The management of an organization’s resources to accomplish its goals and objectives is known as strategic management. Setting goals, assessing the external and internal environments of the firm, reviewing plans, and ensuring that management implements the strategies throughout the organisation are all part of strategic management.
Strategic management is crucial in business because it enables an organisation to identify opportunities for operational development. They often have two options: either they can use an analytical method to find prospective risks and possibilities, or they can just adhere to broad rules.
An organization may choose to use a prescriptive or descriptive approach to strategic management depending on the nature of the business. A prescriptive model outlines tactics for creation and implementation. A descriptive method, on the other hand, explains how a business may create these plans.
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