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Wednesday, June 4, 2014

Strategic Management: Need of Strategic Management

Need and Importance of Strategic Management

Why do we need strategic management and why it is important? Strategic management has significance due to the following reasons:

Due to rapidly changing business environment: In a rapidly changing business environment strategy formulation should therefore be considered as a continuous process of learning.


Establishes guidelines: Strategic management Establishes Guidelines to provide assistance and support for the development and Provide a base from which progress can be measured.


Systematize decision: Strategic management helps in systematizing an organization's strategic decisions and actions.


Research and development: The strategic-management process facilitates cross-functional approach for managing the R&D function to ensure that R&D decisions and plans must be integrated and coordinated across departments.


Resource Allocation: Strategic Management promotes effective resource allocation among the business units.


Develops communication and co-ordination


Helps managers to take a holistic approach

2 comments:

  1. Great Info...fairly useful things! At least someone in existence is attempting to deliver beneficial info.

    ReplyDelete

 
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