Question

how is strategic management and evolution and destination? please explain

Answer 1

Strategic management helps an organization to plan and manage it's resources so that it can achieve it's goals and objectives. It also aims to set the long term goals of an organization which can sustain the position of the organization in the competitive market as an advantage. To recover some of the costly mistakes, a company needs to implement strategic management. So, it becomes a destination for a company to have strategic management for a competitive advantage in the market as well as to get a clear picture of vision and goals of critically situated firms. The evaluation of four phases of strategic management are :-

a) The basic financial planning is considered as the first phase of the evaluation process. It is mainly a one year annual plan which is used by the managers for the budget development of a company by taking it's information.

b) The second phase, forecast based planning, where the managers start a three to five years proposal and predict the future of next few years with the help of company's information.

c) The third stage, externally strategic planning, where the strategic planning starts to be implemented in the organization. In the span of five or more years, the top level management makes strategy whereas the lower level employees tries to implement it.

d) The last stage of the evaluation process is the strategic management where both the upper and lower level employees contribute their hard work to get the results. The strategic management focuses on possible ways instead of prediction of the future.

Hope this helps :)