ROLE, IMPORTANCE AND BENEFITS OF STRATEGIC MANAGEMENT

Elizabeta Stamevska (), Savica Dimitrieska () and Aleksandra Stankovska ()
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Elizabeta Stamevska: European University, Skopje, Faculty of Economics
Savica Dimitrieska: European University, Skopje, Faculty of Economics
Aleksandra Stankovska: European University, Skopje, Faculty of Economics

Economics and Management, 2019, vol. 16, issue 2, 58-65

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.

Keywords: strategic management; strategic planning; strategies; decision making; companies. (search for similar items in EconPapers)
JEL-codes: M10 M11 (search for similar items in EconPapers)
Date: 2019
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