The Importance of Strategic Management

Essay from the year 2019 in the subject Business economics - Business Management, Corporate Governance, grade: 1,3, , language: English, abstract: Strategy is a plan or a process of getting a company’s objectives achieved in future. This process is planned mostly for a medium- until long-term period of approximately five to ten years. Thompson, Strickland and Gamble (2007) identify that Strategic Management require an environmental scanning to implement, monitor, evaluate and review a strategy to ensure the most efficient performance and highest output.As Adrian Lewis (2015) justifies the three levels of re-engagement will increase the efficiency of employees and their motivation to work. A strategic management process determines the capability and weakness of employees and ensures them to improve. Through this method employees become more alert of their own performance and do want to improve it, especially with a financial incentive. Furthermore, a business strategy will prevent overlapping work due to better cooperation with employees. The company could e.g. offer trainings for their workers during work. Because a satisfied workforce is valuable and can lead you to success