{"id":25618010,"date":"2025-07-21T15:40:31","date_gmt":"2025-07-21T10:10:31","guid":{"rendered":"https:\/\/entri.app\/blog\/?p=25618010"},"modified":"2025-07-21T15:40:31","modified_gmt":"2025-07-21T10:10:31","slug":"what-is-strategic-management","status":"publish","type":"post","link":"https:\/\/entri.app\/blog\/what-is-strategic-management\/","title":{"rendered":"Strategic Management: Definition, Purpose and Example"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d3735770cb2\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d3735770cb2\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/entri.app\/blog\/what-is-strategic-management\/#Introduction\" >Introduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/entri.app\/blog\/what-is-strategic-management\/#Why_Benefits_of_Strategic_Management\" >Why Benefits of Strategic Management<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/entri.app\/blog\/what-is-strategic-management\/#How_Does_Strategic_Management_Work\" >How Does Strategic Management Work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/entri.app\/blog\/what-is-strategic-management\/#Five_Steps_of_Strategic_Management\" >Five Steps of Strategic Management<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/entri.app\/blog\/what-is-strategic-management\/#Example_of_Strategic_Management\" >Example of Strategic Management<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/entri.app\/blog\/what-is-strategic-management\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 dir=\"ltr\" data-pm-slice=\"1 1 []\"><span class=\"ez-toc-section\" id=\"Introduction\"><\/span><strong>Introduction<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"py-1 whitespace-pre-line\" data-v-f2312bad=\"\" data-pid=\"10000\"><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"0\">It\u2019s like trying to run a race, but not being told where the finishing line is. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"1\">Doesn\u2019t that sound like a disaster? <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"2\">The same issue confronts businesses, with no viable blueprint. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"3\">Strategic management can be viewed as a form of GPS for firms; helping them reach their destination while avoiding traffic jams. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"4\">It is not just for the large corporation, \u201cbusiness can used as a tool by any business to win\u201d. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"5\">In this article we define what strategic management is, why it is a game changer, how it works, five strategic management steps and provide you with an example from real life. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"6\">Stay tuned to discover how this is done in order to make this a reality for any company.<\/span><\/p>\n<p class=\"py-1 whitespace-pre-line\" data-v-f2312bad=\"\" data-pid=\"10001\"><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"0\">\u201cSmart choices about business growth are what strategic management is.\u201d <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"1\">I like to think of it as planning a destination, working out how to get there and looking at the map en route. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"2\">From local bakeries to conglomerates, strategic management is what sets the course. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"3\">Let me elaborate on the importance of this and its implications for a company.<\/span><\/p>\n<p style=\"text-align: center;\" data-v-f2312bad=\"\" data-pid=\"10001\"><strong><a href=\"https:\/\/entri.app\/course\/personality-development-course\/?utm_source=personality-development&amp;utm_medium=blog_referral&amp;utm_campaign=cover-letter-dos-and-donts\" target=\"_blank\" rel=\"noopener\">Begin Your Personality Transformation- Enroll Today!<\/a><\/strong><\/p>\n<h2 class=\"py-1 whitespace-pre-line\" data-pid=\"10002\"><span class=\"ez-toc-section\" id=\"Why_Benefits_of_Strategic_Management\"><\/span><strong>Why Benefits of Strategic Management<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"py-1 whitespace-pre-line\" data-v-f2312bad=\"\" data-pid=\"10003\"><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"0\">Visualize a business as a ship navigating stormy seas. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"1\">If there is no plan from the captain, it\u2019s gone. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"2\">Strategic management directs the vessel and provides distinct advantages that make a difference. