The term strategic management (SM) describes continuous processes involved in the development of plans, effective monitoring, comprehensive analyses, and assessment of organizational goals and objectives. Through strategic management, entities can evaluate their close competitors, set attainable objectives, and satisfy the insatiable demands of the consumers (David & David 10). Strategic management is characterized by effective plans, innovative solutions, and comprehensive decision-making.
My chosen profession is to become a business management professional. As a business manager, strategic management will significantly help with the streamlining of certain organizational practices. For instance, strategic management will be crucial in the assessment of the financial viability of the entity and in the evaluation of strategic goals (David & David 12). The most important benefit of strategic management is that it can transform businesses into more disciplined and organized entities. In particular, it will act as an important bridge linking individual employees’ performances and organizational aims and purposes.
Strategic management will help my organization to evaluate its competitors and determine key market functions. It includes accurate evaluation of existing opportunities in the market and advising the company on the production of market-oriented commodities (David & David 20). Moreover, in-depth analyses through strategic management will help the firm to identify operational loopholes, credible threats, and general challenges limiting the company’s progress.
Subsequently, as the business manager, I will implement strategic management policies to sustain the company’s competitive edges. Additionally, the concept will help in gaining a better understanding of rival businesses and becoming more responsive to varied consumer needs (David & David 16). Arguably, other CEOs or other top management officials should gain a detailed understanding of the concept of strategic management. The concept will enable such officials to establish requisite processes and resources that are vital in strengthening and supporting core competencies.
David, F. R., & David, F. R. (2016). Strategic management: A competitive advantage approach, concepts and cases. Pearson.