Strategic management refers to a branch of management that deals with an organization’s strategic objectives. This may include the development of the organization’s vision, outlining its operational objectives and coming up with and implementing the organization’s strategies. It may also include the formulation and application of deviation corrective measures where necessary. Strategic management process should not be confused with strategic planning process, a related but completely different branch of management. This article seeks to answer the question “what is strategic management process” Before venturing deeper, first let us define strategic management process.
The Philosophy of the Strategic Management Process
To define the strategic management process, look at it as a philosophical approach to doing business. This is a blanket terminology that refers to a process by which managers come up with, and implement an operational strategy that grants the organization a competitive advantage. The upper management of an organization must first use data analytics to think strategically, then use the strategic management process to put the thought into action.
So, what is strategic management process?
Strategic management process is a continuous culture of appraisal that a business adopts to outdo the competitors. Simple as it may sound, this is a complex process that also covers formulating the organization’s overall vision for present and future objectives.
The way different organizations create and realize their management strategies differ. As a result, there are different models of SMP that the organization can adopt. The right model depends on various factors including:
The existing culture of the organization.
Market dominance of the organization.
Leadership style.
The organization’s experience in creating and implementing SMPs.
Industry and competition
