Management

Strategic Management Process

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Wheelen and Hunger (2002) say that strategic management is a set of managerial decisions and
actions that determines the long-run performance of an organization. It includes environmental
scanning (both external and internal) strategy formulation (strategic or long- range planning),
strategy implementation and evaluation and control. The study of strategic management
emphasizes the monitoring and evaluation of external opportunities and threats in light of an
organisation’s strengths and weaknesses (Kenneth, 1987).
The strategy of an organization consists of the moves and approaches made by management to
produce successful performance of an organization. Strategy is management’s game plan for the
business. Management develops strategies to guide how an organization conducts its business
and how it will achieve its target objectives. Without a strategy, there is no cohesive action plan
to produce the intended results. Core management functions are crafting and implementing a
strategy for the business. Good management is exhibited by good strategy and good
implementation. Powerful execution of a powerful strategy is a proven recipe for businesssuccess.
The standards for judging whether an organization is well managed are based on good
strategy-making combined with good strategy execution.

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Series Title

Strategic Management Process

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Publisher

: ., 2011

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Language

English

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Classification

NONE

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Edition

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Subject(s)

strategic Management

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