Importance of Strategic Management in Organizations:
Functions Of Strategic Management defines the strategies of the organization. The strategy definition is when the organization decides what its objectives are and goes a step further in achieving its goals. The top managers are the one who define the organization strategy, but the company workers put the effort to achieve the goals. 2.
The other Functions Of Strategic Management is to develop or form the strategic plans of the firm. The strategic plans are attached to the departments of the organization and may be a certain thing the department may want to achieve for the benefit of the entire organization. For example a sale department may have plans to increase the sale with a certain percentage. To achieve the plan, the sales department may consider promoting the company products or developing a new product. 3.
One of the major Functions Of Strategic Management is to instil change in the organization or what is called the strategic implementation. Strategic implementation in an organization is faced with many challenges such as workers refusing to have changes in the organization. At such time, it is difficult for an organization to achieve its goals. However, Functions Of Strategic Management help to come up with a strategy addressing the influential people such that they will be able to motivate other employees into accepting the change. 4.
The last main Functions Of Strategic Management is to check or to monitor the success of the strategies already put. Monitoring involves checking if the strategies are performing in accordance to the expectation of the top manager. If the set strategies are not performing as expected, then the problems affecting the success can be addressed and necessary measures put to bring the strategy on track.
Strategic management takes into account the future and anticipates for it. 2.
A strategy is made on rational and logical manner, thus its efficiency and its...
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