THE IMPORTANCE OF STRATEGIC MANAGEMENT

Posted By on September 15, 2014


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Levels of Strategy
TYPES OF ORGANIZATIONAL STRATEGIES

THE IMPORTANCE OF STRATEGIC MANAGEMENT
Managers must carefully consider their organization’s internal and external environments as they develop strategic plans. They should have a systematic means of analyzing the environment, assessing their organization’s strengths and weaknesses, identifying opportunities that would give the organization a competitive advantage, and incorporating these findings into their planning. The value of thinking strategically has an important impact on organization performance.
A.    What Is Strategic Management?
1.    Strategic management is what managers do to develop the organization’s strategies.
2.    Strategic management involves all four of the basic management functions—planning, organizing, leading, and controlling.
B.    Why Is Strategic Management Important?
1.    Strategic management has a significant impact on how well an organization performs.
2.    In today’s business world, organizations of all types and sizes must manage constantly changing situations.
3.    Today’s companies are composed of diverse divisions, units, functions, and work activities that must be coordinated.
4.    Strategic management is involved in many of the decisions that managers make.

Levels of Strategy
TYPES OF ORGANIZATIONAL STRATEGIES

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Posted by Akash Kurup

Founder and C.E.O, World4Engineers Educationist and Entrepreneur by passion. Orator and blogger by hobby

Website: http://world4engineers.com