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Strategic Management and why it is Critical to the Success of an Organization in Meeting Its Goals and Mission: PAC Resources, Inc.
According to Alkhafaji & Nelson (2013), strategic management involves formulating and implementing administrative initiatives within an organization based on the analysis of the resources available to the organization. Resource analysis is combined with an assessment of the internal and external environments that the organization faces in a bid to formulate sound managerial interventions to solve existing problems and guide the organization to its goals and mission. Strategic management encompasses systematic analysis of both internal and external factors that enables the management of an organization to maintain optimum management practices that can guide the organization towards achieving its goals and mission (Leonard & Trusty, 2015). Strategic management is critical to the success of an organization because it allows management to align corporate policies with the organization’s strategic priorities (Alkhafaji & Nelson, 2013)....
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