Tasks or Functions of Strategic Management
Strategic management performs the following five managerial tasks:
(1) Developing a strategic vision and business mission: A well-conceived strategic vision prepares a company for the future. It also establishes long-term direction and indicates the company’s intent to stake out a particular business position.
(2) Setting Objectives: Strategic management converts the strategic vision into specific performance outcomes for the company to achieve.
(3) Crafting a strategy: Strategic management crafts various strategies to achieve the desired outcomes.
(4) Strategy implementation and execution: Strategic management helps execute and implement the chosen strategy efficiently and effectively. The strategy implementation function consists of seeing what it will take to make the strategy work and to reach the targeted performance on schedule.
(5) Evaluating performance and imitating corrective adjustments: Strategic management evaluates performance and initiates corrective adjustments in vision, long-term direction, objectives, strategy, or executing in light of actual experience, changing conditions, new ideas, and new opportunities.