What is Strategic Management?
An organization can excel in competition if its profitability is higher than the average profit level of all other companies in the same industry. Strategic management is the formulation and execution of goals and initiatives taken by the managers of a particular organization and their evaluation. It helps members of the organization to understand and stay focussed on the objectives.
Project Management is another related topic where the manager leads a team to reach the goals within the given limitations. It includes predicting problems, adjusting tasks, and improving interdepartmental contact. The main restraints are duration, scope, and funding.
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Learners of Strategic Management follow the internal and external environment of the firm to analyze the requirements and improve company status. They learn business, corporate, and international-level strategies. They attend classes and prepare project presentations and case studies.
What are the phases of Strategic Management?
There are four phases of strategic management as follows,
- Developing a plan and identifying the ways and means to achieve them,
- Enactment of necessary strategies to meet the set objectives,
- Estimating the strategy’s result and performance feedback, and
- Adapt according to the weaknesses and failures found during the evaluation.
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