Strategic management
Strategic management by Nang Aye Aye Htun What is strategic management? The ongoing process of setting an organization's high-level goals, developing plans of action, and effectively allocating resources to execute those plans. The 5 Phases of Strategic Management Strategic management involves managing an organization's resources, analyzing internal and external forces, and developing strategies to realize goals and objectives. There are five key phases that can help organization execute their strategies. 1. An organization must first establish clear, realistic goals . Its goals should answer what the company wants to achieve and why. Once set, the corganization can then identify the objectives, or how the goals will be reached. During this phase, the company can articulate its vision and long and short-term goals. 2. Organizations must then be able to examine, understand, and codify what internal and external forces affect their business and goals , as well as what it needs t...