MG 495 Unit 1 Discussion

MG 495 Discussion Week 1 1. Why has strategic management become so important to today's corporations? According to the textbook, strategic management is a set of managerial decisions and actions that help determine the long-term performance of an organization (Wheelan, Hunger, Hoffman, & Bamford, 2010, p. 4). It has become important to today’s corporations because there is a need to focus on long-term high performance, specifically the ability to sustain high performance over a long period. Strategic management is also important to ensure the corporations can operate in not only existing markets but, changing markets. According to an article from the C “strategic management entails evaluating business goals, objectives and plans in light of your company focus on effectiveness and efficiency (Bradley, n.d.). A corporations wants to be successful, and to achieve this there should be a focus on a clear strategic vision, a sharp focus on strategic importance, and a clear understanding of the changing environment. Additionally, strategic management is important to help a business focus and exploit on its core competencies or what it does best, and then capitalize on it. Th