What is strategic management?

Strategic management is the process of formulating and implementing strategies to achieve a company's long-term goals. It involves analyzing the external environment, identifying opportunities and threats, assessing internal strengths and weaknesses, and developing plans to optimize performance. Effective strategic management enables organizations to adapt to changes, take advantage of opportunities and remain competitive in the marketplace. It requires top-level management to make informed decisions that align with the overall direction of the organization. Ultimately, strategic management is about creating a roadmap for success that combines innovation, efficiency, and sustainability to achieve a competitive advantage.

This mind map was published on 18 May 2023 and has been viewed 76 times.