"Manage Your Destiny, Or Somebody Else Will." What Does This Mean For Strategic Management?


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Connor Sephton answered
There is a belief in the management field that failure to plan is a plan for failure, and it stands true to this day. Strategic management must stay on top of their game in this dynamic and ever changing economy. The phrase "manage your destiny or someone else will" refers to the fact that a person does not manage their business well, someone else who does will take business from you.

Management is the process of getting people and materials together to reach desired goals and objectives. Using all resources effectively and efficiently are the keys to good management. To accomplish this, good goals and objectives must be not only planned for, but a plan must be in place to reach each and every one of these goals and objectives.

The primary goal of a manager is to satisfy all stakeholders in the company, and that includes all employees and shareholders. Business management can be broken down into six separate branches, all of which are critical in achieving goals and objectives.  The six are:

• Human resources management - this is the process of getting the most out of the employees in a company, identifying strengths and weaknesses and using that to the advantage of the businesses
• Operations management - refers to the process of producing a product with the least amount of waste while still producing a quality product
• Strategic management - refers to the big picture and planning for future products and trends in the marketplace
• Marketing management - refers to developing the right marketing plan to reach all customers
• Financial management - refers to the accounting function in a business
• Information technology management - refers to the ability to leverage the latest technology to help monitor and maintain a business and reach goals and objectives

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