Abstract
Strategic management is for organizations to obtain a competitive edge over their rivals. Effective strategic management constantly keeps track of and tests the firm's tasks, leading to more operational performance, market share and productivity. Thus, the study sought to examine the effect of strategic management on the performance of commercial banks in Turkey. The study was literature-based and the inferences were made based on findings of the previous studies. The study results showed that strategic management had a positive effect on performance. The strategic management process aids a company and its management to the reason of and prepares for its long-term goals, satisfying the primary obligation of a board of directors. Moreover, strategic management is for organizations to obtain a competitive edge over their rivals. Strategic management is setting goals, procedures, and objectives to make a company or organization more competitive. The stages of strategic management incorporate setting goals or objectives, analysis, strategy formation, strategy implementation and strategy monitoring. Strategic management provides overall direction by developing plans and policies designed to achieve objectives and then allocating resources to implement the plans. Strategic management is for organizations to gain a competitive edge over their competitors. The study concluded that strategic management has a significant effect on performance. The study recommended that commercial banks in Turkey ensure that strategic management practices are included in the long-term goals. The workers and all individuals need to be trained on the strategic management process. In addition, the organization should be structured to open up all the communications channels in the organization. Functions must be defined clearly to ensure that no ambiguity will certainly show up. Keywords: Strategic Management, Performance, Commercial Banks, Turkey
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