The Importance Of Strategic Management What Is Strategic Management? -A set of managerial decisions and actions that determines the long-run performance of an organization Purposes of Strategic Management - involved in many decisions that managers make companies with formal strategic management systems have higher financial returns than companies with no such system important in profit and not-for-profit organizations ©Prentice Hall,2002 8-4 The Importance Of Strategic Management What Is Strategic Management? – A set of managerial decisions and actions that determines the long-run performance of an organization Purposes of Strategic Management – involved in many decisions that managers make – companies with formal strategic management systems have higher financial returns than companies with no such system – important in profit and not-for-profit organizations © Prentice Hall, 2002 8-4