22 Jan STRATEGIC MANAGEMENT : A BOON TO THE COMPANY AND BUSINESS
Strategic management is the set of instructions or the evaluation of the changing environment of an organization in order to achieve the pre-determined goals. It includes the process of evaluation of the market, finding the changes in the market, analysis of own marketing strategies and the implementation of the strategies. Strategic management barely depends on the management authority that takes care of the policies and has an eye on the changing market and also on the strategies of the competitors in order to make their product more accurate according to the needs and demands of the changing the market.
Before moving forward we should understand why we need strategic management?
Strategic management is just not a simple set of instructions but there is much more to it. It is practically setting up of tools which can encounter the changing requirements of the market. These tools include evaluation of market then planning about the alternatives to make a product of a company more effective and then implementing the plan and after implementation analysis of the plan that it is working properly or not. For these process, a manager must be much versatile to understand and implement the plans in the market. The changing market can be because of various factors such as the economic factors, social factors, political factors, technological factors, legal or can be environmental factors.
Strategic management of a company has various levels.
Corporate strategy: At this level, the scope of business is considered, the internal and the external and external factors are determined.
Operational strategy: At this level the working and operations of the company are evaluated.
Business unit strategy: at this level, the strategies of the business of the products are evaluated to gain the overall advantage of the market and to compete with the competitors.
Team strategy: this is inside strategy of the company. It includes the group or team of people working In the company in order to achieve the objectives set for the achievement of the goals.
- Survival growth profit
- Public image
All these factors have a huge impact on the strategic management. These are the main factors that are considered while making any changes to the strategies of the company as these can mainly affect the functioning of any business or company. A company is dependent on these factors only and if any of the factors changes the company has to make its strategy accordingly to meet the changes of the elements present.
Strategic management of the company can also help to increase the overall growth and development of the company. As it takes care of the investors which is also an element for the growth and proper functioning of the company, the more they invest in our company and hence that increases the overall growth of the company.