Strategic Management Essay Example

Strategic management entails formulation and implementation of the major goals that are often taken by top management in companies and is done on behalf of owners. It provides overall direction of an enterprise with specification of objectives and the development of policies. Strategic management carries out its policies based on resource consideration and assessment of both internal and external environments (Teece et al., 29). Strategy is then the determination of basic long term goals in an enterprise. This paper aims at exploring the importance of strategic management.
Strategic management gives a way of anticipating for future opportunities and problems. Organizations that practice strategic management plan and understand the benefits of anticipating for unexpected changes. Strategic management provides a sensible way that provides viable alternatives to management of crisis (Teece et al., 33). With its very steps of defining objectives and end products, strategic management looks into the future based on current trends and influences forces that may come with effects. Strategic management then looks into the future three to five years ahead.
Increase in employee satisfaction and motivation is another importance of strategic management. Strategic management integrates management activities into a broader context and employees get to be covered as important aspects. Employees within strategic management get the chance to explore their capabilities and emphasize on continuous improvement and objective involvement (Hitt et al., 37). Employee satisfaction, then takes place and stakeholder needs also becomes an understanding within the organization. Employee satisfaction and motivation, however depend on the dynamism of the organization and competitiveness of the business environment.
In conclusion, provision of objective view of problems in management helps to define missions of the organization and give a focus on objectives. Strategic management provides a sense of direction, effective staffing, continuity and good leadership when handling problems. Objectivity plugs everyone into the problem solving system and provides standards of involvement (Hill and Gareth, 61). Further, viewing, management problems give accountability for programs, people and resources that are allocated.

Works Cited

Hill, Charles W. L, and Gareth R. Jones. Strategic Management. Cengage Learning, 2012. Print.
Hitt, Michael A, R D. Ireland, and Robert E. Hoskisson. Strategic Management: Competitiveness and Globalization : Concepts. Mason, OH [etc.: South-Western, 2007. Print.
Teece, David J., Gary Pisano, and Amy Shuen. "Dynamic capabilities and strategic management." (1997): 509-33.