Question
Describe the Strategic Management Process. Explain the major phases involved in strategy formulation, implementation, and evaluation.
Answer :
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Skip in 10
The strategic management process is a systematic approach that organizations use to achieve long-term objectives, gain a competitive advantage, and ensure sustainable growth. It involves a continuous cycle of planning, executing, and assessing strategies to align organizational resources and capabilities with environmental opportunities and threats. This process integrates internal and external analyses, decision-making, and performance evaluation to guide the organization towards its vision and mission. The first major phase of the strategic management process is strategy formulation. This phase begins with environmental scanning, which involves analyzing both the external and internal environment.
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