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"3\">Here\u2019s why you should try:<\/span><\/p>\n<h3 class=\"py-1 whitespace-pre-line\" data-pid=\"10004\"><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-25618015 aligncenter\" src=\"https:\/\/entri.app\/blog\/wp-content\/uploads\/2025\/07\/Why-Benefits-of-Strategic-Management-visual-selection-300x241.webp\" alt=\"Why-Benefits-of-Strategic-Management-visual-selection\" width=\"482\" height=\"387\" srcset=\"https:\/\/entri.app\/blog\/wp-content\/uploads\/2025\/07\/Why-Benefits-of-Strategic-Management-visual-selection-300x241.webp 300w, https:\/\/entri.app\/blog\/wp-content\/uploads\/2025\/07\/Why-Benefits-of-Strategic-Management-visual-selection-768x616.webp 768w, https:\/\/entri.app\/blog\/wp-content\/uploads\/2025\/07\/Why-Benefits-of-Strategic-Management-visual-selection-150x120.webp 150w, https:\/\/entri.app\/blog\/wp-content\/uploads\/2025\/07\/Why-Benefits-of-Strategic-Management-visual-selection-750x601.webp 750w, https:\/\/entri.app\/blog\/wp-content\/uploads\/2025\/07\/Why-Benefits-of-Strategic-Management-visual-selection.webp 928w\" sizes=\"auto, (max-width: 482px) 100vw, 482px\" \/><\/p>\n<h3 class=\"py-1 whitespace-pre-line\" data-pid=\"10004\"><strong>A Clear\u00a0<\/strong><strong>Path Forward<\/strong><\/h3>\n<p class=\"py-1 whitespace-pre-line\" data-v-f2312bad=\"\" data-pid=\"10005\"><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"0\">A business needs a place to go. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"1\">Strategic management articulates a bold vision such as selling 1,000 cupcakes a month or creating a new app. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"2\">It helps keep every one focused, and it does not allow teams to expend energy going off on tangents that lead to no where. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"3\">Less confusion and more progress is provided by a clear path.<\/span><\/p>\n<h3 class=\"py-1 whitespace-pre-line\" data-pid=\"10006\"><strong>Smarter Choices<\/strong><\/h3>\n<p class=\"py-1 whitespace-pre-line\" data-v-f2312bad=\"\" data-pid=\"10007\"><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"0\">Choices determine the destiny of a company. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"1\">Strategic management provides leaders with a set of options from which to choose what looks like the best plays . <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"2\">In other words, should the team invest in advertisements or equipment? <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"3\">A strong strategy connects the decisions to the big objectives eliminating any guesswork. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"4\">It\u2019s like the selection of fine ingredients for a good recipe.<\/span><\/p>\n<h3 class=\"py-1 whitespace-pre-line\" data-pid=\"10000\"><strong>Standing Out from the Crowd<\/strong><\/h3>\n<p class=\"py-1 whitespace-pre-line\" data-v-f2312bad=\"\" data-pid=\"10001\"><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"0\">It is competitive. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"1\">Strategic management is what makes a business stand out. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"2\">It might be faster than competitors or it might be a product that nobody else has. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"3\">Instead of copying it defines what is special about the company which leads to a loyal customer base and enables staying one step ahead.<\/span><\/p>\n<h3 class=\"py-1 whitespace-pre-line\" data-pid=\"10002\"><strong>Using Resources Wisely<\/strong><\/h3>\n<p class=\"py-1 whitespace-pre-line\" data-v-f2312bad=\"\" data-pid=\"10003\"><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"0\">Money, time and talent are valuable. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"1\">Strategic management ensures these are not wasted . <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"2\">It\u2019s like planning a budget for your family vacation, spend on the things that you most value. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"3\">So, whether they are hiring skilled workers or upgrading tech, they know how to make those dollars stretch.<\/span><\/p>\n<h3 class=\"py-1 whitespace-pre-line\" data-pid=\"10004\"><strong>Ready for Surprises<\/strong><\/h3>\n<p class=\"py-1 whitespace-pre-line\" data-v-f2312bad=\"\" data-pid=\"10005\"><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"0\">Markets are changing. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"1\">A new trend, a customer need, a change in the economy can set you adrift. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"2\">Strategic management is meant to allow for flexibility. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"3\">Packing an umbrella for the rainy day, prepared not panicked. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"4\">Organizations can course-correct without becoming out of sight of where they are headed.<\/span><\/p>\n<h3 class=\"py-1 whitespace-pre-line\" data-pid=\"10006\"><strong>Bigger Profits<\/strong><\/h3>\n<p class=\"py-1 whitespace-pre-line\" data-v-f2312bad=\"\" data-pid=\"10007\"><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"0\">Who doesn\u2019t want more money? <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"1\">The engine of growth in strategic management is what works. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"2\">Which is better sales and less cost. