Strategic management is the undertaking of necessary steps in order to achieve the objective/goal of a company or organization. External and internal environment factors associated with the organization have to be taken into account during the strategic management analysis. Mainly, this analysis is aimed at making sure that the organization has a smooth operation routine, and effective corporate and strategic policy implementation abilities.
Relevance and Importance of Strategic Management
Strategic Management plays a key role in an organizations success. Proper and continuous strategic management process fosters growth and prevents stagnation of the company. With the process, new ventures and opportunities are easily identified and implemented, not to forget better and improved work methods. Also, in time, the process fuels productivity which in turn increases profitability and sales revenues. Effective strategic management process provides easy and informed decision making guidelines for daily activities within the organization. A company with excellent planning, analyzing, and monitoring strategies achieves better competitive advantage and has guarantee of prosperity.
The Strategic Management model
The model, also called the planning model identifies the key steps that an organization should undertake during the strategic management process. These activities dictate the current to future performance of the business or company. The most basic model involves the following:
This basically deals with collection of data and information from the internal and external environments. Its’ importance is to guide the organization in identifying internal and external factors that have significant impacts on the businesses future.
At this level, the objective is to identify achievable goals, and set strategic policy guidelines and plan on how to achieve those goals.
This is when the policies and plans are put into action. Development of budgets, programs and procedures is effected with respect to the findings in the previous steps.
Evaluation and control
In this stage, monitoring of the organizations performance results and activities is established. The goal here is to compare actual performance with desired performance.
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