Strategic Management

This is done to develop the business strategies; Theses strategies determine the long run performance of an organization.

Strategic Management is important because it results in higher organizational performance, it requires that managers examine and adapt to business environment changes. Strategic Management helps coordinates diverse organizational units, and keeps the focus on organizational goals. It is very much involved in the managerial decision-making process.

6 Steps in the Strategic Management Process

1.      Identify the organization’s current mission, goals, and strategies.

2.      Conduct an external analysis, focuses on identifying opportunities and threats (environment scanning).

3.      Conduct an internal analysis, assessing organizational resources, capabilities, and activities.

4.      Formulate strategies.

5.      Implement strategies.

6.       Evaluate results.