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179 a) Performance It aids performance of organizations in terms of profitability, market position and growth. Studies have shown that organizations that use strategic management tend to perform better than others. b) Managing Change Strategic Management is a tool for managing changes taking place within and outside the organization which affect its ability to achieve set objectives. Strategic management enables managers to identify and examine relevant factors so as to decide on the best course of actions to take. Thus, strategic management helps organizations cope with uncertainty in the environment. c) Effective Coordination Strategic management helps coordinate organisations' activities and resources towards achieving overall objectives. d) Focus Strategic management provides the organization with objectives and method of achieving them, thus giving focus to all organizational activities. e) Monitoring The design of control system should be done in such away that can be monitored to ensure conformity with the set standard. f) Acceptable to organisational members Control systems operate best when they are accepted by organisational members who are affected by the process. g) Timeliness Control systems are designed to provide data on the state of a given production cycle at some specific time. This indicates that the process must carried out to meet specific deadlines if corrective action is to betaken into produce improvements. h) Continual review The control process should be subjected to continual review to ensure its effectiveness and appropriateness in terms of the results produced symptoms/indicators of inadequate or weak control systems.
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Strategic Management Process
Strategic management processes contain steps that organizations take in the course of strategy formulation and implementation. It is made up of five steps namely ab Developing Vision, Mission and Objective: An organisation's mission is its statement of purposes. It states what the organization is in business to do. An organisation's vision on the other hand is a statement showing its destination what it is out to achieve. An organization's mission could be "to build a chain of supermarkets where everyone can buy quality consumer goods at the cheapest price available. An example of vision could be To be the world's premier universal bank in every sector. Objectives are, on the other hand, an organization's performance targets. Objectives convert the organization's mission into specific performance targets. They are usually quantifiable or measurable and containing deadline for achievement. The starting point in Strategic management process is to determine the organization's

180 vision, mission and objectives. This is because whatever strategy the organization adopts will be directed towards achieving its vision, mission and objectives. b)

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