What drives global companies to achieve more?

Globally successful companies – Google Inc, Apple Inc, Walmart Inc, Samsung, and many others – have grown exceptionally in a short period. The growth of these companies is often attributed to strategic management. Most exceptionally growing companies have adopted strategic growth plans to achieve what they have so far. This is what separates these companies from others.

In business terms, strategic management is the integration of every business function—administration, finance, marketing, production, operation, and others to achieve a particular objective. All functions co-ordinate with each other and work in tandem to complement each other’s efforts.

In simple words, strategic management is a set of decisions and administration skills that will determine the performance of a business in the long-term. Decisions include environmental analysis (internal and external), formulation of strategy (long-term planning), implementation of the strategy, and evaluation and control.

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