3 Questions
What is the purpose of the strategic management process?
To determine an organisation's goals
What is an example of a company that needs to use the strategic management process?
A company that needs to access valuable or rare resources
What is an important aspect of the strategic management process?
Strategic control
Study Notes
- Strategic management is the process of determining an organisation's goals and course of action to achieve them.
- The goals of an organisation can be anything from profit and growth to maintaining customer trust and creating a competitive advantage.
- The course of action an organisation takes to achieve its goals may include environmental scanning, forecasting, and analysis.
- Evaluation and implementation of the strategy are also important aspects of the strategic management process.
- Strategic control is the ability to make decisions that will ensure the achievement of the organisation's goals.
- The strategic management process is essential for businesses that need to access valuable or rare resources, product differentiation, or efficient processes.
- A well-managed company has a team of experts who are able to make decisions quickly and efficiently.
- The strategic management process is also important for businesses with a strong reputation and a low cost of manufacturing.
Test your knowledge of the process of determining an organisation's goals, course of action, environmental scanning, forecasting, analysis, evaluation, implementation, and strategic control. Understand the importance of strategic management for businesses.
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