Table of Content

What is Strategic Management?

Strategic Management, as the name suggests that it’s a type of management that should be done strategically. So, Strategic management is the continuous planning, monitoring, and analysis of everything that is necessary for an organization to meet its goals and that is to generate revenue and to get profit from the work.

So, we can say that strategic management is the planning that of how and by doing what we can achieve our goals and the analysis of that, i.e. what we have earned and what we have spent for the growth of the company. All of this planning monitoring and analysis of the resources comes under Strategic Management.

As everything is getting innovated like technologies and organizations are getting innovated very rapidly, so to achieve our goals and to leave our competitor behind, We need to manage everything strategically, so that we can remain successful.

Strategic Management helps company leaders to manage everything and to chalk out strategies and to make all the strategies work properly. Strategic management typically involves:

  • Analyzing internal and external strengths of the company.
  • Analyzing internal and external weaknesses of the company.
  • Formulating action plans.
  • Executing action plans.
  • Evaluating, if the action plans have been successful or not and making changes when desired results are not being produced.

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