Strategic management is the ongoing planning, monitoring, analysis and assessment of all necessities an organization needs to meet its goals and objectives. Changes in business environments will require organizations to constantly assess their strategies for success.
Strategic management involves setting objectives, analyzing the competitive environment, analyzing the internal organization, evaluating strategies, and ensuring that management rolls out the strategies across the organization.
Strategic management is an essential component of businesses. Strategic management therefore entails evaluating business goals, the organisation’s vision and objectives as well as the future plans. In addition, a strategic management process is employed to ensure that the business runs effectively and efficiently.
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Seven steps of a strategic planning process
- Understand the need for a strategic plan.
- Set goals.
- Develop assumptions or premises.
- Research different ways to achieve objectives.
- Choose your plan of action.
- Develop a supporting plan.
- Implement the strategic plan.
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