Strategic management is a rigorous process of planning various processes, monitoring it and then analyzing the present condition or status of an organization to meet its current goal and objectives. In simpler words, it is the step taken to make an organization achieve its goal. Various universities include strategic management into their courses to brief students about the subject. Strategic management assignment help is provided online assistance to students to effectively complete their assignments and understand the importance of having a strategy.
Strategic management comprises the formulation and implementation of key objectives and proposals that are drawn by the organization’s management while taking into account the internal and external environment of the organization. It is important to study identifying crucial objectives of the organization, creating policies and plans to attain those objectives, and then after assigning resources to implement the plans. The two roles included in strategic management in an organization are the Formulation and Implementation of the strategies.
Strategic management is undertaken with certain aims and objectives which serves these given objectives commented below:
• The purpose of strategic management relates to creating and designing effective strategies
• Another objective of strategic management is to maintain parity with the internal and external environment
• Strategic management also aims at developing core competency for the organization.
• It can assist the organization in developing a competitive advantage.
• Assists organizations in developing and strengthening marketing plans.
• Allows the organization to form sustainable development.
• Allows the organization to take strategic decisions and attain market synergy.
• It helps in creating value for the customers.
• It helps the business become dynamic and achieve high profit.
How does strategic management work?
Strategic management classified into two categories, prescriptive and descriptive.
The prescriptive method deals with developing strategies in advance of an organizational issue while descriptive method deals with putting strategies into practice when needed. Both of these strategic management methods employ management theory and practices.
Many companies employ strategists whose jobs it is to think and plan strategically to improve company function. While upper management is responsible for implementing strategies, ideas, goals, or organizational challenges can come from any member of the company.
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