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What is Strategic Management?
Strategic management is the preparation and enactment of the initiatives taken by the top management of a company. It is the top managers heading the company who actively participates in the decision-making process on behalf of a company’s owner. A number of factors are taken into consideration when the managerial body of a company engages in strategic thinking to formulate the best strategies which will help in fulfilment of a company’s goals and objectives.
When simplifying the concept of strategic management, we can say that it refers to the continuous process of proper planning, supervising and assessing the resources of a company, its external and internal environment which helps in marching ahead while fulfilling company’s goals and objectives.
The process of strategic management includes the weighing of cross-functional decisions related to an organization and it is done in the following ways:
- A thorough scanning of the internal and external strengths and weaknesses of an organization
- Framing the action plan in the most productive way
- Carrying out the initiatives taken in the action
- Measuring the success ratio of the action plan, drafting the changes to get the desired results that the initial plan couldn’t offer
For the small firms, the challenge of strategic planning is no less! This is because with limited resources the plan of action has to be robust. No matter how small an organization is, competition always tends to rise high. So students out there, if you have something on these lines to complete, you can hire Strategic Management in Small Firms assignment help services from us!
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