Strategic management is known to be a company’s game plan. Which includes the task of crafting, implementing and executing a company’s strategies .It is best looked upon as be a combination of planned actions that brings into play the structure of the company for the future.
Specializing Strategic management companies are not common in the business environments, although it is one of the most important factors in the business industry. Within larger organizations and companies, there are strategic management firms
PURPOSE AND KEY FUNCTIONS
• To form a strategic vision of what the company’s future business makeup will be and where the organization is headed
• To set objectives for the company , organization or business
• To craft a strategy to achieve the desired outcomes
• To implement and execute the chosen strategy efficiently and effectively
• To evaluate performance and initiate correct adjustments in vision , long-term direction , objectives , changing conditions , new ideas and new opportunities .
EMPLOYEE CHARACTERISTICS IN THIS FIELD
Discipline and a sense of responsibility – The strategic management employees take full responsibilities for their strategic plans and implementation whether the task fails or proceeds in the long and short run.
Time management – All strategic management employees must be focused on their time management as it is essential that all plans are ready and implemented by certain due dates.
Positivity – every human has positivity as well as negativity in certain aspects, although a strategic manager must be able to balance this and be positive in his or her plans .if positivity on the plan is not executed, the implementation of the plan may fail.
Taking risks – not every strategy implemented works to the fullest or even works at all. Not all ideas are turned into plans, but a strategic manager should take that risk of failure in order to make his or her idea succeed.