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Strategic management in the company is about creating an organizational framework that will ensure the success of the company. This involves planning, monitoring and implementing strategies and encouraging employees to prioritize their work that support strategic goals. This includes identifying and analysing the potential, risks and challenges. This type of management can be performed by the top management, but the most innovative ideas may come from any employee. Companies employ descriptive and prescriptive strategies management techniques based on renowned management theories to help them make decisions, allocate resources and accomplish their goals.
The first step in implementing a strategic management is to assess the current state of the business. This involves assessing the company’s internal structure as well as its capabilities and resources as well as evaluating any strategic plans. Businesses can also employ tools such as SWOT analysis to determine the strengths or weaknesses, as well as opportunities in the market.
After the initial assessment is completed, companies must prepare or update the vision statement and strategic goals for the future of the company. These goals could range from increasing revenue to cutting costs. The goals typically include a measurable target that is achievable over time.
But merely developing the strategy is not enough to guarantee its success. The final stage in strategic management is executing the plan, which requires great communication and coordination across departments and management levels. Making a decision and implementing a management framework like the Balanced Scorecard, Theory of Change or Objectives and Key Results (OKR) is essential for organizing and managing the various aspects of the strategic plan.