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Q1 a) critically evaluate the Strategic Management Process using a framework of your choice. And then discuss how this (Strategic Management Process) is an important part of strategic thinking.
A field of management that is associated with the use of a company’s long-term objectives is referred to as strategic management. This might involve creating the organization’s goals, defining its performance targets, and developing and putting into practice the organization’s strategy. Depending upon the situation, it could also involve developing and implementing deviance correction actions. Strategic Planning, a similar but quite independent field of administration ought not to be mixed with the strategic management process (Schilling, 2012). Think of the strategic management process as a means of conducting business if you want to describe it. A method within which management develops and carries out effective organizational plan that gives the company a competitive edge is referred to using this general phrase. The company’s higher management should first apply statistical analytics for think more critically before putting that concept onto practice through the strategic management method.
The four-step process of strategic management includes identifying the goals of the business, making plans to accomplish those goals, putting those plans into action, and assessing the effectiveness of those actions. The strategic management process is what is involved in this. There are several sub points throughout this procedure that must be fulfilled in order to go to the next level. Defining the goals that seems to be dependent upon the organization’s vision and purpose is the fundamental stage of the strategic…
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