I. Overview: Prepare and present a report and contribute to a discussion that demonstrates mastery of the course material and its relevance to the following specializations:1.

Strategic management refers to the process of developing capabilities that enables a company to create a value for its shareholders, society, and customers while performing its business activities, including competitive marketing. It involves the analysis of the company’s internal and external environment to allow the maximization of the resources in relations to the company’s objective and goals. Strategic management depends on the size of the firm and its needs to change the firm’s business environment. The strategic management process entails specifying the company’s vision, objectives, and mission and developing plans that enable the achievements of these objectives and allocating the necessary resources to strategically implement the plans and policies.

For instance, a strategic management process of a company that intended to expand its coffee operation would be to analyzing other businesses that are in the same industry (Morden, 2018). Through the analysis, the company will develop strategically how to enter the market with a unique difference from its competitors. Generally, strategic management involves determining how the company’s operations and performance is compared to its competitors within the industry and recognizing new opportunities and risks facing the company. Strategic management is critical to a company’s development as it entails its mission and vision by establishing plans to determine if the development is successful or will be successful. As such, strategic management is important for the specialization of financial management, for it seeks to integrate and coordinate various business activities within the company such as its financial activities to achieve a long-term objective and goals of the business.

The specialization of financial management entails the basics of strategic financial management, including corporate finance, investment and financial accounting (Laegried, 2007). Through the specialization of financial management, the company is able to evaluate essential strategic corporate, investment and accounting decisions as well as understand the capital market from the financial perspective, and enable the company to develop a fundamental framework based on financial decision-making. The field financial management, including finance has undergone various changes over the last decades and now it involves one of the most dynamic financial programs that is designed to provide a conceptual framework for financial activities.

From the concept of strategic management, the strategic management process is relevant in the specialization of financial management in various ways. The strategic management process involves analyzing the businesses competitors, creating objectives, evaluating the internal organizations, identifying the strategies and ensuring that strategies are presented across the organization. From this assessment, a company is able to determine and analyze the basic objectives and important risks that it may face (Laegried, 2007). It will also be able to evaluate essential strategic corporate and investment and accounting decision making of the company.

Both the specialization of financial management and strategic management are critical in growth and expansion of an organization. They are crafted and designed to formulate short-term and long-term objectives directed to achieve the organization initiatives. Strategic management is linked to the organization’s mission and vision statements that allow the organizations to execute its goals. While, specialization in financial management is linked to the diversification policies and evaluation of securities portfolios, investment, merger strategies, analyzing of exchange rate, and financial accounting decisions it is necessary for a company to deal with the financial issues directly which allows the organization achieve its goals (Charles W.L. Hill, 2014). In addition, through the strategic management process, the organization will be able to access the financial conditions and capital structure of the company and the impact these issues have on the organizational capital, and recommend the best actions to take financially. It is also relevant in assessing the security portfolios and investment plans as well as the analysis the methods of payment for foreign exchange rates.

In conclusion, strategic management is and should be relevant in the implementation of the specialization financial management. Strategic management is broad and allows a company to execute it initiatives, and due to its benefits, it is perceived to be the first priority for managers. Strategic management begins from the top manager and executives and is presented to directors of the company to ensure they are complying with their stakeholder’s expectations. The implications of these strategies in the specialization of financial management are highly important, since a company is able to have a solid foundation in the development of the integrated framework for financial decision-making

References

Charles W.L. Hill, G. R. (2014). Strategic Management: theory: an Integrated Approach . cangageBrian.com.

Laegried, P. (2007). Transcending New Public Management: the transformation of public sectors reforms . London: Routledge .

Morden, T. (2018). Principles of Strategic Management. Ashgate Publishing, Ltd.