Mastering Strategic Management for Long-Term Growth
Strategic management is the cornerstone of sustainable success for any organization. It involves the formulation and implementation of major goals and initiatives, based on consideration of resources and an assessment of the internal and external environments in which the organization competes. Mastering strategic management is crucial for ensuring long-term growth and resilience. Here’s how you can achieve this: Understanding Strategic Management Strategic management is an ongoing process that assesses the business and the industries in which the company is involved; assesses its competitors and sets goals and strategies to meet all existing and potential competitors; and then reassesses each strategy annually or quarterly (i.e., regularly) to determine how it has been implemented and whether it has succeeded or needs replacement by a new strategy to meet changed circumstances, new technology, new competitors, a new economic environment, or a new social, financial, or political ...