Sujan Chaudhary

Sujan Chaudhary holds a BBA degree. He loves to share his business knowledge with the rest of the world.

13 Reasons Why Strategic Management is Important in the Workplace!

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importance of strategic management

Importance of Strategic Management Why Strategic Management is Important? Strategic management has become a crucial success factor for the organization. Composing an effective strategy and implementing it appropriately and adapting rightly to uncertainties is possible through strategic management. Setting and implementing righty the strategies – strategic management helps to act in the dynamic business environment, … Read more

Formality in Strategic Management – Meaning & Modes of Formality

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Formality in Strategic Management Formality in strategic management can be defined as the degree to which low-level employees have participated in important decision-making, and have been given balanced responsibility & authority to complete duties. It is a means to make the organization formal. The more an organization does such things the more the organization becomes formal and … Read more

12 Features/ Characteristics of Strategic Management

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characteristics of strategic management

Characteristics of Strategic Management Strategic management is a set of decisions and actions used to formulate and execute strategies that will provide a superior fit between the organization and its environment and help to achieve organizational goals. The main features or characteristics of strategic management are mentioned below: Facilitates Strategy Implementation One of the main … Read more

Strategic Management – Definition, Features, Process, Factors, and FAQs

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strategic management

Definition of Strategic Management Strategic management is the process of the best use of organizational resources and the implementation of strategies to achieve expected goals and objectives. It is a set of commitments, actions, and decisions that gives almost positive results and sustainable competitive advantage. Strategic management is all about taking decisions and actions regarding … Read more

What is Strategy? Definition, Features, Levels, & Need in the Workplace

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definition of strategy

Definition of Strategy Strategy is the means to achieve long-term goals and objectives that best utilize resources and aim at a sustainable competitive advantage. It is a long-term or potential action plan that includes top management decisions and a significant amount of organizational resources. A strategy gives a clear direction to the organization on how … Read more

Strategic Group Mapping – Definition, Benefits, Process, & Examples

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Strategic Group Mapping

What is Strategic Group Mapping? Strategic group mapping can be defined as the analysis of firms’ competitive positions in a particular industry, or, in other words, the analysis of firms’ competitive positions within strategic groups. A strategic group can be defined as a group of firms in an industry that follows the same or similar strategy for … Read more

6 Major Methods of Internal Environment Analysis in Business

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methods of internal analysis

Methods of Internal Analysis Internal analysis or internal environment analysis is an attempt to the identification of organizational capabilities which can be done through various methods or techniques. Internal analysis is an important tool to understand the internal activities of an organization. It gives information about how its strategies are working, its resource base, relative strengths & … Read more

What is Internal Environment Analysis? Definition, Process, Tools, & Importance

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internal environment analysis

Definition of Internal Environment Analysis Internal environment analysis, or internal analysis, is the process of assessing an organization’s internal resources and capabilities to determine its strengths and weaknesses. Organizational internal factors such as goals, policies, resources, structure, culture, etc. are the source of strengths and weaknesses in different functional units such as HR, marketing, finance, … Read more