Strategic Management Overview
Strategic management was not recognized as a discipline of value even two decades ago. Now, literature abounds on the importance of strategic management for organizational success or goal achievement. With the unprecedented speed in the development of information technology and resultant advancement in the spread of globalization during the last decade, strategic management has come to be known as imperative for sustaining in this age of unreasoning. Enhancing competitive superiority, achieving superior performance and maximizing organizational productivity requires strategic actions or activities on the part of the organizations. Strategic management is involved in developing and implementing an organization’s competitive strategy or procedure.
Being a good strategist does not mean a manager is also good in strategic management. To be good in it practice is important. The practice of it helps a manager undertake a continuous assessment of internal and external changes or modifications and make adjustment in competitive approach on the basis of such assessment. Since organizations are beset with changes in both internal and external environments managers need to practice strategic management to keep pace with the changing environment or situation.
Although the concept of strategy was originally coded and developed in military administration, it has become very popular in the business world or sphere. As in war, rapid changes and its accompanying uncertainty are common in business organizations. The higher the survival stake, in both the war-field and the business-field, the greater is the relevance of strategy to sound management and administration.
Strategic management is valid to all kinds of organizations whether business, not-profit, private or public, social or religious, educational institutions, cricket team, football team, restaurants and hotels, retail shops, service organizations such as banking and insurance of utility-providers, hospitals and clinics and any organized institutions.
In the next articles of HigherStudy.org about the strategic management, it deals with providing a sketch or overview of the strategy and strategic management as well as the significance of clear vision and mission for succeeding in organizations, along with a discussion of the relevant issues of it, basic concepts and issues related to it and explains the vision, mission and objectives of an organization.