1 Understanding Strategic Management Strategic management is “a set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s [organization’s] objectives” (Nandain 2006 pg 3). The background of an organization, what the organization is, and why it exists is important in understanding how the organization can apply effective management strategies in different contexts (Cooke 2001, pg 323). Strategic management is important in understanding formulation and implementation of strategies that are to be followed by the organization. The company can design models that factor in a number of stages that establish how strategies are selected and implemented with the objective of realizing the organization’s long term success. Most companies face the problems which are linked to the constantly changing environment in which they operate and the company’s failure to accommodate these changes. In most companies the environment change include; changing workforce, technological advancements, increased competition, and changing market and economic conditions. This has led to the conclusion that the determining factor of a company’s future success is not dependent on the current success but rather on the approaches the company takes on strategic management.
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