This module will likely start by defining what strategic management is. Strategic management involves the formulation and implementation of major goals and initiatives taken by an organization’s top management on behalf of its stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates. It’s about setting goals, analyzing the competitive environment, and making decisions to achieve long-term objectives. Understanding the importance of strategic management is crucial because it helps organizations adapt to change, stay competitive, and achieve sustainable growth.
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