A balanced scored is later on used to further evaluate the overall business performance and its progress towards attainment of objectives.
Strategic management is a stage of managerial activity in which goal settings and tactics are set out. Strategic management provides a sense of direction to the organization and is in close proximity with the organization studies. In the domain of business administration, it is important to talk about strategic alignment as a link between an organization and its environment. As said by Adieu in 2007 "there is strategic consistency when the actions of an organization are consistent with the expectations of management, and these in turn are with the market and the context." (L)
Strategic management involves not just the management team of an organization but also the Directorial Board and various other stake holders related to the organization. It also depends on the organizational structure of the organization. Strategic management is a process in its own right. It helps evaluate and control those industries associated with the business, which have already engaged with the company. It also helps ass’s competitors, sets goals and strategies, to counter all competitors and later on reassess every strategy chalked down annually or quarterly. It evaluates the overall impact of the strategy, whether it achieved desired objectives or should it be replaced due to changing trends and paradigms, in the wake of new economic, social, financial or political environment. (Simpson)
1. Situation Analysis: In a situation analysis, various types of analysis take place. Self evaluation as well as competitor analysis. They include both external and internal analysis. Macro and Micro environment factors are also set up.
2. Objective setting: Once a situation analysis has been completed, objectives are set. These objectives should run parallel to a time line. Some objectives are set for achieving short term goals and some for long