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Why Has Strategic Management Become So Important To Today'S Corporations?

Answer

Strategic management has become so important to today's corporations because it affects the long term performance of organizations. Strategic management includes the devising of strategies based on the internal and external environment of the corporation. It also includes the implementation of those strategies followed by evaluation and control. There are four phases to strategic management which include financial planning and planning for the future as well as planning based on the external environment. Together, all the planning results in the strategic management of the corporation.
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Strategic management is an ongoing process of formulating strategies for the organization that bring profit to the organization and create harmony between organization and its environment
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