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Strategic Management

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The strategic management process consists of three components: Strategic analysis, strategic choices and strategic implementation. These components are vital in a firm as it appraises the business and industries in which the firm is a part of.

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- Strategic management and decision making Strategic management is a disciplined effort or control to make necessary decisions that have an effect on a business or an organization; the aim of strategic management is mainly to develop new, innovative or diverse ideas and opportunities for potential or development, and facilitates or assists an organization to achieve its goals (SM, ).

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Short Essay on Strategic Management April 4, 1 Definition of Strategic Management Strategic management is the process where managers establish an organi-zation’s long-term direction, set the specific performance objectives, develop. Strategic Management Strategic management basically aims at identifying and describing the strategies, which would be utilized by the managers of the organization, in order to attain better performances as well as competitive advantage for the company.

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Strategic Management Essay company’s strategy is managements game plan for growing the business, staking out a market position, attracting and pleasing customers, competing successfully, conducting operations and achieving targeted objectives" (Thompson, Strickland & Gamble). Strategic management process sets the long-run performance by undertaking environmental scanning, strategy implementation, and evaluation and control. The process of strategic management is a mixture of several ingredients. It is a science because it requires scientific research when .