Question

Write the definition strategic management and explain the nature of strategic management.

Answer 1

strategic management involves the formulation and implementation of the major goals and initiatives taken by a company's top management on behalf of owners, based on consideration of resources and an assessment of the internal and external environments in which the organization competes.
Nature- strategic management is both an art and science of formulating, implementing, and evaluating, cross functional decisions that facilitate an organization to accomplish its objectives. The purpose of strategic management is to use and create new and different opportunities for future.




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