A strategy is a way of doing something.it usually includes the formulation of a goal and set of action plans for accomplishment of that goal.strategy is a long term plan Strategic Management
Strategic management may be understood as the process of formulating,implementing and evaluating business strategies to achieve organizational objectives. A more comprehensive definition of 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 corporations strengths and weaknesses Strategic management, therefore,involves four steps as given below: 1. Analyse the opportunities and threats or constraints that exist in the external environment. 2. Formulate strategies that will match the organization strengths and weaknesses with the environmental threats and opportunities. 3. Implement the Strategies.
4. Evaluate and control activities to ensure that the organization objectives are achieved. Strategic management process
The four steps stated above constitute the strategic management process
Environment needs to be scanned in order to determine trends and projections of factor that will affect fortunes of the organization. Scanning must focus on task environment. Not that elements outside the task environment are ignored, but they receive less attention. Scanning helps identigy threats and opportunities while minimizing the treats. What might be a threar to one company may be an opportunity for another.
Strategy are formulated at three...