Week 3
DEFINITION OF STRATEGIC MANAGEMENT
Strategic management is the continuous planning, monitoring, analysis
and assessment of all that is necessary for an organization to meet its goals
and objectives. The strategic management process involves analyzing
cross-functional business decisions prior to implementing them. Strategic
management typically involves:
·
Analyzing internal and external
strengths and weaknesses.
·
Formulating action plans.
·
Executing action plans.
·
Evaluating to what degree action
plans have been successful and making changes when desired results are not
being produced.
Strategic management necessitates a
commitment to strategic planning,
which represents an organization's ability to set goals to determine the
decisions and actions that need to be taken to produce those results.
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