Review:
Strategic Management
overall review score: 4.5
⭐⭐⭐⭐⭐
score is between 0 and 5
Strategic management is the formulation and implementation of major goals and initiatives taken by an organization's top management on behalf of its stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates.
Key Features
- Analysis of the internal and external environment
- Setting of goals and objectives
- Formulation of strategies
- Implementation of strategies
- Evaluation and control
Pros
- Helps organizations achieve their goals
- Provides a structured approach to decision-making
- Encourages long-term thinking and planning
- Increases organizational efficiency
Cons
- Can be time-consuming and resource-intensive
- May lead to resistance to change within the organization
- Not a one-size-fits-all solution, requires customization