Importance of Strategic Management in Business

Explains where you want to go and your desirable state.

Defines WHO you are, WHAT you do, and WHY you do it.

Objectives are broad, qualitative statements defining overall purpose, while goals are specific, measurable targets set to achieve objectives.

<p>SMART goals are Specific, Measurable, Achievable, Relevant, and Time-defined.</p> Signup and view all the answers

<p>Short-term goals are set for a period not exceeding one year, while long-term goals are set for a period of three to five years.</p> Signup and view all the answers

<p>To help structure objectives and set actionable steps to achieve them.</p> Signup and view all the answers

<p>To create and sustain a competitive advantage, achieve goals, and survive in the long term.</p> Signup and view all the answers

<p>Deciding what to do and defining the firm's course of action.</p> Signup and view all the answers

<p>Putting strategy into action by designing organizational structure and related systems.</p> Signup and view all the answers

<p>To focus resources and efforts on key objectives.</p> Signup and view all the answers

<p>Designing support systems, recruiting, hiring, training, and performance measurement.</p> Signup and view all the answers

<p>By integrating vision, mission, goals, and strategies at different levels.</p> Signup and view all the answers