Strategic management

Strategic management

by Nang Aye Aye Htun

What is strategic management?

Strategic management is the ongoing planning, monitoring, analysis and assessment of all necessities an organization needs to meet its goals and objectives.

The 5 Phases of Strategic Management 

Strategic management involves managing an organization's resources, analyzing internal and external forces, and developing strategies to realize goals and objectives. There are five key phases that can help organization execute their strategies.

1. 1. An organization must first establish clear, realistic goals. Its goals should answer what the company wants to achieve and why. Once set, the corganization can then identify the objectives, or how the goals will be reached. During this phase, the company can articulate its vision and long and short-term goals.
2. 2. Organizations must then be able to examine, understand, and codify what internal and external forces affect their business and goals, as well as what it needs to remain competitive. Analytical tools, such as SWOT analysis, are helpful during this phase.
3. 3. Based on the results of the analysis, the company can then develop its strategy, outlining how the company will achieve its goals and how. In this phase, the organization will identify the needed people, technology, and other resources; how these resources will be allocated to fulfill tasks, and what performance metrics are needed to measure success. It is also critical to gain buy-in from stakeholders and business leaders.
4. 4. Once the strategies are defined, it is time for execution. The strategy is taken from planning to implementation. During this phase, the allocated resources are placed into action based on their roles and responsibilities.
5. 5. The final stage of strategic management is to evaluate the effectiveness of implemented strategies using defined metrics. The organization will also visit whether ineffective strategies should be replaced with more viable ones. The organization should continue to monitor the business landscape and internal operations, as well as maintain strategies that have proven effective.
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   5 phases of strategic management