Question

Why is strategic management considered important for global market competition?

Answer 1

Answer: Strategic management means managing the strategy of an organization. Strategy means a special long term plan to achieve desired objectives.

With reference to global competition, strategic management is important because of the following points :

• Helps in taking better decisions
• Helps an organization in gaining competitive advantage
• Leads to increased revenue for the organization
• Leads to widened market share for the organization
• Helps in building core competencies in order to beat the competition

Conclusion: It can be said that “Strategic management” has become indispensable in today’s globalized world where a new competitor is coming every minute.