Strategic management will allow a company to gather information about external environments, market trends, competitors, developments in technology, and prospective customers. Planning, directing, organizing and controlling of a company’s strategy related decisions are all tasks involved in strategic management.
It is an ongoing process that evaluates and controls the business and the industries in which the company is involved; assesses its competitors and sets goals and strategies to meet all existing and potential competitors; and then reassesses each strategy annually or quarterly [i.e. regularly] to determine how it has been implemented and whether it has succeeded or needs replacement by a new strategy to meet changed circumstances, new technology, new competitors, a new economic environment., or a new social, financial, or political environment” (Lamb, 1984).
It is very important for a business to have a strategy in place and based on my experience at a previous employer I can say that a quick way to lose a customer is by not having an effective business strategy in place for customer service. Strategy will allow a business to stay on top of their customer base to ensure excellent customer service.
According to the online educational resource Quick MBA, an...