1.2.2 Why should I employ Strategic Management in my Company?

When you think about formulating a strategy, there are many things you have to take into account. The environment is changing all the time, so you have to reflect, if your company is able to cope with such environmental changes. As a result of such changes, your organisational strengths may change over time. Hence you should consider whether a current strength will continue to be a strength in different circumstances. Furthermore you have to consider your company stakeholders, as they always have their own goals in mind. Knowing these goals will help you understand their behavioural patterns and their impact with regards to present and future conditions. Taking these factors into account will help you to develop your own business strategy and this is where you have to employ your strategic management skills. Strategic management is a structured method to develop, execute and evaluate your strategy.