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Importance of Strategic Management in Business

Author

Listed:
  • Yakup DURMAZ

    (Faculty of Economics Administrative and Social Sciences, Hasan Kalyoncu University, Havalimani Yolu Üzeri 8. Km. Gaziantep, Turkey)

  • Zeynep Derya DÜSÜN

    (Akbank Credit Allocation and Monitoring Manager Credits Business Unit)

Abstract

Today, we see a busy and fast period of change in all area of our life. This process consistently changes especially the management domain and forces business managers to be ready to change at any moment. Change has become so fast all around the world and it has turned into a multidimensional concept. The period of change in which we live in an interactive and fast way in political, social, cultural and economic areas brings up different processes such as quick start, quick decision making, bringing more dynamics and flexibility structure to management. In this context, the main idea of our study is based on that businesses should manage the process of change by using strategies. Businesses which understand clearly what strategy is and design their future plans based on those strategies are going to be more successful than their competitors in the environments seen fierce competition and fast change. In our study formed around this basic thesis, first we will make a conceptual analysis related to strategies, then refer to the importance of strategic management and we will examine strategic management contributions to businesses and finally, we will mention the importance of connection between strategy and culture of an organization to be enable more success in the strategic management process.

Suggested Citation

  • Yakup DURMAZ & Zeynep Derya DÜSÜN, 2016. "Importance of Strategic Management in Business," Expert Journal of Business and Management, Sprint Investify, vol. 4(1), pages 38-45.
    • Handle: RePEc:exp:bsness:v:4:y:2016:i:1:p:38-45
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    More about this item

    Keywords

    Strategy; Strategic Management; Strategist; Culture of Organization; Productivity;
    All these keywords.

    JEL classification:

    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General
    • M19 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Other

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