Understanding the Strategic Management Process in Business Strategy

Introduction

In the ever-evolving business landscape, having a well-defined strategic management process is crucial for organizations to navigate uncertainties, achieve their goals, and stay ahead of the competition. Strategic management involves the formulation, implementation, and evaluation of strategies to align an organization’s resources and capabilities with its long-term objectives. In this article, we will delve into the strategic management process, its key components, and how it contributes to the success of businesses.

The Strategic Management Process

The strategic management process encompasses several interconnected stages that guide organizations in developing and executing effective strategies. These stages include:

1. Environmental Analysis and

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