Purposes of Strategic management

May 29th, 2015
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A. T. Still University
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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.

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Strategic ManagementWhat is Strategic Management? Strategic Management is that set ofmanagerial decisions and actions thatdetermines the long run performance of anorganization. It is an important task of managers and entailsall of the basic managerial functions.Why is Strategic Management Important?Stellar blue is the newest color in H.J HeinzCompanys crazy colored ketchup palette,which already includes green, pink, purple,orange, teal and of course traditional red.Heinzs Managers clearly understand theimportance of strategic management becausethey know that every time a color is introducedthe companys 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 environmentalconditions, they have varying levels of performance. Organizational performance have positive correlation withStrategic management.Cont Another reason is that organizations of all typesand sizes face continually changing situations.These changes may be minor or significant, buttheres still change with which mangers mustcope. When managers use the strategic managementprocess, they can better cope with theuncertain environments.Cont.. It is also important because of the nature oforganizations. They are composed of diversedivisions, units, functions, and work activities-manuf

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