Most who will learn strategic management will not become an executive and a business owner of a major international or Filipino corporation anywhere in the near future. The decision making tools you will acquire overtime via experience will be useful in all levels in an organization and in your own career development planning.
Strategic management involves industry analysis and organized analysis which is important in all types of organizations specially in small business, franchise business and other industries. Studying Strategic management will also equip the Pinoy entrepreneur with tools that enable him or her to deal with important issues in a complex business environment.
A simple definition of what strategic management is a process by which someone analyze and learn from their internal and external environments and established strategic direction, create strategies which are intended to achieve goals.
In the Philippine setting, there are various factors that must be taken into consideration when going into a business. Political factors must also be taken into account specially in a country which has already seen two popular uprisings and one nearly succeeding. Such political uncertainty hurts business prospects in strategic planning. Careful planning will ensure business success even in the most volatile economies. This is a perfect example of an internal environmental factor.
External environmental factors will include global environmental forces such as technological, political, economic or socio cultural trends. Rising oil prices will affect the way how domestic production are priced. The war in the middle east also affect the Philippines since we have a large number of overseas Filipino worker, and a large number of them returning all at once will strain government resources in finding them work at home.