Strategic management is nonetheless one of the most indispensable areas for business entities. Devising, implementing, and executing a company's strategy have become top priority managerial tasks in any business organization. Thomson (2002) stated two reasons why strategic management this is so.
Lack of a specific strategy is a "surefire ticket for organizational drift, competitive mediocrity, internal wheel-spinning, and lackluster results (Thomson 2002)."
Second, Thomson argues that business entities need to devise and implement strategies, as the efforts of all the functional areas in the company should be molded into a "coordinated, compatible whole." A comprehensive strategy takes all the business units into account making each action mutually supportive. Without a well-laid out strategic plan, there will be no basis for uniting the efforts of all the functional areas, no clear direction on the business decisions and plans that the business takes, and no conscious business model for profit generation.
Strategic management is therefore one of the most crucial areas in management. Coming up with a specific strategy, which will be the basis of company's actions, processes and decisions is a must. A well-crafted strategy is indispensable to the company's long-term success. It is therefore important that a business entity comes up with a unique strategy tailored for the achievement of its goals and objectives. ...