Strategy:
“Strategy is a way of doing something. It includes the formulation of goals and set of action plans for accomplishment of that goal.”
Strategic Management:
“A Process of formulating, implementing and evaluating business strategies to achieve organizational objectives is called Strategic Management”
Definition of Strategic Management: –
“Strategic Management is that set of managerial decisions and actions that determine the long-term performance of a corporation. It includes environmental scanning, strategy formulation, strategy implementation and evaluation and control.”
The study of strategic management therefore emphasizes monitoring and evaluating environmental opportunities and threats in the light of a corporation’s strengths and weaknesses.
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