Answer: Strategic Management is defined as the formulation and implementation of the significant goals and initiatives taken by the organization on behalf of their associate, depending on the internal and external work culture in which the organization operates. It generally comprises the organization’s objectives, goals, and policies representing the organization on the outer level. Strategic management covers the set objectives for the company, keeping an eye on competitors’ actions, reassessing the organization’s internal structure, evaluating present-day strategies, and affirming the implementation of those strategies throughout the company. It is a combination of strategic planning and strategic thinking. Strategic planning is the recognition of achievable goals. Strategic thinking is the capacity to identify the organization’s requirements to accomplish the goals pointed out through strategic planning.
There are two types of strategic planning – prescriptive and descriptive. The former strategic management is the development of strategies in advance of an organizational issue. Descriptive strategic management is making the strategies as and when needed. While most of the companies upper management implements the strategy, others employ strategists who plan and execute the strategy to improve company function.
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Answer: Strategic Management is defined as the formulation and implementation of the significant goals and initiatives taken by the organization on behalf of their associate, depending on the internal and external work culture in which the organization operates. It generally comprises the organization’s objectives, goals, and policies representing the organization on the outer level. Strategic management covers the set objectives for the company, keeping an eye on competitors’ actions, reassessing the organization’s internal structure, evaluating present-day strategies, and affirming the implementation of those strategies throughout the company. It is a combination of strategic planning and strategic thinking. Strategic planning is the recognition of achievable goals. Strategic thinking is the capacity to identify the organization’s requirements to accomplish the goals pointed out through strategic planning.
There are two types of strategic planning – prescriptive and descriptive. The former strategic management is the development of strategies in advance of an organizational issue. Descriptive strategic management is making the strategies as and when needed. While most of the companies upper management implements the strategy, others employ strategists who plan and execute the strategy to improve company function.