Editorial - (2022) Volume 12, Issue 2
Received: 02-Feb-2022, Manuscript No. jbmr - 22-56813;
Editor assigned: 04-Feb-2022, Pre QC No. P-56813;
Reviewed: 12-Feb-2022, QC No. Q-56813;
Revised: 15-Feb-2022, Manuscript No. R-56813;
Published:
20-Feb-2022
, DOI: 10.4172/:2223-5833.2022.12.429
Citation: Hajiheydari, Nastaran. "Strategic Business
Management.â? Arabian J Bus Manag Review 12 (2022): 429. DOI: 10.4172/:2223-5833.2022.12.429
Copyright: © 2022 Hajiheydari N. This is an open-access article distributed
under the terms of the Creative Commons Attribution License, which permits
unrestricted use, distribution, and reproduction in any medium, provided the
original author and source are credited.
Strategic management is the process of establishing goals, procedures, and objectives in order to improve the competitiveness of a firm or organisation. Typically, strategic management focuses on efficiently allocating personnel and resources to meet these objectives. Strategic management frequently entails strategy appraisal, internal organisation analysis, and strategy implementation across the enterprise. Over the following three years, a for-profit technical college, for example, wants to raise new student enrolment and enrolled student graduation rates. The goal is to establish the institution as the best value for money among the region's five for-profit technical colleges, with the goal of boosting income.
In this scenario, strategic management entails ensuring that the school has enough cash to build high-tech classrooms and hire the best teachers. The college also spends money on marketing and recruitment as well as student retention. On a regular basis, the college's leadership evaluates whether its objectives have been met. The management of an organization's resources to meet its goals and objectives is known as strategic management. Strategic management is critical in business since it allows a corporation to identify areas for operational improvement. They can either follow an analytical approach that identifies potential hazards and possibilities, or they can simply follow broad rules in many circumstances. A company's strategic management strategy can be prescriptive or descriptive, depending on the nature of the business. Strategies for development and implementation are specified in a prescriptive model. A descriptive method, on the other hand, describes how a corporation might implement these strategies.
Strategic management is the systematic application of a company's resources to achieve its goals and objectives. Strategic management necessitates a continuous assessment of an organization's processes and procedures, as well as external elements that may have an impact on how the company operates. Top-level projects and choices should be guided by the strategic management process. The practise of strategic management can assist businesses of all sizes and sectors. We'll go over the advantages of strategic management, how it works, the different types and stages of strategic management, and an example of it in the workplace in this post.
Planning and patience are required to achieve organisational objectives. Strategic management can assist businesses in achieving their objectives.
1. Strategic management guarantees: that the steps required to achieve a corporate goal are implemented throughout the organisation. Companies that adopt strategic management reap a slew of benefits; including Strategic management gives firms an advantage over competitors since its proactive approach ensures that your organisation is continually aware of changing market conditions.
2. Goal attainment: Strategic management aids goal attainment by utilising a clear and dynamic approach for creating and implementing steps. Strategic management has been found to contribute to more efficient organisational performance, which in turn leads to more controlled growth.
3. Cohesive organisation: Strategic management needs companywide communication and goal-setting. A group of people working together to achieve a common goal is referred to as a team.
4. Increased managerial awareness: Strategic management entails planning for the future of the firm. Managers will be better aware of industry trends and issues if they do this on a regular basis. They will be better prepared to tackle future issues if they employ strategic planning and thinking.
Strengths, Weaknesses, Opportunities, and Threats (SWOT) are acronyms for strengths, weaknesses, opportunities, and threats. You can use this analysis to look at both internal and external influences. Internal factors are positive (strengths) or negative (weaknesses) factors that exist within your organisation and can be changed or influenced in some way, whereas external factors are positive (opportunities) or negative (threats) factors that exist outside of the subject you're evaluating and cannot be changed or influenced in any way by you or your organisation [1-5].
