Strategic Plan/Strategic management process : This is a management strategy to s
ID: 372971 • Letter: S
Question
Strategic Plan/Strategic management process: This is a management strategy to set up plan strategically in order to achieve some result or target after carefully evaluating things or resource available keeping an account of constraint as well.
Its main aim is to get the desired result with minimum risk as with a set strategy in business
Steps in strategic management
1.Goal setting
2.Analysis
3.Strategy formulation
4.Strategy implementation
5.Evaluating and control
Definition:
1.Goal setting: The aim of this goal-setting is to define the vision for organization.
Main task here is to identifying three key facets:
Identify both short- and long-term objectives.
Second, identify the process of how to accomplish the objective.
Third one customize the process defined.
5.Evaluation and control: It should be continuously monitored because to check:
All these monitoring activities are done to ensure the plan is successfully running and we can able to achieve the result as per the strategy
Explanation / Answer
What is strategy and why is it important to a business?