strategic management

Strategic management is the continuous planning, monitoring, analysis and assessment

of all that is necessary for an organization to meet its goals and objectives. Fast-paced
innovation, emerging technologies and customer expectations force organizations to think
and make decisions strategically to remain successful. The strategic management
process helps company leaders assess their company's present situation, chalk out
strategies, deploy them and analyze the effectiveness of the implemented strategies. The
strategic management process involves analyzing cross-functional business decisions
prior to implementing them. Strategic management typically involves:

 Analyzing internal and external strengths and weaknesses.

 Formulating action plans.

 Executing action plans.

 Evaluating to what degree action plans have been successful and making changes
when desired results are not being produced.
Importance of strategic management

Strategic management necessitates a commitment to strategic planning, which

represents an organization's ability to set both short- and long-term goals, then
determining the decisions and actions that need to be taken to reach those goals.

The strategic management process is a management technique used to plan for the future:
Organizations create a vision by developing long-term strategies. This helps identify necessary
processes and resource allocation to achieve those goals. It also helps companies strengthen and
support their core competencies.

By determining a strategy, organizations can make logical decisions and develop new goals
quickly to keep pace with the changing business environment. Strategic management can also help
an organization gain competitive advantage and improve market share.

SWOT analysis

A SWOT analysis is a crucial element of strategic management by helping companies identify

their strengths, weaknesses, opportunities and threats. The SWOT analysis helps detect and
analyze internal and external environments and other factors that may impact the business, and
helps organizations prepare for the future. It also aids decision-makers by analyzing key aspects of
their organizational environment to help formulate competitive strategies.

The process is helpful when determining whether the firm's resources and abilities will be effective
in the competitive environment within which it has to function, and when developing their goals
and strategies to remain successful in this environment.
The value of organizational culture in strategic management

Organizational culture can determine the success and failure of a business and is a key component
that strategic leaders consider when developing a dynamic organization. Culture is a major factor
in the way people in an organization outline objectives, execute tasks and organize resources. A
strong business culture will make it easier for leaders to motivate their staff to execute their tasks
in alignment with the outlined strategies.