This dissertation discusses the strategic management process and the purpose of strategic management. Strategic management is the effective use of a business’ resources to reach company goals and objectives. The strategic management process includes setting company objectives, assessing the SWOT analysis, formulating strategies, and evaluating their performance against set standards. Thus, the process helps organizations take stock of their present situation, chalk out plans, deploy them, and analyze the effectiveness of the implemented management strategies. There are two types of Strategic management. Prescriptive strategic management means developing actions in advance of an organizational issue, while Descriptive strategic management means putting plans into practice when needed. Thus, both methods employ management theory and principles. The purpose of strategic management includes helping an organization reach its goals and gaining a competitive advantage. Therefore, Strategic management is an essential component of businesses.
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THE BENEFITS AND PURPOSE OF STRATEGIC MANAGEMENT
The purposes of strategic management entail both financial and non-financial benefits. For instance, it enables businesses to have an advantage over competitors in the changing market. Secondly, it helps keep goals achievable by using a dynamic process for formulating steps and implementation. Notably, the strategic management process facilitates goal achievement and sets the direction for the organization and its employees. Thirdly, it has led to more efficient organizational performance, which promotes manageable growth. Fourthly, Strategic management necessitates communication and goal implementation company-wide. Thus, an organization that is working in unison towards a goal is more likely to achieve that goal. Lastly, a strategic management process helps an organization and its leadership to plan for its future existence, fulfilling a chief responsibility of a board of directors. In conclusion, the different types of strategic management are primary for overall business success.
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STRATEGIC MANAGEMENT PROCESS AND TYPES OF STRATEGIC MANAGEMENT
A strategic management process is employed to ensure that the business runs effectively and efficiently. The process involves four phases, best implemented when everyone within the company understands the strategy. First, the analysis stage includes setting both short-term and long-term objectives, aligned with the organization’s goals, gathering relevant information, and conducting a SWOT analysis to identify the strengths, weaknesses, opportunities, and threats relating to the organization. The second stage involves formulating action plans and the types of strategic management for reaching the set goals. Thirdly, the set plans are executed by providing resources and allocating responsibilities. Lastly, evaluation and control include performance measurements, consistent review of internal and external issues, and taking corrective actions when necessary. In conclusion, the purpose of strategic management is to ensure the effective implementation of the relevant steps to reach a business goal.
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