Strategic management is the strategic use of a business's resources to reach company goals and objectives. Strategic management requires reflection on the processes and procedures within the organization as well as external factors that may impact how the company functions.
Strategic management is the ongoing planning, monitoring, analysis and assessment of all necessities an organization needs to meet its goals and objectives. Changes in business environments will require organizations to constantly assess their strategies for success.
In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's top managers on behalf of owners, based on consideration of resources and an assessment of the internal and external environments in which the organization operates.[Strategic management provides overall direction to an enterprise and involves specifying the organization's objectives, developing policies and plans to achieve those objectives, and then allocating resources to implement the plans. Academics and practicing managers have developed numerous models and frameworks to assist in strategic decision-making in the context of complex environments and competitive dynamics.Strategic management is not static in nature; the models often[quantify] include a feedback loop to monitor execution and to inform the next round of planning.
Strategy Management Related Courses:
- IIM Lucknow- Advanced Strategy Management for Leaders
- IIM Kozhikode- PG Course in Strategic Management
- IIM Calcutta- Growth Strategies for Business Leaders Course
- IIM Calcutta- Communication Strategies Course for Corporate Leaders
- IIM Calcutta- Advanced Strategic Management Course for Corporate Leaders
- IIM Indore - Digital Transformation Course