What is Strategic Management?
Strategic management is the process of identifying and fulfilling a company’s competitive potential. This includes identifying an organization’s strengths and weaknesses, its opportunities and threats, and its position in the industry. Management then determines a vision for where it wants to go, what it needs to do to get there, who does what, when those people will do it, how much time they have for those tasks or goals, what resources are available to them and how they are going to use those resources efficiently.
The process as noted by Fintalent’s Strategic Management Consultants is one that takes into account all factors concerning the business in order to identify what will be the best course of action.
An extremely important part of strategic management is the formation of strategy, including formulating an end goal, identifying key components in order to reach the end goal and how to deal with resources in the organization (time and money). Strategic management has been criticized for promoting a narrow view of the world – that people or organizations can act on their own without taking into account any external factors acting upon them. However, modern strategic management strives to take into account all factors.
Strategic management considers long-term goals positively in addition to short-term ones. This is because the short-term goals set by managers rarely have short term results, whereas long-term goals have a greater chance of being achieved, or at least tempered.
Strategic management is generally seen as the art of planning for future action, which makes it very important in business. A good plan entails a high level of planning and thinking ahead. When you develop a good plan, you are developing an equilibrium with your surroundings, and therefore enabling a more advantageous position to be reached throughout your existence as an organization.
Strategic management allows managers to make decisions on how to allocate resources that allow decision makers to reach the goals they wish to achieve throughout the company.
Strategic management is about achieving a sustainable competitive advantage for the organization and its products or services. This can be achieved through the development of an effective business strategy that drives the actions of all members of the company. Strategic management directs efforts to ensure that companies are able to compete effectively in the external environment, and that they have a higher probability of success.
Strategic management is about planning for future action and action planning involves a process consisting of five main phases:
- “Think ahead” (foresight),
- “Anticipate” (prospective analysis),
- “Plan” (strategic planning),
- “Do” (implement) and
- “Review” (control).
Strategic management is a process which involves planning and formulating a strategy to increase the organization’s market share and profitability.
Strategic management is the process by which an individual, group, or organization identifies its most valuable opportunities and threats, as well as its strengths and weaknesses in relation to those of its competitors. A manager then determines a vision for where she wants his or her organization to go, what he needs to do in order to get there, who does what, when they will do it, how much time they have for those tasks or goals, what resources are available to them and how they are going to use those resources efficiently.
Strategic management is the long-term planning of activities intended to give the organization a unique position in its industry and generate above-average financial returns. The four steps of strategic management are: analysis, strategy formulation, implementation, and control.
Strategic management is a process of developing an effective business strategy that will harness all resources toward achieving the desired business objectives. It is concerned with attaining sustainable competitive performance in a changing environment (external forces). Strategic management sets out to achieve this objective by focusing on organizational goals and objectives and identifying the critical factors that are required to achieve these goals.
Strategic management is the process of formulating concepts on how to reach short-term and long-term goals within an organization.
Strategic management is the process of determining the direction of an organization’s activities and resources for use in achieving a vision.
Strategic management is the process of integrating strategic (broad), business (middle), and operations (functional) plans in order to implement a strategy to achieve mission goals.
Strategic management is a framework that allows organizations to identify opportunities and threats, analyze strengths and weaknesses, develop objectives, select strategies, and measure performance.
Strategic management is concerned with developing a long-term plan for the organization that encompasses all aspects of that plan so that every department knows what it must do to support the higher goal. It is based on current reality and past experience, and involves analyzing the current environment, understanding the forces at play, developing a vision for the future, and developing strategies to achieve those goals.
Strategic management is about coordinating creativity with discipline so that people can work together successfully for a common purpose in achieving sustainable competitive advantage in the market place.
Strategic management is a process of thinking and action that must be done to ensure that an organization meets its strategic objectives over time. To be successful as an organization – whether as a start-up or mature business – it is this process that ensures that all resources are used in the most effective manner.