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"3\">Companies that implement it generally have much higher profits over the long run.<\/span><\/p>\n<p class=\"py-1 whitespace-pre-line\" data-v-f2312bad=\"\" data-pid=\"10008\"><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"0\">These advantages represent the necessity of strategic management. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"1\">It is a mechanism that allows any size business to have laser focus and succeed.<\/span><\/p>\n<h2 class=\"py-1 whitespace-pre-line\" data-pid=\"10000\"><span class=\"ez-toc-section\" id=\"How_Does_Strategic_Management_Work\"><\/span><strong>How Does Strategic Management Work?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"py-1 whitespace-pre-line\" data-v-f2312bad=\"\" data-pid=\"10001\"><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"0\">Strategic management is analogous to plotting a road trip. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"1\">This is not just selecting a place to visit, it is charting a way, packing the food, and getting the car. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"2\">So here\u2019s how this works:<\/span><\/p>\n<h3 class=\"py-1 whitespace-pre-line\" data-pid=\"10002\"><strong>Turning Dreams into Plans<\/strong><\/h3>\n<p class=\"py-1 whitespace-pre-line\" data-v-f2312bad=\"\" data-pid=\"10003\"><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"0\">Every business has a Big Idea, whether it be to open new stores or build a better widget. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"1\">Strategic management continues that thought, but in small increments. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"2\">It translates the big dream into actionable steps for all on a day-to-day basis of what needs to happen.<\/span><\/p>\n<h3 class=\"py-1 whitespace-pre-line\" data-pid=\"10004\"><strong>Studying the Road Ahead<\/strong><\/h3>\n<p class=\"py-1 whitespace-pre-line\" data-v-f2312bad=\"\" data-pid=\"10005\"><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"0\">The weather must always be checked before a trip. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"1\">Strategic management focuses on the market; competitors, customer needs, and trends. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"2\">It also seeks to verify the company\u2019s strengths \u2013 such as a good team \u2013 and weaknesses \u2013 such as legacy tech. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"3\">This makes the plan appropriate to reality.<\/span><\/p>\n<h3 class=\"py-1 whitespace-pre-line\" data-pid=\"10006\"><strong>Picking the Right Stops<\/strong><\/h3>\n<p class=\"py-1 whitespace-pre-line\" data-v-f2312bad=\"\" data-pid=\"10007\"><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"0\">Not all ideas can occur simultaneously. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"1\">It provides a distillation of what is instrumental. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"2\">Should the business pursue new products or better marketing? <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"3\">It selects those Goals which have the greatest impact, as in the best stops on a road trip.<\/span><\/p>\n<h3 class=\"py-1 whitespace-pre-line\" data-pid=\"10008\"><strong>Hitting the Gas<\/strong><\/h3>\n<p class=\"py-1 whitespace-pre-line\" data-v-f2312bad=\"\" data-pid=\"10009\"><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"0\">Plans are useless without implementation. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"1\">Strategic management distributes work, deadlines and resources. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"2\">Like when you have to \u201cput everyone to work\u201d someone is packing the bags, someone is driving. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"3\">Clearly defined roles help the team to move forward.<\/span><\/p>\n<h3 class=\"py-1 whitespace-pre-line\" data-pid=\"10010\"><strong>Checking the Map<\/strong><\/h3>\n<p class=\"py-1 whitespace-pre-line\" data-v-f2312bad=\"\" data-pid=\"10011\"><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"0\">Even the best-laid plans require some adjustment. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"1\">Strategic management keeps tabs of progress with metrics such as sales or customer response. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"2\">Regular check-ins identify issues at an early stage. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"3\">If it is blocked, then a new plan is made to ensure the journey continues.<\/span><\/p>\n<p class=\"py-1 whitespace-pre-line\" data-v-f2312bad=\"\" data-pid=\"10012\"><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"0\">The \u201cplan, act, check, tweak\u201d cycle ensures that businesses are progressing toward their vision, regardless of what lies ahead.