Stephen John Diez

MAR184
Strategic Management

Every business firms encounter several challenges that might help them grow more,
at the same time lose what they have already put up. That is why the knowledge
regarding strategic management and how it must be implemented to gain benefits for
the entire company is necessary for the business world has inevitable exposure to
financial, managerial, and human resource trials. A research journal regarding
strategic management entitled “An Overview of Strategic Management: An Analysis
of the Concepts and the Importance of Strategic Management” by H.K.S. Hanasini
Athapaththu from Department of Commerce, Faculty of Management Studies and
Commerce, University of Sri Jayewardanapura has imparted knowledge as I study
and determine his journal emphasizing the importance of strategic management in
business and how should we implement it. The said research journal emphasized
the importance of understanding the current situation and various barriers affecting
the firm to determine its mission, vision and how to live the business through it. This
could be done by knowing strategic planning, which requires a great deal of strategic
thinking is one of the most important management tools which helps managers to
recognize the priorities and determine the main actions necessary to realize the
mission and objectives of the organization and strategic management.
(Athapathathu, H.K.S, 2016) and strategic management to aid firms to dynamic
business environment.

The main purpose of strategic planning is to guide firms in implementation,

evaluation and adjustments to environment and programs and this should be flexible
and practical. There are 8 essential steps to implement such planning; identifying the
vision and the mission of the organization, environmental analysis most commonly
used is SWOT analysis; gap analysis; benchmarking to compare from the industry’s
best; addressing strategic issues to attain mission and vision; strategic programming;
responding to emergent strategies; periodic evaluation of strategy; and strategic
planning process review. These are necessary to attain quality strategic planning
alongside strategic management that is indeed important as it is broader compared
to strategic planning; a collection of ongoing activities of strategic analysis, strategy
creation, implementation and monitoring. It focuses on the issues of creating and
sustaining competitive advantage (Bowman et al., 2002). It is a process and a path
guiding actions all over the organization (Dess et al., 2007). There are a lot of
benefits strategic management has to offer such as enhancing communication
through either dialogue or participation, deeper or improved communication and
greater commitment resulting to all managers and employees contribute towards
firm’s success.