Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives.
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The strategic management process involves analyzing cross-functional business decisions prior to implementing them. Strategic management typically involves:
- Analyzing internal and external strengths and weaknesses.
- Formulating action plans.
- Executing action plans.
- Evaluating to what degree action plans have been successful and making changes when desired results are not being produced.
Strategic management necessitates a commitment to strategic planning, which represents an organization's ability to set goals to determine the decisions and actions that need to be taken to produce those results.