introduction

Strategic management provides overall direction to an enterprise and involves

specifying the organization's objectives, developing policies and plans to achieve
those objectives, and then allocating resources to implement the plans. Academics
and practicing managers have developed numerous models and frameworks to
assist in strategic decision-making in the context of complex environments and
competitive dynamics. In the field of management, 'strategic management involves
the formulation and implementation of the major goals and initiatives taken by
an organization's top managers on behalf of owners, based on consideration of
resources and an assessment of the internal and external environments in which the
organization operates.
features
• Organized and systemised method of managing-strategic
management is an organized and systemized method of
managing enterprises it involves two phases. Strategic
planning and execution.
• Based on structure of plans: it consists if plans like strategic
plans, functional plans, operating plans, and organisational
plans.
• Follow systems approach: strategic management concepts
follow system approach. It is a treated as a system. In this
system, the organisational objectives take precedence over
departmental objectives.
• Future oriented: it is related with impact of present decisions
on the future product- market path of the organisation.
objectives
1)Financial Objectives
• These are related to the financial results and outcomes that the
management wants the organisation to achieve.
2)Strategic Objectives:
a) Increased competitiveness and stronger business position.
b) Winning additional market share,
c)Overtaking key competitors on product quality or customer
service or product innovation,
d) Achieving lower overall costs than rivals.
Need and scope
• Management process: Management process as relate to how
strategies are created and changed.
• Management decisions: The decisions must relate clearly to a
solution of perceived problems (how to avoid a threat; how to
capitalize on an opportunity).
• Time scales: The strategic time horizon is long. However, it for
company in real trouble can be very short.
• Structure of the organization: An organization is managed by
people within a structure. The decisions which result from the way
that managers work together within the structure can result in
strategic change.
• Activities of the organization: This is a potentially limitless area of
study and we normally shall centre upon all activities which affect
the organization.
advantages
• Creating a better future
• Identifying strategic directions
• Make Better business decisions
• Business Longevity
• Increasing market share and profitability
• Avoiding competitive convergence
• Financial benefits
• Non-financial benefits
disadvanatges
• Complex process: The strategic management includes
various types of continuous process which checks all
type of major critical components.
• Time-consuming process.
• Tough implementation.
• Proper planning.
benefits
The major benefit of strategic management is to
facilitate organizations to devise viable policies
through the use of a more systematic, logical, and
rational approach to strategic choice. Communication
is main factor to successful strategic management.
The chief aim of the communication process is to
accomplish understanding and commitment
throughout the organization. It results in huge benefit
of empowerment. More and more organizations are
decentralizing the strategic-management process.
Recent trends
• In recent years,two management trends that
seem significant in response to international
competition are the adoption of Japanese
management practice and the renewed efforts
to achieve excellence in product and service
quality.
CONCLUSION
My intention in this section is not promote any one
view of strategy, but rather suggest a number that
seem useful. In pursuing the different definitions, it
will be helpful to think about the meaning of strategy,
to try understand how different people have used the
term, and, later to see if certain definitions hold up
better in particular context. Finally, the different
models of strategy suggest above all that strategy is a
concept.
BIBLIOGRAPHY
• https://en.wikipedia.org/wiki/Strategic_management
• https://www.ukessays.com/essays/education/features-of-strategic-management.php
• https://theintactone.com/2018/12/23/sm-u1-topic-2-meaning-nature-scope-and-importance-of-strategic-
management/
THANK YOU