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Strategic management is the process of managing, planning, and analyzing in order to reach organizational goals. It involves setting goals, analyzing data, forming strategies, implementing strategies, and monitoring strategies. However, research shows that 95% of workforces do not understand their organization's strategy, 90% of organizations fail at execution, and 60% do not link strategy to budget. Strategic management is beneficial for planning the future and setting organizations up for success.

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41 views2 pages

Manage

Strategic management is the process of managing, planning, and analyzing in order to reach organizational goals. It involves setting goals, analyzing data, forming strategies, implementing strategies, and monitoring strategies. However, research shows that 95% of workforces do not understand their organization's strategy, 90% of organizations fail at execution, and 60% do not link strategy to budget. Strategic management is beneficial for planning the future and setting organizations up for success.

Uploaded by

nidayousafzai
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Strategic Management

Strategic management is the process of managing, planning, and analyzing in


order to reach all organizational goals. Strategic management helps an
organization see where it currently stands, where it will be in the future staying
on the current course, and where it would like to be in the future. Strategic
management takes advantage of organizational resources to create a
strategy that helps get closer to or reach their goals
If you look into the research on strategic management and planning, the
results are shocking. According to studies:[ii]
 95% of a typical workforce doesn’t understand its organization’s strategy
 90% of organizations fail to execute their strategies successfully
 86% of executive teams spend less than one hour per month discussing strategy
 60% of organizations don’t link strategy to budget
Based on these statistics, we can conclude that organizations’ workforces are
not aware of their organization’s overall strategy, if the strategies being
utilized are unsuccessful, and if strategies are not being budgeted for. As an
organization, planning and strategizing for the future is one of the most
beneficial initiatives you can take.[iii]
The process of strategic management includes goal setting, analysis, strategy
formation, strategy implementation, and strategy monitoring. Let’s take a look
at how each of these steps ties into the overall strategic management
process.
Goal Setting
The first part of strategic management is to plan and set your goals. Set the
short- and long-term goals of the organization and make sure that these are
shared with all members of the organization. Explain and share how each
member of the team will have an impact on the organization reaching this
goal. This will help give each member of the team a sense of purpose and will
give their job meaning.
Analysis
During this stage of the process, it is important to gather as much information
and data as possible. This information will be integral to creating your
strategy to reach your goals. This step of strategic management entails
becoming aware of any issues within the organization and understand all of
the needs of the organization.
Strategy Formation
In this strategic management step, you will use all the intelligence and data
you have gathered to formulate the strategy that you will use to reach
whatever goal you set. Identify useful resources you have, and also seek out
other resources you will need to set up your strategy.
Strategy Implementation
This is arguably the most important part of the entire strategic management
process. At this point, each member of the team should have a clear
understanding of the plan and should know how they play a part within it. This
is the stage where your strategy is put into action.
Strategy Monitoring
During this stage, your strategy will already be in play. At this point, you should
be managing, evaluating, and monitoring each part of your strategy, and
ensuring that it aligns with the end goal. If it does not, this is the time where
you would make tweaks and adjustments to strengthen the overall plan. This
is the stage where you will track progress and have the opportunity to deal
with any unexpected shifts in the strategy.
Planning for the future of your business is an integral piece of operating a successful
organization. Strategic management is a great first step, so be sure to visit our page to see how
we can help your company.

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