1 Strategic Management
Strategic management involves the formulation and implementation of the major goals and initiatives taken by a company’s top management on behalf of owners, based on consideration of resources and an assessment of internal and external environments in which the organization competes.
The Process of Strategic management
The process of strategic management are
1. Environmental analysis
2. Formulation analysis
Environmental analysis is the main stage for gaining information and data to grow business. We analyze internal and external data influencing goal and get relevant vision for organization. By doing ...view middle of the document...
Evaluation and Control
Strategy evaluation and control is the last stage of the strategic management process. It includes for reviewing external and internal factors, measuring performance and taking corrective action if necessary. You need to determine your progress by measuring the actual results as compared to the plan. Reviewing external and internal factors because of changing your business environment. If your strategy is not wording for your organization goal, you should take corrective action. If your actions are not accomplishment, the strategic management process will be replayed.
A person or thing that holds a dominant or superior position within its field, and is able to exercise a high degree of control or influence over others.
Leadership is the process of social influence, which maximizes the efforts of others, towards the achievement of a goal.
The link between strategic management and leadership
Strategic management does not work without leadership skill. Leaders are essential to the strategic management because of the power to take people together. They move towards for accomplishing objectives and fulfill the stated mission in helping...