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strategic management
DEFINITION
strategic management
Posted by: Margaret Rouse
WhatIs.com
Contributor(s): Mekhala Roy, Bianca Rawson
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Strategic management is the continuous planning, monitoring,
analysis and assessment of all that is necessary for an organization to
meet its goals and objectives. Fast-paced innovation, emerging
technologies and customer expectations force organizations to think
and make decisions strategically to remain successful. The strategic
management process helps company leaders assess their company's
present situation, chalk out strategies, deploy them and analyze the
effectiveness of the implemented strategies. The strategic
management process involves analyzing cross-functional business
decisions prior to implementing them. Strategic management typically
involves:
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Analyzing internal and external strengths and weaknesses.
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Formulating action plans.
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Executing action plans.
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Evaluating to what degree action plans have been successful
and making changes when desired results are not being produced.
Importance of strategic management
Strategic management necessitates a commitment to strategic
planning, which represents an organization's ability to set both shortand long-term goals, then determining the decisions and actions that
need to be taken to reach those goals.
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IT leadership and management
A brief explanation of how to be a collaborative and strategic IT leader.
The strategic management process is a management technique used
to plan for the future: Organizations create a vision by developing
long-term strategies. This helps identify necessary processes
and resource allocation to achieve those goals. It also helps
companies strengthen and support their core competencies.
By determining a strategy, organizations can make logical decisions
and develop new goals quickly to keep pace with the changing
business environment. Strategic management can also help an
organization gain competitive advantage and improve market share.
SWOT analysis
A SWOT analysis is a crucial element of strategic management by
helping companies identify their strengths, weaknesses, opportunities
and threats. The SWOT analysis helps detect and analyze internal
and external environments and other factors that may impact the
business, and helps organizations prepare for the future. It also aids
decision-makers by analyzing key aspects of their organizational
environment to help formulate competitive strategies.
The process is helpful when determining whether the firm's resources
and abilities will be effective in the competitive environment within
which it has to function, and when developing their goals and
strategies to remain successful in this environment.
The value of organizational culture in strategic
management
Organizational culture can determine the success and failure of a
business and is a key component that strategic leaders consider
when developing a dynamic organization. Culture is a major factor in
the way people in an organization outline objectives, execute tasks
and organize resources. A strong business culture will make it easier
for leaders to motivate their staff to execute their tasks in alignment
with the outlined strategies.
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Margaret Rouse asks:
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What are some of the ways to increase
the success of your organization's
strategic management plan?
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Join the Discussion
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Therefore, it is important to create strategies that are suitable to the
organization's culture. If a particular strategy does not match the
organization's culture, it would hinder the ability to accomplish the
outcomes expected from that strategy implementation.
This was last updated in March 2018
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6 comments
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Oldest
[-]
Margaret Rouse - 19 Feb 2014 6:58 AM
What are some of the ways to increase the success of your organization's strategic
management plan?
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[-]
gkchetty - 6 Apr 2015 5:34 AM
How can one effectively use "Strategy in Aerospace" .
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[-]
ararooz - 17 Nov 2018 2:07 AM
hello, I want to know how can you help me to increase the success of my organization's
strategic management plan?
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[-]
Tshiamo - 22 Feb 2019 2:13 AM
understanding of the vision of the organisation is key. It is important that people should
understand why they do what they do.
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[-]
kalshib - 14 Mar 2019 1:18 PM
thanks alot for these useful information, could you please mention the reference ,
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[-]
Okatakyie - 17 Apr 2019 1:03 PM
How is strategic management an act of science?
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