THE NEED OF STRATEGIC MANAGEMENT PRACTICE IN A COMPETITIVE BUSINESS ENVIRONMENT (A MANAGEMENT FEELING TO OUTSMART-BUSINESS RIVALS

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Mohammed Abubakar Ababa and Ibrahim Abubakar Mikugi

Department of Business Administration and Management

The Federal Polytechnic, Bida, Niger State, Nigeria

ABSTRACT

Globalization and changes in the system of doing business as called for a rethink by business managers on best practices to be adopted in order to with stand changes that may occur. Strategic management is a strategy and technique use by business owners in order to out-smart the competitors in an environment they operate. This paper examines the need for strategic management practice in a competitive business environment. The methodology used by researcher of this paper was a theoretical approach through a descriptive studies and analysis. It dwells on the theoretical frame work and analysis of five task of strategic management process which include; developing strategic vision, setting objective, crafting a good strategy, implementing strategy, evaluating performance and corrective actions. Conclusions were drawn and recommendations given to include the need for business owners to adopt the practice of strategic management to with stand changes in their business as well evaluation of performance to detect deviations from target objectives.