STRATEGIC MANAGEMENT

Strategic management refers to a continuous process of planning, decision making, implementing and evaluating for an organization according to the changing environment in order to achieve its objectives. The high level of dynamic nature of the external environment in today's era gives a call to strategic management on regular basis and hence making it an ongoing process. The term had been widely used in politics, economics and business. It is an art of planning in order to gain the optimal benefits out of what the current internal and external environment is offering.

But the question is what exactly strategy is? A strategy is always needed to be successful or win in a competition be it a market or in an event or on playing field. Strategy is about knowing yourself and leveraging your skills and competencies to deliver the best. A business strategy is all about analyzing organization's market, competitors moves and creating plans for better competitive moves and business approaches so as to grow, make profits and create value for its customers.

Example: IKEA

 IKEA Swedish Furniture giant when entered in Chine with almost the same strategy as it was following in European and north American markets failed initially. But soon it analyzed the market and altered its products, marketing strategy and even the target market and came up with a strategy to hold a better position in the Chinese market.

http://businesstoday.intoday.in/story/how-ikea-adapted-its-strategies-to-expand-in-china/1/196322.html