Understanding Strategic Management and Planning for Organizational Success
What is Strategic Management? A Foundation for Organizational Success Strategic management is the systematic process of formulating, implementing, and evaluating cross-functional decisions to achieve long-term organizational goals. Whether for a strategic business unit in a multinational corporation or a nonprofit organization , this process aligns resources, stakeholders, and actions to drive sustainable success. Key components include: Strategic Planning Strategies : Defining vision, mission, and objectives. Strategy Implementation Process : Translating plans into actionable steps. Strategic Management Model : Tools like SWOT, PESTEL, and Balanced Scorecard. For example, corporate level strategy focuses on overall organizational direction, while business level strategy targets market competitiveness. Learn more about aligning these frameworks in our guide on Business Policy and Strategy . ...
