Question

What is strategic management and why it is important?

Answer 1

Strategic management is the assessment and allocation of an organization’s resources to achieve its goals and objectives. It involves setting objectives, analyzing the competitive environment, analyzing the internal organization, evaluating strategies and ensuring that these objectives are carried out. Strategic management helps to identify the potential of its competitors and recognize opportunities and threats facing an organization, whether they are internal or external.

Strategic Management is a is important because it incorporates preparation for future opportunities, risks and market trends which enhance the firm's ability to analyze, examine and execute administration in a manner that is most likely to achieve the set objectives.