Question

Discuss the reasons why strategy is crucial to an organisation and explain why strategic intent may be regarded as the first indispensable step in the strategic management process

Answer 1

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Strategic Management is a crucial step of any business which is a continuous process that leads to a great role in the roots of any business. This manager makes some ideology related to the business that will help to achieve good results. A good strategy appraises the business and the industries in which the business runs. A good strategy oversees any business to compete with their opponents and make a place in the market. there are many steps and processes are involved in making a good strategy.

Steps of strategic management

1. Development of strategic vision and plan 2. Settlement of purposes

3. Making a Strategy

4. Scanning of environment

5. Strategy Formulation

6. Implementation  

7. Strategy Assessment

The process of strategic management follows these points.

1. Explaining the statement about the mission

2. Assessment of its Environment 3.Self-Assessment of the business

4.planning of Goals and Ideals and

5. Formation of Strategy.

but amongst them, one step is really crucial for strategy development and that is the strategic intent which means what the management wants to do. What's the sole purpose behind the planning? It's composed of a hierarchical system that includes a goal, vision, planning, and purposes. This particular step defines where the organization is going and what the firm really needs to do to achieve their goals and objectives. This step gives vision and path to the business.