Aspects of Strategic Management Essay Example | Topics and Well Written Essays - 500 words

Aspects of Strategic Management - Essay Example Therefore, a business venture is exposed to a number of factors that act as the judiciary in determining the direction that the business takes. In order to bring together all work processes and to develop a more etched direction that the business could take, by evolving plans and implementing them with foresight, strategies ate laid down and executed. The overall processes, inclusive of policies and programmes, ideas and plans, and the like together constitute Strategic Management. Strategic Management is extremely crucial for business ventures, since it helps prevent wayward movement and direction that the company takes, owing to internal and external factors. Firstly, strategic management helps companies come up with mission statements and policies. It helps company gain direction and momentum, while helping negate the impact of external and internal environments that have a huge impact on the business. Secondly, strategic management helps in management of resources. When a company has a set of resources, it cannot go overboard and get into insolvency, nor should it ideally under-utilise the available resources.