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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
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    References listed on IDEAS

    as
    1. 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.
    2. 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.
    3. Ghemawat, Pankaj, 2002. "Competition and Business Strategy in Historical Perspective," Business History Review, Cambridge University Press, vol. 76(1), pages 37-74, April.
    Full references (including those not matched with items on IDEAS)

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    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

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