SCHOOL:JOMO KENYATTA UNIVERSITY OF AGRICULTURE AND TECHNOLOGY NAME:JOAN MUNYORI
UNIT NAME:STRATEGIC MANAGEMENT
UNIT CODE:HPS 2312
COARSE:BACHELOR OF PURCHASING AND SUPPLIES MANAGEMENT
TASK:DISCUSS THE IMPORTANCE OF STRATEGIC MANAGEMEN
Strategic management is analytical decision making taking into consideration all the relevant factors like financial production etc. Strategic management is important to an organization in that it helps with the organization’s vision which is basically a picture of where it envisions itself in the future. It helps a firm come up with ideas rather integrate direction on how it is going to move forward based on core competences,market scope and so forth so as to achieve it’s desired goals and position it wants to be in at a certain time of a given time frame. Strategic management is paramount for a strategy to be initiated one has to look at the environment analyse the variables within and outside the organization such as resources i.e do they have the resources to undertake that strategy, equipment, finances, nature of customers. That is what do the customers want, substitutes to their products in the market, will the customers still want this in future? and so forth. Strategic management is also important in that it creates innovativeness among members of an organization. People sit down and brain storm to come up with ideas to help them move forward. And in that same context of working together to come up with strategies the point of promoting team work arises. It promotes cohesiveness among the members as they work together. Strategic management is important because it enhances communication among members of an organization. This is because there is dialogue that takes place when giving ideas and this participation of all members therefore enhances communication. It is also important to have strategic management for it helps in having a...
Please join StudyMode to read the full document