a proper set of information in a possible format. The strategic management system is considered as one of the most organize system, which may help in providing assistance in a definite manner. With the help of this system, the planned and suitable activities can be carried out in the organization. There are three different types of theoretical aspects related to the strategic management, which can be managed on the definite level. The coordination of that approach is also identified in a suitable approach. The framed approach and suitable recommendations towards the working aspect will be helpful in providing suitable assistance for the growth and development of the organization as well. The Telstra is considered as one of the top most organizations, which is offering the best service related to the telecommunications to the people and the consumers. In that scenario, the recommendations provided will be helpful to resolve issues which the company is facing. Apart from this, the guidelines for the improvement are also essential to be considered on the wide level.

References

Cai, P. (2013, october 23). New strategy prompts Telstra to reshuffle management. Retrieved from

https://www.smh.com.au/business/new-strategy-prompts-telstra-to-reshuffle--management-20131023-2w0kp.html

Galliers, B. (2017). Strategic Information Systems. The Journal of Strategic Information Systems. Retrieved from

https://www.journals.elsevier.com/the-journal-of-strategic-information-systems

Greckhamer, T. (2010, July 26). The Stretch of Strategic Management Discourse: A Critical Analysis. SAGE Journals, 31(7). Retrieved from https://journals.sagepub.com/doi/abs/10.1177/0170840610373196

Hoskisson, R., & Hitt, M. (1999, June 01). Theory and research in strategic management: Swings of a pendulum. Journal of Management, 3. Retrieved from https://journals.sagepub.com/doi/abs/10.1177/014920639902500307

Levy, D., Alvesson, M., & Willmott, H. (2001). Critical Approaches to Strategic Management. Willmott. Retrieved from

https://www.mngt.waikato.ac.nz/ejrot/cmsconference/2001/papers/strategy/levy.pdf

Martin, L., & Sánchezc, A. (2014, June). The evolution of strategic management research: Recent trends and current directions. BRQ Business Research Quarterly, 17(2), 69–76. Retrieved from https://www.sciencedirect.com/science/article/pii/S2340943614000188

Matzler, K., & Bailom, F. (2017). Business Strategy: Editorial objective. Journal of Business Strategy, 34(2). Retrieved from

https://www.emeraldgrouppublishing.com/products/journals/journals.htm?id=jbs

Nooraie, M. (2012, July). Factors Influencing Strategic Decision-Making Processes. International Journal of Academic Research in Business and Social Sciences, 2(7), 1-25. Retrieved from https://www.hrmars.com/admin/pics/985.pdf

Pittsburgh, U. o. (2017, March). Nonprofit Research @ Pitt: Strategic Management Theories. Retrieved from

https://pitt.libguides.com/c.php?g=12116&p=64795

Quiggin, J. (1988). The premature burial of natural monopoly: Telecommunications reform in Australia. 5(4). Retrieved from https://www.uq.edu.au/economics/johnquiggin/JournalArticles98/Telecomm98.html

Ross, G., & Bamber, P. (2009). Strategic choices in pluralist and unitarist employment relations regimes: A study of Australian telecommunications. Cornell University. Retrieved from

https://research-repository.griffith.edu.au/bitstream/handle/10072/30525/58299_1.pdf?sequence=1

Salkic, I. (2014). Impact of strategic planning on management of public organizations. Interdisciplinary Description of Complex Systems, 12(1), 61-77. Retrieved from https://www.indecs.eu/2014/indecs2014-pp61-77.pdf

Walker. (2013). Suggested Marketing Plan for Telstra (A Telecommunication Company in Australia). Retrieved from

https://ncys82.wordpress.com/2013/03/16/suggested-marketing-plan-for-telstra-a-telecommunication-company-in-australia/

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