Strategic Management - Meaning and Important

Question: How will accomplishing these objectives support your success in management? What risks or challenges might a manager encounter if he or she has not mastered these objectives? Explain. Answer: Identifying and describing various strategies that managers perform for better performance of an organization comes under Strategic Management. (MSG, 2014) For every project there is an absolute necessity to set goals and objectives. By accomplishing these objectives one can even ensure the success of the management. This means analyzing what initiatives a business must opt for transforming efforts into workable objectives. Objectives to be mastered by managers are of two types- short term and long term. Short term goals are those which need to be achieved within 6 months to 1 year and long term are those falling beyond a year. (Esmaeli, 2015) A manager who has not mastered these objectives will fall badly. For example - Projects if not completed within time will lead to extra expenditures and resource planning will have to be re sorted. All these may lead to loss on the part of the company delivering the project as well as the client outsourcing the work. Another example of inefficient management is the usual schedules of the company will get disturbed. Suppose, a product is to be launched in a particular festival. Due to poor goal setting the product does not get launched on the date it was supposed to. This signifies the product has lost the expected visibility it was supposed to be fetching if it was launched on the planned date and time. Hence, it is not just a present financial loss, but also a huge potential financial loss as well. Moreover, in competitive markets other products will fill the gap with better objective planning set by efficient managers. ( Anonymous ,2011) References MSG (2014), Strategic Management - Meaning and Important Concepts,Managementstudyguide.com Esmaeilie. N (2015 p.5), Strategic management and its application in modern organizations. Anonymous (2011), The Importance and Value of Organizational Goal Setting