Question

What do you think strategic management is all about? What distinguishes strategic managment from other forms of management. In brief, what are the key characteristics that make management strategic?

Answer 1

answer-

Strategic Management is all about managing the business in continously changing environment and achieveing set startegic goals which leads to achievement of vision and mission of an organization. In strategic management, Organization focus on ongoing planning, environment analysis, implementation and evaluation of stratetegies and make sure those all employees are on the same page for success of the organization.

In other words, Strategic management involves setting objectives, analyzing the competitive environment, analyzing the internal organization, evaluating strategies, and ensuring that management rolls out the strategies across the organization.

The scope is the area which distinsguish strategic management from other forms of management because strategic management is organization wide management means whole organization is integrated under this. on the other hand, other forms of management focus on function wide goals and objective like marketing focus on marketing goals, HR management focus on HR goals and objectives.In such way, scope of strategic management is wider than other forms of management.

Strategic managers need a corporate point of view oriented to the environment while in other forms of management, Functional managers need procedural orientation to functions.

Under strategic management, broad range of stakeholders are covered while in other forms of management , serving individual stakeholders is the main focus.

The characteristics that make management strategic are that strategic management in order to be strategic, it needs to cover whole organization. Strategic management has organization wide implication.It is not operation specific .

second This managemenet in order to be strategic have long term implication. Strategic management is not concerned with day-to-day operation.It has long-term implications.It deal with vision,mission and objective.

Third, this management as strategic management help organization to deal with environmental factors and help organization to find strenghts, weaknesses, opportunities and threats in the environment.