Strategic management is a comprehensive and iterative process that involves the formulation, implementation, and continual adaptation of an organization’s long-term objectives and initiatives. It encompasses the analysis of internal and external factors affecting the organization, the identification of competitive advantages, and the development of effective strategies to achieve sustainable success. Strategic management guides decision-making at the highest levels of an organization, aligning resources, capabilities, and actions with the overarching mission and vision. This dynamic and forward-looking approach allows businesses to navigate a complex and ever-changing environment, fostering adaptability and resilience to ensure the achievement of strategic goals in the long run.
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