Why has strategic management become so important to today’s corporations? 1 pt

According to Durmaz and Derya 2016, strategy is can simply be defined as the long-term planning, thus strategic management is the planning of organizational tools with the future in mind. Strategic management has become important to corporations due to a number of reasons. The major one being it is strategic management that helps the organizations to keep a competitive edge over the rivals. Strategic management is able to align the goals and objectives of an organization with implementable strategies to achieve such objectives.  Conversely, strategic management has been critical in assisting corporations to expand their market share, by gaining more customer base, consumer loyalty, thus increased revenue.

References

Durmaz Y. and Derya D. Z (2016). Importance of Strategic Management in Business. [Online]. Expert Journal of Business and Management 4(1) pp. 38-45 Retrieved on October 10, 2018 from http://business.expertjournals.com/23446781-405/