What is meant by the term "strategic management"? Also, explain the essential elements of strategic planning.
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What is meant by the term "strategic management"?
As per tutor2u.net "Strategy is the direction and scope of an organization over the long-term: which achieves advantage for the organization through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfill stakeholder expectations".
In other words, strategy is about:
"* Where is the business trying to get to in the long-term (direction)
* Which markets should a business compete in and what kinds of activities are involved in such markets? (markets; scope)
* How can the business perform better than the competition in those markets? (advantage)?
* What resources (skills, assets, finance, relationships, technical competence, and facilities) are required in order to be able to compete? (Resources)?
* What external, environmental factors affect the businesses' ability to compete? (environment)?
* What are the values and expectations of those who have power in and around the business? (stakeholders)"
As per quickmba, ...
Response guides about essential elements of strategic planning