Strategic Management Overview
Strategic management didn’t recognize 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, it has come to the 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 useful in strategic management. To be good in its practice is essential. The exercise of it helps a manager undertake a continuous assessment of internal and external changes. The modifications and adjust an aggressive approach based on such evaluation. Since organizations 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 coded initially and developed in military administration, it has become viral in the business world or sphere. As in war, rapid changes and its accompanying uncertainty are frequent in business organizations. The higher the survival stake, in both the war-field and the business-field, the higher is the relevance of strategy to sound management and administration.
Strategic management is valid for all kinds of organizations. Such as business, non-profit, private or public, social or religious, educational institutions, cricket team, football team, restaurants and hotels, retail shops, service organizations. And more examples are banking and insurance of utility-providers, hospitals and clinics, and any organized institutions.
In the next articles of HigherStudy.org about strategic management, it deals with providing a sketch or overview of the strategy and strategic management. And also clear the significance of clear vision and mission for succeeding in organizations, along with a discussion of the relevant issues of it — fundamental concepts and the explanation of the imagination, purpose, and objectives of an organization.