What Does 'Strategic Management' Mean?

Category: Glossary, Type: Other

The Meaing of Strategic Management

Strategic Management is a tool that unites skillful administration, which uses particular methods to accomplish an objective.

Strategic Management can be defined as a set of actions that make the processes of a business more optimized and organized in order to acquire more autonomy and generate measurable results.

Is it the same thing as a Strategic Plan?
It may look like it, but it isn't. The strategic plan is one of steps for Strategic Management to work efficiently.

In Strategic Management, it is where ideas and objectives are organized for organization to grow sustainably. For example: enhance customer service, reduce waiting time, increase profit margin, between another goals. Generally, setting these objectives is the responsibility of managers and leaders.

The Strategic Plan occurs to consolidate of strategic management. It is the moment in which a safe and well-structured route is drawn up to accomplish the goals of strategic management.

It is time to obtain down to business. For example: investing in technology to enhance customer service, creating a scripted operation to reduce waiting times, innovating in marketing sector to accomplish more great profit margins on a specific product/service, etc.

It is worth remembering that both the strategic plan and strategic management need to be in perfect synergy and complement each other. Without these two parts of process, it is not possible to accomplish the defined goals.

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Category: Glossary, Type: Other