The Nature of Strategic Management

Bismillah .. In the name of Allah , The Most Gracious , Most Merciful ..

Last week , I attended my second lecture of strategic management . We learned about the nature of strategic management . The topic is quite interesting as if we want to know about the the whole thing , it is important for us to know and understand about the nature of the thing . From the lecture , I know that the natures of strategic management involved formulating , implementing and evaluating . In the process of formulating , we set our vision , mission , objective and many other principles including the SWOT analysis . Besides , in the implementing process , we establish annual objective , devising policies , motivating employees an many more . These process are also called the action stage . Evaluation process involves the reviewing of the internal and external factors . We also learned about the terms 'intuition' in this chapter . Intuition is just like instinct and it is very important in making a decisions . The benefits that we get form strategic planning are we'll be able to enhance communication , improve understanding an build a greater commitment . There are many reasons why some firms failed in strategic planning : lack of knowledge , poor reward structure , firefighting , self-interest , waste of time , too expensive and many more .