<\/span><\/p>\n<h2 class=\"py-1 whitespace-pre-line\" data-pid=\"10000\"><span class=\"ez-toc-section\" id=\"Five_Steps_of_Strategic_Management\"><\/span><strong>Five Steps of Strategic Management<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"py-1 whitespace-pre-line\" data-v-f2312bad=\"\" data-pid=\"10001\"><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"0\">The process of strategic management is a straightforward five step process. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"1\">It is like framing a house, you set one piece of the process to make the next piece possible. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"2\">This is how it works:<\/span><\/p>\n<h3 class=\"py-1 whitespace-pre-line\" data-pid=\"10002\"><strong>Step 1: Set Clear Goals<\/strong><\/h3>\n<p class=\"py-1 whitespace-pre-line\" data-v-f2312bad=\"\" data-pid=\"10003\"><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"0\">Set a moving target. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"1\">How to measure success? <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"2\">Perhaps it is to increase sales by 15 percent or to open a new location. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"3\">Goals must be specific and measurable and must align with the company\u2019s mission. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"4\">Goals provide the team with a target to shoot at, like an archer shooting for the bull\u2019s eye.<\/span><\/p>\n<h3 class=\"py-1 whitespace-pre-line\" data-pid=\"10004\"><strong>Step 2: Analyze the Situation<\/strong><\/h3>\n<p class=\"py-1 whitespace-pre-line\" data-v-f2312bad=\"\" data-pid=\"10005\"><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"0\">Next is some sleuthing. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"1\">Analyze the market, including competitors, buyer behavior and trends, and the economy. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"2\">Consider the company\u2019s strengths, such as a well-loved product, and its weaknesses, such as a slow shipping rate. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"3\">The employment of tools such as SWOT\u2019S analysis meaning strengths; weaknesses; opportunities; and threats helps in achieving this. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"4\">It maintains the plan in a grounded state.<\/span><\/p>\n<h3 class=\"py-1 whitespace-pre-line\" data-pid=\"10006\"><strong>Step 3: Develop the Strategy<\/strong><\/h3>\n<p class=\"py-1 whitespace-pre-line\" data-v-f2312bad=\"\" data-pid=\"10007\"><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"0\">Next, construct the blueprint. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"1\">Make hitting the goals decisions based on the analysis. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"2\">Perhaps initiating a new product or cost cutting. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"3\">The plan should capitalize on the strengths of the company and amend its weaknesses. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"4\">It\u2019s like providing a map to the destination.<\/span><\/p>\n<h3 class=\"py-1 whitespace-pre-line\" data-pid=\"10008\"><strong>Step 4: Implement the Plan<\/strong><\/h3>\n<p class=\"py-1 whitespace-pre-line\" data-v-f2312bad=\"\" data-pid=\"10009\"><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"0\">Time to do something. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"1\">Delegate responsibilities, deadlines, and resources. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"2\">Each person should know their role- perhaps marketing places ads, operations upgrades the equipment. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"3\">Communication keeps things running smoothly, like a play that is well rehearsed.<\/span><\/p>\n<h3 class=\"py-1 whitespace-pre-line\" data-pid=\"10010\"><strong>Step 5: Monitor and Adjust<\/strong><\/h3>\n<p class=\"py-1 whitespace-pre-line\" data-v-f2312bad=\"\" data-pid=\"10011\"><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"0\">Monitor progress. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"1\">Measure things like sales or reviews. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"2\">Have regular meetings to see what is working. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"3\">If there is something wrong, a fall in sales for example, then modify the plan. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"4\">This maintains the strategy from getting stale, much like tuning a car for an extensive drive.<\/span><\/p>\n<p class=\"py-1 whitespace-pre-line\" data-v-f2312bad=\"\" data-pid=\"10012\"><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"0\">These five steps are cyclic and keep businesses sharp. <\/span><span class=\"sentence\" data-v-f2312bad=\"\" data-sid=\"1\">If you follow them, it becomes more obvious.<\/span><\/p>\n<h2 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"Example_of_Strategic_Management\"><\/span><strong>Example of Strategic Management<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p dir=\"ltr\">Let\u2019s see strategic management in action with Netflix. This company went from mailing DVDs to ruling the streaming world. Here\u2019s how it used the five steps to become a global giant:<\/p>\n<h3 dir=\"ltr\"><strong>Step 1: Set Clear Goals<\/strong><\/h3>\n<p dir=\"ltr\">Back in the early 2000s, Netflix had a big dream: dominate home entertainment. By 2007, it set a clear goal\u2014become the top platform for streaming movies and TV shows. It wasn\u2019t just about DVDs anymore; Netflix saw the future in online content.