📍 What is Strategic Management?

One of the subject for this semester is Strategic Management. So, this time we were assigned by Dr. Ummi to update on what we have learned every week in Blog. So, here i am, posting this 😎

What is a strategic management? Based on Wikipedia, Strategic management is the formulation and implementation of the major goals and initiatives taken by a company's top management on behalf of owners, based on consideration of resources and an assessment of the internal and external environments in which the organization competes. While in Oxford book, Strategic Management means drafting, implementing and evaluating cross-functional decisions that will enable an organization to achieve its long-term objectives. 

To achieve business goal, every firm  needs a planning or strategy. Because, strategic planning is important to an organization because it provides a sense of direction and outlines measurable goals. Strategic planning is a tool that is useful for guiding day-to-day decisions and also for evaluating progress and changing approaches when moving forward. The process of strategic management can be as important to an organization as the results. The strategic management process is made up of three main components: strategy formulation, strategy implementation and strategy evaluation/monitoring. Once the organization has developed specific strategy alternatives, implementing the strategies is the next stage. strategy implementation means executing the strategies, where the business strategy is translated into action. The final step in the strategic management is strategy evaluation/monitor which seeks to determine which strategies worked and which were not successful. If the strategies formulated did not result in the objectives being met or the actual results are not in line with the actual goals, then the strategy should be modified or reformulated.