Question & Answer: Discuss and provide your opinion and why it is important to understand the importance of strategic…

Expert Answer

trategic issues refer to issues that affect a company’s strategy either in short term or long term. These can be categorized into two domains, as follows:

1. Internal issue due to internal environment
2. External issues due to external environment

Internal environment: An organization’s internal environment is compiled of the elements under the organization, including current workers, corporate culture, and management, which determines employee behavior.

External environment: The external environment of an organization is those elements outside the firm that affect the company’s ability to operate.

Strategic management helps in understanding this issue and create strategy to mitigate them or reduce their effects. This helps an organization to survive and drive out the organizational success.