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Management - Strategic Management, Management

Strategic Management

Strategic Management is about recognition and explanation of the strategies that managers can do so as to attain enhanced performance and a competitive advantage for their company. An organization is known to have competitive benefit if its profitability is more than the average profitability for all organizations in its industry.

Strategic management can also be stated as a package of decisions and acts which a manager takes and which fixes the consequence of the firm's performance. The manager should have a complete knowledge and study of the general and competitive organizational environment in order to take correct decisions. They must carry out a SWOT Analysis (Strengths, Weaknesses, Opportunities, and Threats), i.e., they should make optimum utilization of strengths, reduce the organizational weaknesses, make utilization of arising opportunities from the trade environment and must not overlook the threats. Strategic management is nothing but preparation for both expected as well as unfeasible situations.

Strategic management is a ongoing procedures that analyses and directs the business and the industries in which a company is included.

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