IDEAS home Printed from https://ideas.repec.org/a/neo/journl/v16y2019i2p58-65.html
   My bibliography  Save this article

Role, Importance And Benefits Of Strategic Management

Author

Listed:
  • ELIZABETA STAMEVSKA

    (European University, Skopje, Faculty of Economics)

  • SAVICA DIMITRIESKA

    (European University, Skopje, Faculty of Economics)

  • ALEKSANDRA STANKOVSKA

    (European University, Skopje, Faculty of Economics)

Abstract

Strategic management and the role it plays in the accomplishments of firms has been a subject of thorough research and study for an extensive period of time now. That is a broad term that includes innovative thinking, a strategic planning process and operational strategising. Strategic management in an organization ensures that goals are set, primary issues are outlined, time and resources are pivoted, functioning is consolidated, internal environment is set towards achieving the objectives, consequences and results are concurred upon, and the organization remains flexible towards any external changes. Apart from faster and effective decision making, pursuing opportunities and directing work, strategic management assists with cutting back costs, employee motivation and gratification, counteracting threats or better, converting these threats into opportunities, predicting probable market trends, and improving overall performance. Strategic management is all about specifying organization’s vision, mission and objectives, environment scanning, crafting strategies, evaluation and control.

Suggested Citation

  • Elizabeta Stamevska & Savica Dimitrieska & Aleksandra Stankovska, 2019. "Role, Importance And Benefits Of Strategic Management," Economics and Management, Faculty of Economics, SOUTH-WEST UNIVERSITY "NEOFIT RILSKI", BLAGOEVGRAD, vol. 16(2), pages 58-65.
    • Handle: RePEc:neo:journl:v:16:y:2019:i:2:p:58-65
    as

