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Strategic management explores the formulation, implementation, as well as evaluation concepts and processes of strategies. The course of strategic management capstone is intended chiefly for business students who do pursue their education in the discipline of business administration.

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What is Meant by Strategic Management?

Organizations give huge importance to strategic management as it facilitates organizations in meeting their objectives and goals by an incessant process of monitoring, planning, and analyzing.

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The vision of the organization is formed with the assistance of strategic management. Strategic management also forms strategies that give a company a highly competitive advantage. Strategic management is also a technique that equips a manager to resolve some unforeseeable future challenges.

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Steps Involved in the Process of Strategic Management

Strategic management happens to be an ongoing process where one element does have an interaction with other components. Some steps that are involved in the process of strategic management are:

  • Initial assessment – Strategic management gathers information and data for stating the vision and mission of different organizations.
  • Goal setting – Strategic management enunciates the long-term and short-term objectives of an organization and it is vital for the successful process of strategic management.
  • Strategy formulation – It also devises a plan for achieving the objectives and goals of an organization.
  • Situation analysis – Strategic management collects as well as processes information that includes both external and internal environment and it does impact an organization.
  • SWOT analysis – Strategic management determines the weaknesses, strengths, threats, and opportunities of an organization. Again, it also takes many corrective measures for its threats and weaknesses.
  • Implementation of strategies – Using strategic management, you can get some devised plans for materializing the attainment of goals.
  • Strategy monitoring – Monitoring of strategy is assessing the external as well as internal factors of a devised plan and performance of a team.

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Elements of Strategic Management

Strategic managers ensure that every element of strategic management does interact with one another in a highly synchronized method for avoiding confusion. The characteristics of strategic management are:

  • Mission – Strategic management states the role through which the organizations serve their stakeholders.
  • Strategic intent – Strategic management solves the purpose of the existence of an organization. It does help in devising strategies to achieve an organization’s vision.
  • Objectives and goals – The goals make an organization’s mission element prominent. This specifies various steps that are considered for meeting an organization’s mission and vision.
  • Vision – Strategic management states the aspirations and aims of an organization.

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