Hye readers! this is my first entry. So in this entry i'm gonna share to
all of you about what is strategic management. Have you ever heard about it?
First thing first, we must know what is the definition of strategic management.
vStrategic management
9the art and science
of formulating, implementing, and evaluating cross-functional decisions that
enable an organization to achieve its objectives.
Sometimes
the term strategic management is used to refer to strategy formulation,
implementation, and evaluation, with strategic planning referring only to
strategy formulation.
Strategy formulation 9includes
developing a vision and mission, identifying an organization’s external
opportunities and threats, determining internal strengths and weaknesses,
establishing long-term objectives, generating alternative strategies, and
choosing particular strategies to pursue.
Strategy implementation 9requires
a firm to establish annual objectives, devise policies, motivate employees, and
allocate resources so that formulated strategies can be executed. often
called the action stage.
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