The present day news is filled with examples of changing organizational strategies like Mergers,Strategic alliances,Downsizing, spin-offs and Global expansion.This chapter examines the strategic managemant process as it relates to the planning function.
Managers must carefully consider their organization’s internal and external environments as they develop strategic plans. They should have a systematic means of analyzing the envionments, assessing their organization’s strengyhs and weaknesses, identifying opportunities that would give the organization a competitive advantage, and incorporating im pact on organization performance.
Strategic managemant is what managers do to the organization’s strategies.
strategic management involres all four of the basic management functions-planning
organizing,leading,and contorolling.
Strategic management has a is important for organizations as it has a significant impact on how well an organization performs. In today’s business world, oganizations of all types and sizes must manage constantly changing situations. Today’s companies are composed of driverse divisions’ units’ functions’ and work activities that must be coordinated. Strategic management is involved in many of the decisions that managers make.