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Definition of Strategic Management

Strategic management involves setting goals and plans to achieve them based on an assessment of internal and external factors. It provides direction to the organization by specifying objectives and policies. The objective is to align corporate policies and priorities. Strategic management is important as it sets goals, creates plans to achieve them, designates necessary resources, and allows for flexibility to respond to unexpected changes.

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46 views2 pages

Definition of Strategic Management

Strategic management involves setting goals and plans to achieve them based on an assessment of internal and external factors. It provides direction to the organization by specifying objectives and policies. The objective is to align corporate policies and priorities. Strategic management is important as it sets goals, creates plans to achieve them, designates necessary resources, and allows for flexibility to respond to unexpected changes.

Uploaded by

pawan batham
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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 Strategic management

Strategic management is 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 provides
overall direction to the enterprise and involves specifying the organization's objectives,
developing policies and plans designed to achieve these objectives.

 Definition of Strategic Management

The objective of strategic managementis to achieve better alignment of corporate


policies and strategic priorities.

 Importance of Strategic management

Setting Goals

Strategic planning is the process that produces key decisions that dictate the identity
and purpose of a company or organization. This includes the formulation of goals.
These goals will direct the energy of the company in a specific direction. Without
strategic management and planning, most companies will not achieve success.

Achieving Goals

Defining your goals is just part of strategic management. Once you know what your
goals are, you need to create a step-by-step process by which you can achieve them.
The attainment of these goals means that you are fulfilling the vision of your company's
identity that you initially created when you began the strategic management process.
Designating Resources

Once you have determined your goals and processes, you will have an idea of what
resources are required for both. The term "resources" can be applied to anything you
need to achieve your goal--manpower, funding, knowledge or skill sets. Strategic
planning allows you to determine which resources you require from the get-go,
drastically easing the whole process of attaining your goals.

Expecting the Unexpected

As with any situation in life, unexpected scenarios arise. While a plan should be
implemented, there is a certain amount of "rolling with the punches" that is required.
Strategic management means that you may need to react to dynamic situations that you
didn't foresee. Place contingency plans into effect--you may lose a critical resource or
you may get sued, but you're prepared for anything and everything for which you're not
prepared.

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