The essay "Strategic Management" describes the strategy actions for satisfying the customers, responding to the constantly changing industry and varying market conditions, or managing each functional piece of business or making the business grow in terms of company size and sales revenues.
The strategy of the business has to answer the following questions: where we are now, where we will be in the future, and how will get there. The five strategic management tasks are: develop strategic vision and mission; setting objectives; crafting the strategy; implementing and executing the strategy; evaluating and correcting.
It is general knowledge that developing the vision and mission of the business is the first step in strategic management tasks. After coming up with the vision and mission, the next step is to set up the company objectives to be accomplished. The objectives could be to have a bigger market share in its specialty product line or service. Another major objective that the company can come up with is to generate bigger sales and lesser costs and expenses for the near and far away future. Another objective is to open up one hundred branches every year around the world.
Another objective is to satisfy customer needs and get new customers. Again, another obvious objective is the enter the territorial waters of the competition and “beat” them in their own game of marketing by offering better products and prompt services. The third task of strategic management is crafting the strategy. This is the how of management.