Strategic management is not a one-size-fits-all strategy. However, there are key elements that are found to be critical. These include goal setting, industry and organizational analyses, strategy formation, strategy implementation; and the measurement, monitoring, and controlling of strategies.
The Bottom Line
Strategic management is the assembling and management of resources to achieve a company’s goals and objectives. Although it is often segmented into either prescriptive or descriptive schools of thought, many businesses subscribe to a combined philosophy, defining how a strategy should be developed and how the strategies will be employed. Strategic management helps companies set goals, gain a competitive edge, better manage their resources, and more. There is not one prescription for all. Companies must create and adapt a strategic management process that works best for their company and those they serve. Strategic management does not end with the successful implementation of strategies; it continues for the life of the business.
