Question

Explain the multi-dimensionality of strategic management and how it is linked to other areas of discipline

Answer 1

Strategic management is a tool or strategy which helps in identifying, planning, executing and controlling business plans. This includes utilizing the organization's assets to the maximum and converting the weaknesses into strengths. Thus, strategic management links all the functions of the organization, to achieve the overall organizational goal and objectives.

It has a very widen span of area, i.e. all the functions of the organization are linked to and with strategic management. This is the strongest aspect and the success of the organization lies in this core i.e. strategic management. The efficiency of this reflects on the organization's success and growth. Consequently, the multi-dimensionality of strategic management strengthens the organization from within, managing employees and channelizing all processes and people towards achieving a common target.