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What refers to the approach of business planning to its highest level is known as Strategic Management. Strategic Management’s focus is to build a strong business foundation which will subsequently reflect on collaborated efforts involving each and every single individual of an organization. It determines what the objectives of a business are. How to develop the ways of achieving the determined objectives and what are the resources needed in order to achieve the objectives.
Strategic Management also covers the core objectives of an organization; it involves developing a mission statement wherein it covers the landscape assessment of the organization, such as how the operations would run and who will be the people assigned to play the key roles within the organization’s landscape. Another area is the vision statement, wherein through Strategic Management, the organization will establish key objectives to respond to the gray areas and unmet needs of their business, deciding for which will entail consideration of both short-term and long-term offerings of the organization. Lastly, Strategic Management will stipulate their organizational goals and objectives for such come in strategically and financially.
The next step of Strategic Management is to develop a strategic plan which will efficiently and effectively run in order to meet their goals and objectives. In formulating a strategic plan, Strategic Management comes in to delegate individuals who are equipped with the adequate knowledge, experience and skills with the needs and objectives of the business. After delegation, distribution of responsibilities for tasks and processes will follow which calls for the combined efforts of all employees, in this phase they would need to effectively communicate their responsibilities and determine their deliverables.
As a final point, Strategic Management calls for the allocation of the precise quantity of resources to the diverse aspects of the business in order for those assigned to the specific goals will be able to attain their objectives. This varies from providing the employees with the exact resources to ratifying systems wherein employees will receive the essential and needed training, all processes of work are tested, and at the same time all generated data and information is well documented. In order to effectively and strategically manage the business, every facet of the organization should meet their needs so that in the long run, all aspects of the work involved will run seamlessly and will function as an integrated whole.
A vital and very important however, most often than not, overlooked characteristic of Strategic Management is its need to be planned and unplanned at the same time. Leaders of the organization should take the initiative to set the business, how they will carry out their functions and operations, aside from these, they should also be dynamic enough, they should be responsive in meeting their needs and requirements.
Strategic Management is not linear process, it is flexible not limited, it is not static, and rather it is dynamic. Strategic managers should be able to anticipate and handle unforeseen events and outcomes of their plans.
Strategic Management is agile and dexterous, in general it enables business organizations to quickly respond to business challenges and be able to create innovative ideas in order to meet their needs and best present their business image.