Beruflich Dokumente
Kultur Dokumente
ROLL NO. 45
TYBBI
Strategic management refers to the art of planning your business at the highest possible
level. It is the process of specifying the organizations mission, vision and objectives,
developing policies and plans, often in terms of projects which are designed to achieve
these objectives.
Strategic management is an on going process. It evaluates and controls the business and
the industries in which the company is involved. It assesses its competitors, it sets goals
and strategies to meet all existing and potential competitors and then reassess each
strategy regularly.
Strategic management concentrates on three major aspects. They are the objectives, best
ways too achieve those objectives and lastly resources required to achieve them.
Strategic management takes into account the future and anticipates for it.
Strategic management reduces frustration because it plans in such a way that it follows a
procedure.
With strategic management organizations can avoid helter & skelter and they can work
directionally.
Strategic management also adds to the reputation of the organization because of consistency
that results from organizations success.
Often companies draw to a close because of lack of proper strategy to run it. With strategic
management companies can foresee the events in future and thats why they can remain
stable in the market.
Strategic management looks at the threats present in the external environment and thus
companies can either work to get rid of them or else neutralizes the threats in such a way
that they become an opportunity for their success.
Lastly, all these business operations involve huge amount of funds and all these activities
have to be well planned for effective working of this system. This is possible only with
Strategic management.