Theories of Strategic Management

Strategic management includes the preparation and application of the foremost objectives and initiatives taken by a corporation’s top management on behalf of owners, built on deliberation of resources and a valuation of the internal and external environments in which the organization competes.

Strategic management offers complete way to the enterprise and involves stating the company’s objectives, evolving policies and plans intended to attain these objectives, and then assigning resources to implement the plans. Researchers and practicing managers have established several models and outlines to support in strategic decision making in the perspective of difficult environments and competitive dynamics. Strategic management is not fixed in nature; the models often include a feedback loop to display performance and notify the next round of preparation.

Strategic management can also be stated as a package of decisions and acts which a manager commences and which chooses the outcome of the firm’s performance. The manager must have a detailed information and investigation of the general and competitive organizational environment so as to take right decisions. They should conduct a SWOT Analysis (Strengths, Weaknesses, Opportunities, and Threats), i.e., they should make best likely consumption of strengths, minimize the organizational weaknesses, make use of rising opportunities from the industry environment and shouldn’t overlook the threats. Strategic management is nothing but planning for both expectable as well as impractical eventualities. It is appropriate to both small as well as large organizations as even the smallest organization face competition and, by articulating and executing appropriate strategies, they can attain justifiable competitive benefit.

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