Explain
strategic management and why it is important.
Answer:
Strategic
management is what managers do to develop the organization's strategies. It is
an important task involving all the basic management functions—planning,
organizing, leading, and controlling.
There are
three reasons as to why strategic management is important.
The most
significant one is that it can make a difference in how well an organization
performs. Generally, there is a positive relationship between strategic
planning and performance. Generally, organizations that use strategic
management have higher levels of performance.
Another
reason it is important has to do with the fact that managers in organizations
of all types and sizes face continually changing situations. They cope with
this uncertainty by using the strategic management process to examine relevant
factors and decide what actions to take.
Finally,
strategic management is important because organizations are complex and
diverse. Each part needs to work together toward achieving the organization's
goals; strategic management helps do this.
Today,
strategic management has become so important that both business organizations
and not-for-profit organizations use it.
Source: Management, 11e
(Robbins/Coulter)
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Strategies Helps Managers to plan properly by guiding them to make operational decisions.
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