What is strategic management and its application?

 Strategic management is an important field of study for managers and upcoming entrepreneurs. Every organisation now employ the services of a strategic manager in order the survival the alarming competition in the global market. For your business to survive in this world, there is a need for strategic thinking. Strategic management in terms of the product to engage, the location of the business, all this needs strategic.

  One of the ways of managing your business is getting a grasp of the portal five forces which explained the five forces that are connected to your company profitability and liquidity ratio. A plan carried for a time exceed 5 years or more is a strategic plan. Strategic planning isn't about selling the product.  It's all about reforming existing products to an acceptable standard, revolutionizing the existing system in order to acquire great market shares. All business managers and entrepreneurs must be able to manage their business activities as strategic planning elongates the life span of the business. Although strategic planning is different from strafing management. Strategic planning is a subset of strategic management.

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