ISSN: 2044-9038 (Print) 2044-9046 (Electronic)

Clinical Practice

International-strategic-management-journals

Strategic management is the strategic use of a business's resources to reach company goals and objectives. Strategic management requires reflection on the processes and procedures within the organization as well as external factors that may impact how the company functions. The process of strategic management should guide top-level actions and decisions. Companies of all sizes and in all industries can benefit from the practice of strategic management. Strategic management includes setting objectives for the company, analyzing the actions of competitors, reviewing the organization's internal structure, evaluating current strategies and confirming that strategies are implemented company-wide. Strategic management is the sum of strategic planning and strategic thinking. Strategic planning is the identification of achievable goals. Strategic thinking is the ability to identify the needs of the organization to achieve the goals identified through strategic planning. Strategic management can be either prescriptive or descriptive. Prescriptive strategic management means developing strategies in advance of an organizational issue. Descriptive strategic management means putting strategies into practice when needed. Both methods of strategic management employ management theory and practices. While upper management is responsible for implementing strategies, ideas, goals or organizational challenges can come from any member of the company. Many companies employ strategists whose jobs it is to think and plan strategically to improve company function.    

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