Strategic Management
Do you know what strategic management is? It is the continuous ongoing planning, analysis, monitoring and assessment of all necessities an organization needs to meet its objectives.
The strategic management process helps different institutions and organizations to take control of the present situation, chalk out different strategies and deploy them. It tries to analyze the effectiveness of the implemented management strategies.
With strategic management, a company can plan and think for its future existence. It sets a direction for the institution as well as the employees.
There are five stages of a strategic management process.
- It accesses the organization’s present strategic direction
- It identifies and analyses the internal and external weaknesses and strengths.
- It formulates the action plans
- It executes the different action plans
- It evaluates the success of action plans and implements changes when desired results are not produced.
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