Strategic management is a huge part of the sport and field industry. So therefore there is a huge need for the strategic management to adjust to these ongoing changes daily. Strategic Management can often times result is several benefits for you team or organization. The need to rely on old and outdated business models and management practices have surpassed their time. The most notable benefits for a business from a strategic management plan includes identification, prioritization, and exploration of the opportunities. It is always good to have a clear road map vision for the future and this can help you precisely do this. The success of a sports team depends as much on good strategic decisions as it depends on the performance of the athletes. It depends on quality proper supply chain management and selection of quality vendors as well as quality recruitment of staff and administrators. In the perspective of sports specifically recruitment is a huge part of how well the team success will be for the upcoming season. The front office needs to aggressively promote their team on how they would win championship if you decide to sign with them, and another key point to attract someone to you team would be the city. For example when LeBron James just signed the 4 year 153.3 million dollar deal with the Los Angeles Lakers I’m positive Earvin (Magic) Johnson used the city of LAX to attract Lebron as well as the Lakers winning history. While Magic had a vision to land the best player in the wold in LAX, he still has to work and implement his plan in fitting in the other pieces to win the NBA Finals. Implementation is the most difficult part of the strategic management. Within this process budgeting, project management, staffing, and leadership are involved. The front office had to work through numbers to see how much money and the length of the contract to offer to Lebron. They also have strategic and well thought plans if the first plan fails.
Group 4 