Strategy and Organizational Performance Research Paper

Strategy and Organizational Performance - Research Paper Example However, during the execution of the strategic planning process, it is necessary for the businesses to consider the weaknesses and limitations of the strategic management and planning concept in order to apply it to bring a positive outcome. The businesses in the present days are moving towards an extensive application of the strategic planning to improve and assess the organizational performance. They have adopted the concept of strategic management to cope up with the upcoming challenges in the corporate world and be successful in the business arena. All the organizations work with strategies and objectives to sustain themselves in the cutting edge competition from their cut-throat rivals. The term ‘Strategy’ refers to the plan of action which may be adopted by any business or service organizations in order to accomplish a particular goal or set of objectives. Most of the organizations, at present, utilize the idea of Grand Strategy, which is referred to as a complete and broad ranging plan for the prominent activities of an organization with the help of which it achieves its long-standing objectives within a vibrant business environment (Rogers, Miller & Judge, 1999). The basic purpose of strategy is to provide significant support to the strategic business plan, individual career plans, work unit plans and effective job performance. Besides this, an organizational strategy also prioritizes the activities and useful initiatives that have to be taken in the department. The concept of strategic management is widely applied to the organizations. It refers to a filed which deals with the specifications of the development of missions, visions, and plans and policies of the organization with respect to its programs and plans. These elements help the organization achieve its goals through a proper allocation of plans, polices, programs and projects (Hart, 1992). The field of strategic