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Strategic Management-Introduction

Strategic management is the process of formulating, implementing, and evaluating business strategies to achieve long-term organizational goals and competitive advantage. It involves analyzing internal and external environments, setting objectives, and making decisions that align resources with market opportunities. The process includes strategic planning, execution, and continuous monitoring of performance. Effective strategic management helps organizations adapt to change, capitalize on strengt

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Rahul Sengupta
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2 views

Strategic Management-Introduction

Strategic management is the process of formulating, implementing, and evaluating business strategies to achieve long-term organizational goals and competitive advantage. It involves analyzing internal and external environments, setting objectives, and making decisions that align resources with market opportunities. The process includes strategic planning, execution, and continuous monitoring of performance. Effective strategic management helps organizations adapt to change, capitalize on strengt

Uploaded by

Rahul Sengupta
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Strategic Management

1. What is Business Strategy?


A business strategy refers to all the decisions taken, and actions undertaken by a business for
achieving the larger vision. Knowing what business strategy is and how to execute it properly
can help businesses become market leaders in their domain.

2. What are the different Levels of Business Strategy?

Different business strategies are deployed at every level of a business. The levels of business
strategy will depend on the goal that every part of an organization wants to achieve. Based on
common parameters, there are three levels of business strategy.

 Corporate Level: This level defines the mission, vision, and corporate objectives for the
entire organization.
 Business Unit Level: At this level, the business strategy will be different for every unit of
the organization. This is because every unit has different processes and operations and
therefore, different strategies can be deployed for every unit.
 Functional Level: At the functional level, the strategy is set by departments such as
marketing, sales, operations, finance, etc. These kinds of functional-level strategies are
needed to ensure the efficiency of day-to-day functions.

3. What are the components of business Strategy?


Business strategy components are as follows:

 Vision and objectives: The vision element of this provides a clear direction for the
business.

 Core values: Defining the organizations core values helps to ensure that employees are
with the same goals.

 SWOT (strengths, weaknesses, opportunities and threats): For any business,


understanding its strengths, weaknesses, opportunities and threats is important

 Tactics and operational delivery: The tactical element of a business strategy will set
out the operational details that define how the work should be delivered.

 Resources and resource allocation: The resource element of a business plan will
cover the allocation of existing resources, as well as where additional resources will be
found.

 Measurement and analysis: The evaluation phase places emphasis on how a business
is performing in relation to the business strategy.

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