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Strategic Management (Lecture 1 45)
Strategic management involves ongoing formulation, implementation, and evaluation of cross-functional decisions to achieve organizational objectives in light of internal and external environments. Key terms in strategic management include strategists who are responsible for organizational success or failure, mission statements that identify an organization's scope and values, and external opportunities and threats from trends outside an organization's control. Environmental scanning involves researching external information on opportunities and threats as well as analyzing internal strengths and weaknesses.
