The Nature Of Strategic Management

Dessy Boegiyati; Yunita Tri Wulandari; Mukhammad Saam Nabil Fairoby

doi:10.55757/cashless.v3i2.1157

Authors

Dessy Boegiyati Universitas Nahdlatul Ulama Pasuruan
Yunita Tri Wulandari Universitas Nahdlatul Ulama Pasuruan
Mukhammad Saam Nabil Fairoby Universitas Islam Negeri Maulana Malik Ibrahim

DOI:

https://doi.org/10.55757/cashless.v3i2.1157

Keywords:

Competitive Advantage, Long-term Planning, Organizational Performance, Strategic Management, Strategy Formulation, Strategy Implementation

Abstract

Strategic management is a systematic and structured process that enables organizations to formulate, implement, and evaluate strategies to achieve long-term objectives in a dynamic business environment. This literature review examines the nature of strategic management, including its definition, key characteristics, implementation stages, and importance for organizational success. The study employs a qualitative approach through comprehensive literature analysis from academic sources, journals, and case studies. Findings indicate that strategic management comprises three main stages: strategy formulation, strategy implementation, and strategy evaluation and control. Key characteristics include long-term focus, holistic approach, dynamic adaptability, and competitive advantage orientation. The research demonstrates that strategic management is crucial for organizations to achieve competitive advantage, adapt to environmental changes, optimize resource allocation, enhance organizational coordination, improve financial performance, manage risks, and foster innovation and sustainable growth. Organizations implementing strategic management consistently show better financial performance than those without systematic strategic planning. These insights highlight strategic management as an essential investment for organizational success and sustainability in today's competitive business landscape.

Author Biographies

Yunita Tri Wulandari , Universitas Nahdlatul Ulama Pasuruan

Yunita is a student majoring in Islamic Banking in the 8th semester.

Mukhammad Saam Nabil Fairoby, Universitas Islam Negeri Maulana Malik Ibrahim

Nabil is a student in the 8th semester.

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