Importance of Strategic Management in Indian Organizations

This paper studies the importance of strategic management in the Indian corporate sectors. In modern times, the world economy has faced dynamism, complexity and uncertainty in the international business environment. The attainment in corporate sector will depend on management‟s acknowledgement of the following functions: examining the environmental changes, identifying the strategists, promoting them to think innovatively, setting goals, launching strategies to achieve objectives, give responsibilities and executing the strategies, determining success and assessing results. The comparison between the Eastern and Western corporate sector also helped in understanding the role of the environment in planning the strategy for the business organization.