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Strategic management is the analyzing of factors that are associated with the external environment and those associated with the internal environment of a business or organization. The external environment of the business inculcates the customers and competitors in the market while the internal environment is the manner in which the organization maintains itself. This analysis is done in a bid to maintain some management practices that are best for the organization with an aim of helping the organization come up with good implementation of both strategic and corporate policies.
There are many concerns of strategic management that needs to be addressed if at all the organization is to thrive. These are especially aspects that affect businesses on a global platform. There is a very great advocacy for globalization in business because it has become clear that some problems will only be solved through a global partnership. Strategic management is also concerned with technological advances at any given time. This is because the technology makes life simpler and better and businesses become much more efficient. Thus, businesses have to adopt technology so as to succeed. Businesses have also to consider environmental protection, and strategic management is concerned with drawing policies that are geared towards this end. It is a government policy of many governments that the environment has to be protected, and businesses have to plan for how this will be achieved this is a work of strategic management.
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