What is strategic management?

Strategic management in a general sense indicates an approach adopted by the organization in order to meet its desired goals and objectives. The key stakeholder’s involved in strategic management process includes higher management, decision-making management and the whole process is lead by either the CEO or the President of the company. Formulating an effective strategic management process is a key to development and progress of company towards attainment of its desired objectives.

Three major processes involved in Strategy:

Strategic management is rightly defined by a combination of three major processes that includes formulating, implementing and evaluating the cross-sectional decision by the top managerial people, in order to make the company attain its objectives.

Formulating:

Under this process, the top level management analyzes the market trends and strategically plots the action in order to help a company gain a competitive edge over its rivalries. The strategy formulation involves following major operations, which are precisely include in each of the strategic management assignment help provided by our experts:

  • Conducting a circumstances study
  • In alignment with the data gathered, plotting of strategic objectives
  • Based on the objectives, a strategic plan is devised to ensure the efforts are made in direction of attainment of the set objectives.

A combination of these activities helps us identify the current position of the organization, where it wants to reach in future, and how they can attain the same.

Implementing:

Under this process a multiple factors are involved which helps us to measure how far the organization has reached in attaining its objectives. Strategy implementation includes:

  • Structuring of resources
  • Leadership arrangements
  • Implementation of training
  • Effective management
  • Effective flow of information at all level within an organization
  • Performance monitoring

Strategic evaluation:

It is one of the last but most important step within strategic management process as it helps in evaluating which of the strategies were successful in making a company reach its desired goals. Based on this review, future strategies are planned for obtaining positive outcomes.

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