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Purposes of Strategic management

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Strategic Management What is Strategic Management? • Strategic Management is that set of managerial decisions and actions that determines the long run performance of an organization. • It is an important task of managers and entails all of the basic managerial functions. Why is Strategic Management Important? Stellar blue is the newest color in H.J Heinz Company’s crazy colored ketchup palette, which already includes green, pink, purple, orange, teal and of course traditional red. Heinz’s Managers clearly understand the importance of strategic management because they know that every time a color is introduced the company’s market share bumps up a little. Cont.. • It can make a difference in how well an organization performs. The most important questions that strategy address: 1. Why firm succeed or failed? 2. Why, when faced with the same environmental conditions, they have varying levels of performance. • Organizational performance have positive correlation with Strategic management. Cont… • Another reason is that organizations of all types and sizes face continually changing situations. These changes may be minor or significant, but there’s still change with which mangers must cope. • When managers use the strategic management process, they can better cope with the uncertain environments. Cont.. • It is also important because of the nature of organizations. They are composed of diverse divisions, units, functions, and work activities -manuf ...
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