Strategic Management

STRATEGIC MANAGEMENT 
Strategic management is a company’s process of planning, implementing, and assessing its goals to obtain and retain a competitive edge. An organization’s resources, capabilities, and objectives must be coordinated with the external environment to optimize value for all stakeholders. Strategic management often entails doing internal and external analysis to pinpoint an organization’s advantages, disadvantages, opportunities, and threats and evaluate the competitive environment and market trends.
Organizations may use these insights to establish plans and goals that maximize their core strengths and resources to acquire a competitive advantage and meet stakeholder expectations. Strategic management requires understanding an organization’s vision, purpose, and values and predicting and adjusting to business environment changes. It also requires excellent leadership and communication abilities to guarantee that initiatives are properly applied and reviewed