Strategic Management involves the formulation and implementation of the major goals and initiatives taken by a company’s top management on behalf of owners, based on consideration of resources and an assessment of the internal and external environments in which the organization competes. Strategy is defined as “the determination of the basic long-term goals of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals.”Strategies are established to set direction, focus effort, define or clarify the organization, and provide consistency or guidance in response to the environment. Strategic management involves the related concepts of strategic planning and strategic thinking. Strategic management is often described as involving two major processes: formulation and implementation of the strategy. Strategic management provides overall direction to the enterprise and involves specifying the organization’s objectives, developing policies and plans designed to achieve these objectives, and then allocating resources to implement the plans. Academics and practicing managers have developed numerous models and frameworks to assist in strategic decision-making in the context of complex environments and competitive dynamics.
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