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Strategic management used to play a different role in more predictable times after the Second Word War. Strategic plans of the past usually range 3 to 5 years. Some companies could even have plans for 10 good years. That's not possible today given rapid evolution of our society.

What still matters in strategic management lies in the value of planning ahead. There's an old saying that if you fail to plan, you are planning to fail. By acting on this, strategic management actually gives the organisation direction, a sense of identity and unity towards what the business goal. Therein lies the continued importance of strategic management towards business success.

Every business has a vision and a mission. Strategic managemet takes into consideration both of these. Strategic management helps in achieving the organizational goals in an effective and efficient manner.

Improved strategic management processes may also facilitate the development of the more complex management structural that are needed as firms grow. It also helps firms to articulate,communicate and monitor the implementation of strategy using a system interlinked with the longterm vision of the corporations.

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13y ago
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11y ago

The ultimate importance of strategic management is to lessen red tape and reduce bureaucratic overload so as to streamline management practice and create a larger potential for profit and dividends thus improving the bottom line.

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14y ago

One of the most significant reasons is that it can make a difference in how well an organizations performs. The most basic questions about strategy look at why firms succeed or fail, and why, when faced with the same environmental conditions,their performance levels vary. The organizations that use strategic management do have higher levels of performance,and that makes it pretty important for managers.

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9y ago

Strategic management helps firms compete within the industry of choice. From the overall strategy developed, organizations can develop objectives that are actionable.

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11y ago

experience and vision connot guarranty success in business.

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Q: Importance of strategic management in business?
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