Strategic management involves the formulation and implementation of the major goals and initiatives taken by a company’s top management on behalf of owners, based on consideration of resources and an assessment of the internal and external environments in which the organization competes.
Strategic management is a vitally important accompaniment to a business and owing to its dynamic role continues overall success as well as total organizational development.
It is meant for the organization to dwell on excellence with efficiency and effectiveness in overall performance while ascertaining long term goals. It’s also meant for creating value for customers, as well as shareholders.
What in perspective entails are the aspects signifying the value of planning ahead of times, and the way an organization goes about the accomplishment of its goals – which is what is said to be strategy. Planning ahead of times is to reap the desired results in future and special sort of planning is to lead taking intelligent actions on the choices while enabling to avoid the chances posing risks by virtue of the establishment of preset options.
It would be appropriate to mention an old saying which is analogous to the context that failure to plan is to plan for failure. It’s thus making plans ahead of times is very important thing to do in a business organization. Planning ahead of times is an artistic skill and special sort of planning is to add elegance to this skill. The same is true of strategic management, in the sense, it adopts special sort of plans- strategies and does it utmost for the overall implementation in a business organization.
Having been related to the mission and the vision of the organization, strategic management analyzes both environments of a business – external and internal.What in terms of external environment is to be done is that the opportunities and threats to a business are to be assessed, whereas, strengths and weaknesses underlying the internal environment, are to be ascertained.
Written by:
K. A. Fareed (Fareed Siddiqui)
Writer, Trainer, Author, Blogger, Software Developer
BBA, MBA-Finance, MPhil-Financial Management, (MSc-Software Engineering)
(PhD-Management)
MA-English, MPhil-English
Post Graduate Diploma in Computer Applications and Programming
Certificate course in English language proficiency
Level 1 – Leadership and Management ILM – UK
Pursuing CMA-USA
Individual Member of Institute of Management Consultants of India
Written by:
K. A. Fareed (Fareed Siddiqui)
Writer, Trainer, Author, Blogger, Software Developer
BBA, MBA-Finance, MPhil-Financial Management, (MSc-Software Engineering)
(PhD-Management)
MA-English, MPhil-English
Post Graduate Diploma in Computer Applications and Programming
Certificate course in English language proficiency
Level 1 – Leadership and Management ILM – UK
Pursuing CMA-USA
Individual Member of Institute of Management Consultants of India
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