Why is Strategy Important
Importance and Benefits of Strategic Studies
Q1. Why strategic studies are important in business?
The strategy has been defined as the determination of basic long-term goals of a business enterprise and the adoption of courses of action and allocation of resources destined to carry out such goals. Hence, strategic studies are important to ensure strategic management in an enterprise. Strategic studies help to study the formulation of action plans and its implementation mechanisms which is directed towards the achievement of business goals of an organization (Hill & Gareth, 2012).
It helps to understand the initiatives that are required by a company’s management on behalf of the owners. Hence strategic studies teach the optimization of resources, by evaluating the internal and external environments of an enterprise, with the aim of increased productivity or business goals. It helps to inculcate the qualities and skills of strategic management. Such skills help an individual to provide overall direction to the enterprise or his or her specific business unit to meet an organization’s objective. Strategic management also helps to develop policies and plans that would be instrumental in achieving such objectives and allocation of resources to execute such plan (Hill & Gareth, 2012).
Strategic studies also help in developing the skills of strategic decision making in the context of rapid chang…
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