The systematic analysis of both the external and the internal environment in order to provide the basis for optimum management practices that ultimately leads to the better performance and competitive advantage is known as strategic business management. A company is said to have a competitive advantage if its profitability is par with other companies in its industry. In simple words, strategic business management is basically related to SWOT analysis of a company in order to achieve optimum production from its resources.
It is however divided into different school of thoughts such as the prescriptive approach and the descriptive approach. The former emphasis on how strategies should be developed while the latter focuses on how strategies should be put into action. Basically, strategic business management is a continuous process that constantly evaluates and controls the business in which an organization is evolved, sets organizational goals and strategies according to the changes in the market. It is the art of managing the employees in a manner that maximizes the ability to obtain business objectives.
Strategic business management has both tangible and intangible benefits for a business. A proper management process is more aware of the external threats, competitiveness along with increase employee productivity. It ensures that the business is always on the defensive side because in a competitive market a business always wants to be on the victorious side rather than the victim of the situation. It also helps in making better business decisions by ensuring where and how to invest the resources which ultimately helps in the longevity of the business.
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