What is strategic management?
Strategic management equips organizations with the knowledge and tools to navigate a competitive landscape and achieve long-term goals. It's a comprehensive field that focuses on formulating, implementing, and evaluating strategies to ensure an organization's sustainable advantage. Here's a breakdown of this crucial discipline:
What are main features of strategic management?
- Long-Term Focus: This field goes beyond day-to-day operations, emphasizing setting strategic direction and making decisions with long-term consequences in mind.
- Competitive Advantage: Strategic management analyzes the internal and external environment to identify an organization's strengths and weaknesses, as well as opportunities and threats, ultimately aiming to create a sustainable competitive advantage.
- Strategic Decision-Making: It involves making critical choices about resource allocation, market positioning, growth strategies, and competitive responses.
- Stakeholder Management: Strategic management considers the needs and interests of various stakeholders, including shareholders, employees, customers, and the broader community.
- Continuous Process: Strategic management is not a one-time event; it's
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