Abstract The leadership of any organization is always tasked with the responsibility of effecting ventures or projects that are aimed at making their firms grow on various fronts. To achieve this, various resources are at their disposal and what is expected of them is to utilize these resources effectively to attain the set objectives (Blaxill & Eckardt, 7). As a result, chief executive officers and other managers need to be armed with techniques and skills which are vital for various plans and ventures to succeed. These techniques range from planning/strategizing to the implementation stage where workforce and other resources form a major part. Introduction Managers of various entities have the task of ensuring that whatever plans and schemes that are put in place for their organizations to move forward are achieved. In order to realize this, they need to be armed with the most adequate and effectual stratagems, generally referred to as strategic management skills (Mintzberg and Quinn, 4). Strategic management refers to a division that involves itself with the main projected and developing programs taken by chief executive officers, technical managers and other business and enterprise leaders in the place of owners and/or shareholders. It involves exploitation of the various resources that are available in an effective manner so as to increase the performance of companies or firms and realize the goals or objectives that have been set. Strategic management involves spelling out the firm’s mission, vision and goals, and expansion course of actions (Markides, 55). All these need to be specified in relation to plans and schemes that are set out to realize these goals, and most importantly, allotting the necessary resources to achieve the aims. During the course and at the end of the projected period(s) of time, an evenhanded scorecard is always used to weigh up the by and large performance of the firm and its standing in terms of advancement toward the realization of set goals (Markides, 56). Management approaches need to start with the prospects of the stakeholders, with the evaluation or scorecard processes also taking all the stakeholders into account. Effective management is an unending undertaking that assesses and directs a firm and the businesses in which the entity has a part, evaluates its challengers and lays objectives and stratagems to counter them, and then reviews these strategies regularly to establish the progress and effect any changes that may be required (Abell, 21). Strategy formation Once a plan(s) aimed at given results have been put in place, the leadership of any entity needs to come up with approaches to be utilized in realizing this. There are three main procedures that are normally used to form required strategies. The first involves conducting a situation study, self analysis and challenger evaluation in the case of business entities (Abell, 21). Such an analysis needs to be thorough and comprehensive, entailing both in-house and external, considering both micro and macro elements of the environment. In line with this evaluation, goals to be met are then set. The most important thing to remember here is that these objectives need