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What is strategic management and explain the three (3) main stages?
ANSWER This is a set of managerial decisions and actions that determines the long-run performance of a corporation. 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, therefore, emphasizes the monitoring and evaluating of external opportunities and threats in light of a corporations strengths and weaknesses. Originally called business policy, strategic management incorporates such topics as strategic planning, environmental scanning, and industry analysis. The main stages are as follows: Strategic Formulation: This includes developing a vision and mission, identifying an organizations external opportunity and threats, determining internal strengths and weaknesses, establishing long-term objectives, generating alternative strategies and choosing particular strategies to pursue. Strategic Implementation : This requires an organization to establish annual objectives, devise policies, motivate employees…

nd allocate resources in order for formulated strategies to be executed. It also includes developing a strategy-supportive culture, creating an effective organizational structure, redirecting marketing efforts, preparing budgets and developing and utilizing information systems, and linking employee compensation to organizational performance. Strategy Evaluation : This is the final stage where managers desperately need to know when particular strategies are not working well; strategy evaluation is the primary means for obtaining this information. References Frank David (). Strategic Management. Pearson Wheelen T.L. and Hunger, J.D. (2012). Strategic Management and Business Policy: Towards Global Sustainability. Pearson



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