strategic management

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An approach to management that formulates overall long-term objectives for the company, develops policies to achieve these objectives, and takes concrete steps to implement policy across all the functions of the organization. The process begins with a position audit that analyses the strengths and weaknesses of the company and the opportunities and threats of the market (see industry structure analysis; SWOT). This should lead to a statement of strategic intent and a strategic plan. Implementation of the plan will require the allocation of sufficient resources (financial, human, technical), the establishment of appropriate structures, and constant monitoring of results. Finally, mechanisms must be set in place that allow for the reassessment of individual policies and the overall strategy itself as circumstances evolve. See also business strategy.

Subjects: Business and Management.

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