Swot Analysis : Strategic Management

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In this era of world, it is necessary to be updated about all perspectives to run an organization. Organization can do different analysis such as PESTLE, Porter five forces, Value chain; to know the market demand and essentially of the products. On the other hand, Organization should have their strategies and knowledge about the market. Strategic management is the process to get different terms of planning, monitoring, analysing and assessments which are necessary to operate an organization. In the other word, it can be defined as the continue process of making decision and actions by which organization can match or fit with different environments for the most effective way to work Strategic management can be taking when one wants to make wise decisions for betterment of organization. Strategic management also give ideas about corporate governance, core competencies and helps to setting up goals. There are many tools available for the strategic management such as, PESTEL, Porter’s five forces and Value chain analysis. To sum up, it can be say that strategic management gives ideas to make different decisions which helps organization to be a best or to survive in this competitive environment. So, to know about an organization, first it is good to understand its strategies which can be implemented by using different theories and practices of strategic management. Here, applications of the strategic management theories can be understand by the example of Cochlear
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