In a business, there are several factors that either facilitate the success of the business or affect the achievements of the business. Strategic management is the process of studying and putting into practice any factors favorable to the business, and eradicating any factors that may adversely affect the business. Jurevicius (2012) defines strategic management as the science and art of formulating, evaluating, and implementing cross-functional decisions that are key to an organization's ability to achieve its objectives. The differences in business performance are mainly caused by management's ability to employ strategic management skills in the running of the business. Strategic management involves analyzing issues concerning the business structure and environment, making the correct decisions about how to deal with problems, and putting the decisions into practice, with the aim of countering competition and enhancing business outcomes (Dess, Lumpkin, & Taylor 2005, p. 1). In strategic management, managers need to work not only on the internal business environment, but also on the external business environment, formulating competent strategies, executing those strategies, and then assessing the effectiveness of the strategies and making the necessary adjustments, if the need arises (Parnell 2008, p. 2). In the internal business environment, strategic management involves the creation of such an environment, whereby all activities are coordinated effectively and are geared towards achieving the business objectives. During the formulation of the strategic management plan, managers define the mission of the business and lay down the strategies to be followed by all employees in working towards realizing the mission. The mission of a...
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...the strategies to handle the various needs, put the strategies into practice, and then follow up to assess the effectiveness of the strategies towards achieving the business goals.
Works Cited
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Strategic management is a disciplined effort or control to make necessary decisions that have an effect on a business or an organization; the aim of strategic management is mainly to develop new, innovative or diverse ideas and opportunities for potential or development, and facilitates or assists an organization to achieve its goals (SM, 2010). In reality, strategic management not only can be used or applied to determine mission, vision and values or objectives, but it also establishes roles and responsibilities or timelines in a business (David, 2009). In the following sections, this study will focus on and examine the nature of strategy formulation, implementation, and evaluation activities, and analyze the potential pitfalls or risks in using a strategic-management approach to decision making.