Strategic management is the strategic use of a business's resources to reach company goals and objectives. Strategic management requires reflection on the processes and procedures within the organization as well as external factors that may impact how the company functions.
3. What is Stages of strategic
management
1. The goal of the strategy.
2. Preparing the company or institution message.
4. 3. Defining external opportunities
and threats.
4. Identify internal strengths and
weaknesses.
5. Set long-term goals.
5. 6. Finding alternative strategies.
8. Determine new areas of business that can be
entered into.
10. Determine entry to global markets, or integration
with other companies.
6. Strategy implementation process :
Strategy articulation - Building consensus within the
team responsible for delivery of the strategy about the
outcomes to be achieved
Strategy validation - Engaging with stakeholders and
others to confirm strategic outcomes being pursued
are acceptable
Strategy communication - Convert strategic objectives
into clear short-term operating objectives that can be
assigned to groups for delivery
7. Strategy implementation process:
Strategy monitoring - Monitor the progress
of the organization in delivering the
strategic objectives
Strategy engagement - Managerial
interventions designed to ensure
organization successfully achieves chosen
strategic outcomes
