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Strategic
Management
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Strategic
Management
The success or failure of a business establishment is
highly determined by the strategy used to manage and coordinate business
operations. Strategic management is one of the mechanisms used by leaders to
ensure that business operations align with the company's goal and objective.
Strategic management is the continuous process of planning, analyzing,
monitoring, and evaluating all company operations required to achieve its
goals. According to Ansoff et al. (2018), strategic management is an ongoing
process because business entities operate in a dynamic environment requiring
continuous business adjustment to fit new changes. The strategic management
process helps the company account for the present situation, select the best
strategy, apply them and evaluate the usefulness of the employed management approaches.
This paper explores the importance of strategic management and its
implementation stages.
Significance
of strategic management
Strategic management confers both financial and
non-final benefits to a business establishment. Leaders use strategic
management processes to think and plan about the future of the business entity.
Dvorský (2020) leaders use it to define the company and its employees'
direction with regard to the firm objectives. Compelling strategic management
call for continuous planning, monitoring evaluation of an organization's
operations to attain operational efficiency, profitability, and significant
market share. Strategic management improves the company's well-being by
identifying its weaknesses and strengths and weaknesses and devising mechanisms
to improve the weaknesses, hence enhancing performance.
Types
of Strategic Management strategies
SWOT
Analysis
A SWOT analysis
is the management framework utilized by companies to establish and assess their
organizational strategies. Leaders use SWOT analysis to firms' strengths and
weaknesses with external threats and opportunities in their market. A SWOT
analysis identifies external and internal factors influencing a company's
achievement of its goals and objectives. The framework helps the management
determine whether the companies available resources can help it remain competitive
in the industry and enhance the approaches required to remain effective in the
market.
