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Strategic Management in Steel Industry - Essay Example
Author : fabernathy
Pages 8 (2008 words)
It is extremely important to state what strategic management is all about because this basic understanding provides the breeding ground for the further explanations in this paper. Strategic management could be defined as the central processing unit of a firm because it takes into account all the decisions taken at each and every level and also generates its own decisions; the strategic management framework also provides policies to implement these decisions and also a framework to evaluate these decisions so that they can be bettered off…
Since strategic management influences each and every department of the company it therefore takes each and every department into consideration while developing the hard core organizational goals and policies. Thus from this we can gather that strategic management is basically used to give a sense of direction to the organization, it provides each and every department the goals that it needs to achieve and a policy to work towards these goals, such is the importance of strategic management for an organization and hence this is handled directly by the board of directors or the CEO and rightly so.
Many a companies have failed to make it right to the top because they have placed lesser emphasis on strategic management and they have also over looked the fact, most conveniently, that for different situations there needs to be different strategy altogether and since each and every firm is different, much like individuals, the difference in cost structures and other factors should be taken in to consideration while developing a strategy. ...