It involves assessing the organization's current strategic direction, identifying and analyzing internal and external environments, formulating action plans, execution and evaluating to what degree action plans have been successful and making changes when desired results are not being produced. Unlike once-and-done strategic plans, effective strategic management continuously plans, monitors and tests an organization's activities, resulting in greater operational efficiency, market share and profitability. It has both financial and nonfinancial benefits as it helps an organization and its leadership to think about and plan for its future existence, fulfilling a chief responsibility of a board of directors, sets a direction for the organization and its employees. Strategic management process helps organizations take stock of their present situation, chalk out strategies, deploy them and analyze the effectiveness of the implemented management strategies. It focuses on both premise and on-mobile activities. This involves evaluation of changes in business environments therefore requires organizations to constantly assess their strategies for success. Strategic management is basically the ongoing planning, monitoring, analysis and assessment of all necessities an organization needs to meet its goals and objectives.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |