Strategic management involves developing an organization's strategies through planning, organizing, leading, and controlling. It is important because it can impact an organization's performance. The strategic management process has six steps: identifying opportunities and issues, analyzing the external and internal environment, formulating strategies, implementing strategies, and evaluating results. There are three types of corporate strategies: growth, stability, and renewal strategies. Current strategic management issues managers face include strategic leadership, flexibility, and strategies for today's environment.

1. Strategic Management
๏ Define strategic management and explain why it’s important
๏ Explain what managers do during the six steps of the strategic management process
๏ Describe the three types of corporate strategies
๏ Discuss current strategic management issues.

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Get To Know About Strategic Management
Strategic management is what managers do to develop the
organization’s strategies. It’s an important task involving all the basic
management functions—planning, organizing, leading, and controlling.

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Why is Strategic Management Important?
Why is strategic management so important? The most significant one
that answer why strategic management become extremely essential is
that it can make a difference in how well an organization performs.

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The Strategic Management Process
The strategic management process is a six-step process that encom-passes strategy
planning, implementation, and evaluation. This is a complex process that also
covers formulating the organization’s overall visions for present and future
objectives.
1. Identifying
2. External Analysis
3. Internal Analysis
4. Formulating Strategies
5. Implementing Strategies
6. Evaluating Results

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Three types of corporate strategies
A corporate strategy is one that determines what businesses a company is in or
wants to be in, and what it wants to do with those businesses. It’s based on the
mission and goals of the organization and the roles that each business unit of the
organization will play.
1. A growth strategy
2. A stability strategy
3. Renewal strategies

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Current strategic management issues
Managers face three current strategic management issues: strategic
leadership, strategic flexibility, and important types of strategies for
today’s environment.

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Conclusion :
Strategic management is an important part for company because it can
determine the sustainability of a company in the future. One example
of a strategy for a newspaper company, namely New York Times, is that
they have changed from previously creating products for paper, which
have now changed to digital and are easier to acces by the wider
community. In short, companies must be prepared for change and
devise tactics to adapt to it.