Entrepreneurship
DEFINITION OF STRATEGIC MANAGEMENT
Strategic management can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives. Strategic management is also an integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage. Strategic management includes of understanding the position of an organization, making strategic choices for the future and managing strategic action. In other word, defined as the process by which managers of the firm analyze the internal and external environments for the purpose of formulating strategies and allocating resources to develop a competitive advantage in an industry that allows for the successful achievement of organizational goals.
Strategic management is a continuous process of strategic analysis, strategy creation, implementation and monitoring, used by organization with the purpose to achieve and maintain a competitive advantage. Strategic management is not about predicting the future, but about preparing for it and knowing what exact steps the company will have to take to implement its strategic plan and achieve a competitive advantage.
Benefits of Strategic Management
Defines a company’s vision, mission and future goals.
Identifies the suitable strategies to achieve the goals.
Improves awareness of the external and internal environments, and clearly identifies the competitive advantage.
Increases managers’ commitment to achieving the company’s objectives.
Improves coordination of the activities and more efficient allocation of company’s resources.
Better communication between managers of the different levels and functional areas.
Reduces resistance to change by informing the employees of the changes and the consequences of them.
Strengthens the firm’s performance.
ABOUT SAMSUNG
Samsung was founded by Lee Byung-Chull in 1938 as a trading company. Over the
Strategic management can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives. Strategic management is also an integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage. Strategic management includes of understanding the position of an organization, making strategic choices for the future and managing strategic action. In other word, defined as the process by which managers of the firm analyze the internal and external environments for the purpose of formulating strategies and allocating resources to develop a competitive advantage in an industry that allows for the successful achievement of organizational goals.
Strategic management is a continuous process of strategic analysis, strategy creation, implementation and monitoring, used by organization with the purpose to achieve and maintain a competitive advantage. Strategic management is not about predicting the future, but about preparing for it and knowing what exact steps the company will have to take to implement its strategic plan and achieve a competitive advantage.
Benefits of Strategic Management
Defines a company’s vision, mission and future goals.
Identifies the suitable strategies to achieve the goals.
Improves awareness of the external and internal environments, and clearly identifies the competitive advantage.
Increases managers’ commitment to achieving the company’s objectives.
Improves coordination of the activities and more efficient allocation of company’s resources.
Better communication between managers of the different levels and functional areas.
Reduces resistance to change by informing the employees of the changes and the consequences of them.
Strengthens the firm’s performance.
ABOUT SAMSUNG
Samsung was founded by Lee Byung-Chull in 1938 as a trading company. Over the