Strategic management and its application in modern organizations

Abstract

The aim of this study is to contribute to the existing research in the field of strategic management. The main responsibility of managers in the modern industrial world is to achieve the objectives of the organizations and make the organizations successful. Accomplishing objectives needs regular planning and continuous improvement of the plans. It also requires knowledge about the internal and external environment of organizations. Strategic management provides the managers with efficient solutions to solve the problems of the organizations through dynamic, provident, holistic, and contingent principles. Strategic management also makes the managers able to develop better strategies for the survival of the organizations through taking advantage of more regular and logical methods. Therefore, this article is an attempt to study different aspects of strategic management through reviewing the related literature and the researchers’ point of view. In addition, this paper tries to consider the importance of implementing strategic management in organizations to accomplish future objectives.