Strategic Management Proces

Strategic management is the management of an organization’s resources to achieve its goals and objectives. Strategic management involves setting objectives, analyzing the competitive environment, analyzing the internal organization, evaluating strategies, and ensuring that management rolls out the strategies across the organization.

Strategic management is divided into several schools of thought. A prescriptive approach to strategic management outlines how strategies should be developed, while a descriptive approach focuses on how strategies should be put into practice. These schools differ on whether strategies are developed through an analytic process, in which all threats and opportunities are accounted for, or are more like general guiding principles to be applied.

• Companies, universities, nonprofits, and other organizations can use strategic management as a way to make goals and meet objectives.
• Flexible companies may find it easier to make changes to their structure and plans, while inflexible companies may chafe at a changing environment.
• A strategic manager may oversee strategic management plans and devise ways for organizations to meet their benchmark goals.