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In the current age the growth of strategic management studies has been colossal. The implication of management study in the daily life of people and students has been conspicuous. The growth of management studies has been colossal and has depicted far reaching effect.
More and more organizations are employing and providing jobs to more individuals possessing management knowledge. The knowledge of management concepts and technique is vital for an organization since management provides discipline to organizations that is critical for the growth and success of an organization.
One can view the benefits of managerial functions in life. Many organizations conduct training for employees to develop strong management concepts. This is due to benefits and merits of strategic management that allows an organization to form objectives and strategies and make them work simultaneously to achieve goals and benefit the organizations and the community as a whole. As a result, it can be seen that there is a substantial need of help with strategic management assignment.
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Strategic management describes the formulation and the practical enactment of the strategies, which need to be in lieu with the goals and aims of the company. Strategic management is enacted and carried out by top hierarchal level of the management body that is undertaken with the aim of doing it for the owners and the stakeholders. Strategic management is implemented keeping in mind the resources and the external and internal environment of the organization. The policies and strategies of the organizations change from time to time due to varying nature of the resources and the internal and external environment of the organizations. As a result to cope with such changes and to formulate new strategies and policies, strategic management needs to be undertaken to achieve the desired results of the organizations.
Strategic management is undertaken with certain aims and objectives. The purpose of strategic management is commented below:
Designing of strategies begins with the analysis and assessment of the environment and factors affecting the organization. The analysis is followed by the formulation and strategic decisions. The creation and designing of strategies end with the laying down of the necessary decisions and strategies created by the management body. Some of the necessary points of analysis are:
After formulation is the stage of implementation. Formulation is the stage of planning but implementation is the actual stage of practically enacting those decisions and ideas. Implementation refers to performing the strategic decisions in achieving objectives and goals of the organization. It refers to use of resources of the organization, leadership qualities and communication facilities in implementing the strategic decisions that lead to the fulfillment of objectives and goals of the organization.
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