Question

Discuss the importance of strategic management with adding your opinion?

Answer 1

   Imporatance of strategic managemet

When rapid changes occur in the enviroment of the firm.This may be caused by the saturation of traditional markets,technological discoveries inside or outside the firm, or a sudden influx (flowing) of new competitors.Under these conditions ,established organisational traditions and experiences no longer suffice for coping with new opportunities and new threats without unifying stategy of different parts of the organisation for eg: marketing , research and development, production etc.The importance of stategic mangement comes here.   

In military usage 'strategy is the science and the art of deploying forces for battle'.In an oraganisational perspective a strategy is a set of decision-making rules for guidance of oraganisatinal behaviour.By strategy,managers means large scale future oriented plans for intrercating with competitive enviroment to optimise achievement of organisational objectives,thus strategy represents a firms 'game plan'.strategy provides a framework for managerial decisons.The steps in strategic management process includes strategic formulation,strategic planning,strategic implementation and different level of startegies are coporate level strategy ,business strategy,functional level strategies,global level strategies.these startegies helps an organisation to acheive bigger market share,strategic brand name ,superior customer service,stonger global distribution,sales capabiliites,recognition as a leader in product innovation and technology, wider geographic coverage and higher level of customer satisfaction.