what is strategic management and why does it matter? (250 words)
Expert Answer
Strategic management involves long term planning of activities which covers the core areas of the particular organisation. The strategy helps in development of long term goal based on the market or economic situation, regional based expansion or overall business enhancement plans, human resource , outsourcing or selection of business operations etc.it is a continous process that appraises the business based on the forecasted changes.it helps to identify the fit between organisation and external environment
Steps involved in strategic management are
Goal setting
Analysis
Strategic formulation
Implementation
Evaluation and control