The Importance of Strategic Management

Looks at the importance of strategic management in business.

This paper explores the importance of strategic management in both local and international business. The paper focuses on two ways of conceptualizing strategy; the first is the impact of managerial careers on the kind of strategy that firms choose and the second is the impact of careers on the success with which given strategies are implemented. The paper looks at joint venture governance and shows how strategic management ensures the success and failure of any company.
“Strategic management has to do with managerial decision making, and it like considers an enterprise as a whole entity interacting within a dynamic social, economic, political and competitive environment. It focuses on corporate resources and processes to reflect top level choices in corporate business definition and values established under conditions of uncertainty and imperfect information. Strategic planning determines where an organization is going over the next year or more, how it’s going to get there and how it’ll know if it got there or not. Far more important than the strategic plan document, is the planning process itself. (McNarma) Development of the strategic plan greatly helps to clarify the organization’s plans and ensure that key leaders are all on the same script. It is the process of development of strategy that ultimately decides how the company will proceed and what managerial decisions would be taken over the course of a financial year.”

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