Strategic Management
Strategic Management : A management approach, which seeks to generate a comprehensive and long-range plan for the organization, by utilizing the techniques of: (a) Mission and major goals determination; (b) Internally analyzing the organization to ascertain its strengths and weaknesses; (c) analyzing the organization's external environment to ascertain what opportunities and threats there may be; (d) choosing strategies that align the organization's strengths and (e) weaknesses with the external environmental opportunities and threats; and adopting organizational structures and control systems to facilitate the chosen strategy. In strategic management, the analysis (internal and external) phase is known as the "SWOT" analysis, where the word SWOT is the acronym of strengths, weaknesses, opportunities and threats
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