    Download full text from publisher

    File URL: http://em.swu.bg/images/SpisanieIkonomikaupload/Spisanieikonomika2019/ROLE%20IMPORTANCE%20AND%20BENEFITS%20OF%20STRATEGIC.pdf
    Download Restriction: no
    File URL:
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Ghemawat, Pankaj, 2002. "Competition and Business Strategy in Historical Perspective," Business History Review, Cambridge University Press, vol. 76(1), pages 37-74, April.
    2. Rajiv Nag & Donald C. Hambrick & Ming‐Jer Chen, 2007. "What is strategic management, really? Inductive derivation of a consensus definition of the field," Strategic Management Journal, Wiley Blackwell, vol. 28(9), pages 935-955, September.
    3. Leonardo A. A. Terra & João L. Passador, 2016. "Symbiotic Dynamic: The Strategic Problem from the Perspective of Complexity," Systems Research and Behavioral Science, Wiley Blackwell, vol. 33(2), pages 235-248, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Chao-Chien Chen & Hsiu-Ping Yueh & Chaoyun Liang, 2016. "Strategic Management of Agribusiness: Determinants and Trends," Journal of Entrepreneurship, Management and Innovation, Fundacja Upowszechniająca Wiedzę i Naukę "Cognitione", vol. 12(4), pages 69-97.
    2. Vasko Stamevski & Elizabeta Stamevska & Aleksandra Stankovska, 2018. "Some Aspects Of Strategic Management," Economics and Management, Faculty of Economics, SOUTH-WEST UNIVERSITY "NEOFIT RILSKI", BLAGOEVGRAD, vol. 14(2), pages 129-133.
    3. Mai, Nhat Chi, 2022. "Strategic Management," OSF Preprints vauxf, Center for Open Science.
    4. André de Waal, 2011. "Strategy Only Matters A Bit: The role of Strategy in the High Performance Organization," Working Papers 2011/02, Maastricht School of Management.
    5. Jitendar Kumar Khatri & Bhimaraya Metri, 2016. "SWOT-AHP Approach for Sustainable Manufacturing Strategy Selection: A Case of Indian SME," Global Business Review, International Management Institute, vol. 17(5), pages 1211-1226, October.
    6. Blanc, Antoine & Huault, Isabelle, 2014. "Against the digital revolution? Institutional maintenance and artefacts within the French recorded music industry," Technological Forecasting and Social Change, Elsevier, vol. 83(C), pages 10-23.
    7. Julian D. Cortes & Diego Tellez & Jesus Godoy, 2021. "Mission Statement Effect on Research and Innovation Performance," Papers 2104.07476, arXiv.org.
    8. Juan Alcácer & Wilbur Chung & Ashton Hawk & Gonçalo Pacheco-de-Almeida, 2018. "Applying Random Coefficient Models to Strategy Research: Identifying and Exploring Firm Heterogeneous Effects," Strategy Science, INFORMS, vol. 3(3), pages 533-553, September.
    9. Qomaruddin Muhammad & Pratiwi Ratih Nur & Sarwono Sarwono, 2017. "Strategic on Management Scientific Publication of Student Journal in Higher Education (a Case Study)," HOLISTICA – Journal of Business and Public Administration, Sciendo, vol. 8(3), pages 41-54, December.
    10. Frank Germann & Gary L. Lilien & Christine Moorman & Lars Fiedler & Till Groβmaβ, 2020. "Driving Customer Analytics From the Top," Customer Needs and Solutions, Springer;Institute for Sustainable Innovation and Growth (iSIG), vol. 7(3), pages 43-61, October.
    11. Block, Sidney T. & Friebel, Guido & Heinz, Matthias & Zubanov, Nick, 2022. "Mystery Shopping as a Strategic Management Practice in Multi-Site Firms," IZA Discussion Papers 15599, Institute of Labor Economics (IZA).
    12. Ilkka Sillanpää & Sebastian Sillanpää, 2014. "Supply Chain Strategy: Empirical Case Study in Europe and Asia," Management, University of Primorska, Faculty of Management Koper, vol. 9(2), pages 95-115.
    13. Marcos Abilio Bosquetti & Gabriela Gonçalves Silveira Fiates & Jess Ponting, 2017. "Strategic Management at Mormaii - the Brazilian Surf Industry Leader," Brazilian Business Review, Fucape Business School, vol. 14(Special I), pages 110-129, January.
    14. Wenzel, Matthias & Will, Matthias Georg, 2019. "The communicative constitution of academic fields in the digital age: The case of CSR," Technological Forecasting and Social Change, Elsevier, vol. 146(C), pages 517-533.
    15. Patrycja Klimas & Wojciech Czakon, 2022. "Species in the wild: a typology of innovation ecosystems," Review of Managerial Science, Springer, vol. 16(1), pages 249-282, January.
    16. Christoph Keding, 2021. "Understanding the interplay of artificial intelligence and strategic management: four decades of research in review," Management Review Quarterly, Springer, vol. 71(1), pages 91-134, February.
    17. João José M. Ferreira & Cristina I. Fernandes & Vanessa Ratten, 2016. "A co-citation bibliometric analysis of strategic management research," Scientometrics, Springer;Akadémiai Kiadó, vol. 109(1), pages 1-32, October.
    18. R. Arzu Kalemci & Ipek Kalemci Tuzun, 2019. "Understanding Protestant and Islamic Work Ethic Studies: A Content Analysis of Articles," Journal of Business Ethics, Springer, vol. 158(4), pages 999-1008, September.
    19. Joshua K Ault & Aloysius Newenham-Kahindi & Sanjay Patnaik, 2021. "Trevino and Doh’s discourse-based view: Do we need a new theory of internationalization?," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(7), pages 1394-1406, September.
    20. Irac, D., 2006. "Revisiting the proximity-concentration trade-off: Distance and Horizontal Foreign Direct Investment in OECD countries," Working papers 153, Banque de France.

    More about this item

    Keywords

    strategic management; strategic planning; strategies; decision making; companies.;
    All these keywords.

    JEL classification:

    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General
    • M11 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Production Management

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:neo:journl:v:16:y:2019:i:2:p:58-65. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Vladislav Krastev (email available below). General contact details of provider: https://edirc.repec.org/data/feswubg.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.