Strategic management is a key area of work for leaders and managers. They focus on it as a large part of their roles in the organizations that they work for. There are many good strategic management courses in India which are very comprehensive in their coverage of what it entails and the kind of skills it needs. In terms of reference strategic management is a very broad area. There are sub-areas within it, which are functions that need to be carried out.
Functions of strategic management
- Development of company strategy and vision – It involves defining the vision and mission of the organization, which in essence means the purpose of its existence. It also involves the development of the company’s strategy in order to chart out its future growth pattern based on some specific actions. Strategic management identifies what those actions will be and then shares those with the teams that implement.
- Identification of products and markets – Growth for an organization means constant innovation to maintain its competitive edge as well as market share. One of the functions of strategic management is to identify the new products and new geographies that the organization needs to explore. It also means the evaluation of the viability of existing product, service and market, and assessment of whether to continue or not.
- Focus on Company’s brand positioning – The company has a brand value and position that people identify it by. Strategic management means upholding, sustaining and reinforcing this brand positioning. This is done by ensuring that the strategy is aligned to the brand, as well as all the internal and external actions.
- Alignment across businesses or departments – Strategic management ensures that no business segment or department in the organization is working in silos. When planning takes place, the views of all departments and businesses are considered. The final decisions are shared and discussed to ensure that there is an alignment of organizational purpose and goals. This is the role of strategic management.
- Planning and Course Correction – Strategic management is all about planning for the business. This planning is similar to a SWOT analysis which identifies the new opportunities and threats to existing business as well. It also means that one of the functions is to course correct the business performance in case it is not following the right growth rate.
These are some key responsibilities that the strategic management function in any organization performs. There are many others as well such as financial planning, budgeting, talent pipeline review, leadership team performance and so on. Learn about all this an more by enrolling into an online course in Strategic Management and boost your career progression.