Strategic management is the ongoing planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its goals and objectives. Changes in business environments will require organizations to constantly assess their strategies for success. The strategic management process helps organizations take stock of their present situation, chalk out strategies, deploy them and analyze the effectiveness of the implemented
management strategies. Strategic management applies both to on-premise and mobile platforms.
Strategic management is generally thought to have financial and non-financial benefits. A strategic management process helps an organization and its leadership to think about and plan for its future existence, fulfilling a chief responsibility of a board of directors. Strategic management sets a direction for the organization and its employees. Unlike once-and-done strategic plans, effective strategic management continuously plans, monitors, and tests an
organization’s activities, resulting in greater operational efficiency, market share, and profitability.
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