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Strategic management is a continuous process that appraises the business and industries in which the organization is involved; appraises it’s competitors; and fixes goals to meet all the present and future competitor’s and then reassesses each strategy. The fourth and final basic element of the strategic management is evaluation and control. Strategic management process has four key elements. Strategy, a word of Greek origin meaning a military general's knowledge, has been used for centuries yet its sister term, strategic management, is a relatively new concept. Key Elements of a Strategic Plan By Erica Olsen A company’s strategic plan is the game plan that management uses for positioning the company in its chosen market arena, competing successfully, satisfying customers, and achieving good business performance. Strategic management is the process of strategic analysis of an organization, strategy-focused objective-setting, strategy formulation, strategy implementation, and strategic evaluation and control. Strategy results from the detailed strategic planning process”. Strategy can also be defined as “A general direction set for the company and its various components to achieve a desired state in the future. The process of strategic management involves considering how resources such as money, personnel and time impact the environment in which the organization operates. Strategic management has three major elements, which include strategic analysis, strategic choice, and strategy implementation. Strategic analysis is involved with analyzing the industry in which the organization is operating its business and analysis of both the external and internal environmental factors. Unit 1 Foundations of Strategic Management. A. 1.1 General Policy, Vision and Mission; 1.2 Concept and Scopes of Business Strategy and Elements of Strategic Management. Introduction and Literature Review 1.1 Strategic Planning, Management and Performance Theoretical and empirical relationships between strategic planning and performance or performance management have been discussed in relation to both the private and public sector. Strategic analysis helps you understand your company´s strategic position. It requires an evaluation of the strategy to ascertain whether the actual outcome matches the expected outcome of the organizational goals. 1.1 General Policy, Vision and Mission; 1.2 Concept and Scopes of Business Strategy and Elements of Strategic Management. Elements of Strategic Planning and Management in Municipal Government: Status after Two Decades.
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