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Concepts in Strategic Management

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strategic management a set of managerial decisions and actions that determines the long-run performance of a corporation. What does strategic management include? 1. environmental scanning 2. strategy formulation 3. strategy implementation 4. evaluation and control. 4 phases of strategic management Phase 1- Basic financial planning (1 yr) Phase 2- Forecast based planning (3-5 yrs) Phase 3- Externally oriented (strategic) planning (5 yrs) Phase 4- Strategic Planning Benefits of Strategic Management 1. clearer sense of strategic vision for the firm 2. Sharper focus on what is strategically important 3. Improved understanding of a rapidly changing environment Globalization the integrated internalization of markets and corporations

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  • concepts in strategic management
  • strategic management a set of managerial decision
  • what does strategic management include 1 enviro
  • 4 phases of strategic management phase 1 basic f

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