"Strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates."
It involves the formulation and implementation of plans to achieve organizational objectives. It deals with the long-term direction and competitive positioning of the organization.
Definition of Strategy: Explaining the meaning of strategy, its importance, and development.
Strategic Planning: Describing the process of strategic planning, its components, and factors to consider when creating a strategic plan.
SWOT Analysis: Analyzing company strengths, weaknesses, opportunities, and threats to create a strategic plan.
Competitive Advantage: Explaining how companies can create a competitive advantage through innovation, differentiation, or cost leadership.
Strategic Alignment: Ensuring that company goals and objectives align with the overall strategic plan.
Risk Management: Identifying and managing potential risks that can impact the company's success.
Business Model Canvas: Envisioning and developing a business model that will support the company's strategic plan.
Metrics and KPIs: Establishing metrics and key performance indicators to measure the success of the strategic plan.
SWOT Analysis: Analyzing company strengths, weaknesses, opportunities, and threats to create a strategic plan.
Market Analysis: Analyzing the market and industry trends to inform the strategic plan.
Corporate Social Responsibility: Understanding how corporate social responsibility impacts the company's strategic plan and overall success.
"Strategic management provides overall direction to an enterprise and involves specifying the organization's objectives, developing policies and plans to achieve those objectives, and then allocating resources to implement the plans."
"Academics and practicing managers have developed numerous models and frameworks to assist in strategic decision-making in the context of complex environments and competitive dynamics."
"Management theory and practice often make a distinction between strategic management and operational management, with operational management concerned primarily with improving efficiency and controlling costs within the boundaries set by the organization's strategy."
"Michael Porter identifies three principles underlying strategy: creating a 'unique and valuable [market] position,' making trade-offs by choosing 'what not to do,' and creating 'fit' by aligning company activities with one another to support the chosen strategy."
"Corporate strategy involves answering a key question from a portfolio perspective: 'What business should we be in?'"
"Business strategy involves answering the question: 'How shall we compete in this business?'"
"Strategic management is not static in nature; the models can include a feedback loop to monitor execution and to inform the next round of planning."
"Strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders."
"[Strategic management] is based on consideration of resources and an assessment of the internal and external environments in which the organization operates."
"Strategic management involves specifying the organization's objectives, developing policies and plans to achieve those objectives..."
"Operational management concerns improving efficiency and controlling costs within the boundaries set by the organization's strategy."
"Models and frameworks assist in strategic decision-making in the context of complex environments and competitive dynamics."
"Strategic management is not static in nature..."
"Strategic management provides overall direction to an enterprise..."
"Strategic management involves... allocating resources to implement the plans."
"Creating 'fit' refers to aligning company activities with one another to support the chosen strategy."
"The models can include a feedback loop to monitor execution and to inform the next round of planning."
"Management theory and practice often make a distinction between strategic management and operational management..."
"Making trade-offs by choosing 'what not to do' is one of the principles underlying strategy according to Michael Porter."