Formulation of Goals and Initiatives: Strategic management begins with the identification and formulation of the organization’s major goals and initiatives. These goals are typically established by the top management in alignment with the organization’s mission and vision.
Consideration of Stakeholders: The decisions made through strategic management are taken on behalf of the organization’s stakeholders, which include shareholders, employees, customers, suppliers, and the community at large.
Resource Allocation: Strategic management involves the allocation of resources such as finances, human capital, and technology to achieve the identified goals and initiatives effectively.
Environmental Analysis: An essential aspect of strategic management is the assessment of both internal and external environments in which the organization operates. This includes analyzing factors like market trends, competitor behavior, technological advancements, regulatory changes, and economic conditions.
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