Strategic Management is an important subject in distance learning program
In distance learning program, Strategic Management is the process of analyzing internal and external environment of a firm. It is the process of formulation of strategy to run the organization. Whether any department HR, IT, Marketing and sales, Finance or any other has to formulate strategy to earn profit and for easy operation of day to day activities.
Strategies are formulated for day to day, short term and long term activities. It is important to have such a direction to compete in the market. At various times it is important to have a look over international market. There are various hindrances in the market, just to avoid them strategies are to be formulated. Strategies are important in formulation of aim, goal, and objective and also help in achieving them. There are various environment which affect strategic management policy, the political, economic, the social , and technological factors along with these external factors, internal factors also play an important role as employees. There are various models which help in explain strategic management. Not only strategic formulation is important but also strategy planning, implementation, evaluation and control is equally important. There are various questions which has an answer as ‘Who are the valuable customers’? ‘What is the plan of growth of the organization’? etc. Strategic management helps in knowing strength, weakness, opportunity and threat of the organization. So that, the organization can grow at its pace.
This also helps in achieving competitive environment. Strategic management is important in maximizing profit and minimizing loss. There are various authors who have given theories to enhance business. Every business has its core competency and is necessary to keep it as a base for growing in the competitive environment.
There are various companies which are adopting the change from traditional level of strategy to modern strategy according to the change in the market. There is no set strategy or well defined strategy.
So the current growing companies require managers who can formulate, implement, evaluate and control the strategies of the organization. That is the reason strategic management is one of the important subject in distance learning program.
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