<\/p>\n<h3 dir=\"ltr\"><strong>Step 2: Analyze the Situation<\/strong><\/h3>\n<p dir=\"ltr\">Netflix looked at the market. Its rival, Blockbuster, ran physical stores and charged annoying late fees. Customers were fed up. At the same time, internet speeds were getting faster, making streaming possible. Netflix had a strong tech team and loyal customers but lacked a big content library\u2014studios owned most shows. This analysis shaped its next moves.<\/p>\n<h3 dir=\"ltr\"><strong>Step 3: Develop the Strategy<\/strong><\/h3>\n<p dir=\"ltr\">Netflix decided to go all-in on streaming. It built a platform that was easy to use and affordable. To fix its content problem, it signed deals with studios to license movies and shows. Later, it planned to create its own shows to rely less on others. The strategy was clear: lead the streaming revolution.<\/p>\n<h3 dir=\"ltr\"><strong>Step 4: Implement the Plan<\/strong><\/h3>\n<p dir=\"ltr\">In 2007, Netflix launched its streaming service. It poured money into tech to make playback smooth, even on slow internet. The company signed contracts with studios to build a content library. Marketing pushed the ease of streaming\u2014no more trips to the video store. Teams worked together to get the platform on every device, from laptops to game consoles.<\/p>\n<h3 dir=\"ltr\"><strong>Step 5: Monitor and Adjust<\/strong><\/h3>\n<p dir=\"ltr\">Netflix tracked subscriber numbers and viewing time. By 2011, streaming was booming, but a misstep came when it tried splitting its DVD and streaming services. Customers hated it and canceled subscriptions. Netflix quickly backtracked, keeping everything under one brand. It also bet big on original shows like <em>House of Cards<\/em> in 2013, which became a massive hit. This move drew millions of new subscribers and cut reliance on studios.<\/p>\n<h3 dir=\"ltr\"><strong>Results<\/strong><\/h3>\n<p dir=\"ltr\">By 2023, Netflix had over 260 million subscribers worldwide. Its strategic management\u2014clear goals, sharp analysis, bold plans, and quick fixes\u2014made it a leader. Today, it still uses this approach, investing in global shows and new ideas like mobile games. Netflix shows how strategic management can transform a business.<\/p>\n<p dir=\"ltr\">This example proves strategic management works. It\u2019s not just theory\u2014it\u2019s a practical tool that drives real results.<\/p>\n<p dir=\"ltr\" style=\"text-align: center;\"><strong><a href=\"https:\/\/entri.app\/course\/personality-development-course\/?utm_source=personality-development&amp;utm_medium=blog_referral&amp;utm_campaign=cover-letter-dos-and-donts\" target=\"_blank\" rel=\"noopener\">Begin Your Personality Transformation- Enroll Today!<\/a><\/strong><\/p>\n<h2 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p dir=\"ltr\">Strategic management is like a trusted guide for any business. It turns big dreams into step-by-step plans, helping companies beat rivals and grow. The five steps\u2014setting goals, analyzing, planning, acting, and tweaking\u2014create a clear path to success. Netflix\u2019s story shows how it works, turning a small DVD service into a global powerhouse. Whether it\u2019s a corner store or a tech giant, strategic management makes goals real. Start now: pick a goal, study the market, and build a plan. The finish line is closer than it seems.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Introduction It\u2019s like trying to run a race, but not being told where the finishing line is. Doesn\u2019t that sound like a disaster? The same issue confronts businesses, with no viable blueprint. Strategic management can be viewed as a form of GPS for firms; helping them reach their destination while avoiding traffic jams. It is [&hellip;]<\/p>\n","protected":false},"author":127,"featured_media":25618023,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[802,2109],"tags":[],"class_list":["post-25618010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-personality-development"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Strategic Management: Definition, Purpose and Example - Entri Blog<\/title>\n<meta name=\"description\" content=\"Discover strategic management: its definition, benefits, process, and real-world example. Learn how it drives business and actionable plans.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/entri.app\/blog\/what-is-strategic-management\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Strategic Management: Definition, Purpose and Example - Entri Blog\" \/>\n<meta property=\"og:description\" content=\"Discover strategic management: its definition, benefits, process, and real-world example. 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