Strategic Management Process

Strategic Management and Its Importance on Organization Processes and Procedures

Submitted By : Atta Ur Rehman FA15-BAF-004

Sheran Hamid FA15-BAF-012 Ahsen Nawaz FA15-BAF-016 Aftab Raza FA15-BAF-028

Zahid Baig FA15-BAF-050

Submitted to: Sir Usman Sheikh

Comsats Institute of Information and Technology

Purpose

The objective of the study is primarily to find out strategic management and its importance on organization process and procedure. The study covers various aspects of strategic management.

The main purpose of this study is to find out the best strategy for the organization and how it effects the process and procedure. The organizations can take the provided information in the study to use

This differs to the human resource-based theory, which focuses on the importance of the human element in the strategy development of organizations. In addition, the agency theory stresses the underlying important relationship between the shareholders or owners and the agents or managers in ensuring the success of the organizations.

Some organizations do not prefer Strategic management and there are several reasons for it, looking into the factors it includes

1) Poor rewards: When an organization receives success, it fails to reward success properly. When failure occurs, then the firm punish, this is not the right way.

2) Time Wasting: Some organization members see planning as a waste of time because no marketable product is produced. Time spent on planning can be considered as an investment.

3) Expensive: Some organizations see planning as too expensive in time and money.

4) Lazy: People may not want to put forth the effort needed to formulate a

Organizations should continually monitor internal and external events and trends so that timely changes can be made as needed. The rate and magnitude of changes that affect organizations are increasing dramatically as evidenced how the global economic recession has caught so many firms by surprise. Firms, like organisms, must be “adept at adapting” or they will not survive. And it highly important for an organization to have an effective strategic management technique.

Conclusion From the following research conducted it has been found that Strategic management is the backbone of an organization. The Top management knows best what’s good for the organization and to face the dynamic changes occurring in the business world. Organization which needs to lead needs an effective strategic management style. It might be possible that strategic management won’t be that much effective for some cases, you need to use it right. But most of the companies which are leading mainly are focusing on strategic