Strategic Management: Why is it Important?

Strategic management is the management of an organisation’s resources to successfully achieve its goals and objectives. It’s a plan to ensure that the business continues to grow and that the performance targets are met. By processing and creating plans and policies that are specifically created to achieve goals and then allocating the resources to start the plan, strategic management aids in providing a comprehensive direction. Organisations use strategic management to have a competitive edge over competitors.Keep reading to understand what strategic management is and why it is important. What is Strategic Management?  Strategic management was first introduced and defined in the early 1950s by Peter Drucker. He is known as the father of modern management theory.  Strategic management is the planning, monitoring, assessing, and analysing of all the requirements an organisation needs to complete its goals and objectives. When it comes to strategic management, the organisation’s size is irrelevant because even small organisations need to understand how effective they are in the industry and what steps should be taken to improve their performance.  The business environment is changing, and organisations must have plans to enable them to succeed. The strategic management process will help any organisation to take components from their situation, brainstorm different strategies, and analyse and implement them to know the effectiveness of the implemented strategies.  The Benefits of Strategic Management.  A strategic management process helps