Strategic Management and its Importance in Today's Corporations

Strategic Management
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Abstract
In their pursue for success, managers have noted that due to certain reasons, some companies grow and flourish with minimal effort while other companies despite their continuous struggle still and up with losses and fail. Reasons for this difference have been studied to comprehend the most valuable managerial actions that separate the two and among them have been found to be strategic management. This paper provides an introduction to strategic management and through an analysis discusses why strategic management is increasingly important in corporations and provide a recommendation that is applicable to the corporations
Table of Contents Title Page ...........................................................1  Abstract…………………...…………………………………………………2 Table of Contents……………………...……………………………….3 Introduction........................................................4 History...............................................................4 Strategy.............................................................5 Corporate Strategy..............................................5 Strategic Management.........................................5 Analysis.............................................................6 Conclusion.........................................................8 Recommendations..............................................8
Introduction
In their pursue for success, managers have noted that due to certain reasons, some companies grow and flourish with minimal effort while other companies despite their continuous struggle still and up with losses and fail. Reasons for this difference have been studied to comprehend the most valuable managerial actions that separate the two and among them have been found to be strategic management (Nedelea & Paun, 2009).
Per Hunger & Wheelen (2011), organizations engaging employing strategic management often outperform those that do not apply. Achieving the right fit between an organization's environment and its strategy, structure, and processes positively affect the performance of that organization (Wheelen & Hunger, 2011). Once a company expands and develops a multilayered management team and a complex environment, it can longer rely on intuition in development of strategy. As the business environment grows in complexity, strategic management is required as a tool to make this complex environment manageable (Wheelen & Hunger, 2011).
History
Strategy in the past was only seen as an aspect for the military since military history is full of stories containing strategy. From the beginning of time leaders who were planning battles, have always designed defensive and offensive moves against their enemies. The word strategy is from the Greek word "strategia" for generalship (Schermerhorn, 2011). However, it was in the 1940s that this notion began changing, and the term strategy h...