19.7k views
3 votes
How many basic element the strategic management consist of?

1 Answer

4 votes

Final answer:

Strategic management consists of several basic elements, including vision and mission, external and internal analysis, strategy formulation, strategy implementation, and monitoring and evaluation.

Step-by-step explanation:

Strategic management consists of several basic elements. These elements help organizations formulate and implement strategies to achieve their goals.

The basic elements of strategic management include:

  • Vision and mission: These statements define the organization's purpose, values, and direction.
  • External analysis: This involves examining the external environment, including market trends, competition, and customer needs.
  • Internal analysis: This involves assessing the organization's resources, capabilities, and strengths.
  • Strategy formulation: This is the process of developing a plan to achieve the organization's goals based on the analysis.
  • Strategy implementation: This involves translating the strategy into actions and allocating resources to achieve the desired outcomes.
  • Monitoring and evaluation: This involves tracking the progress of the strategy implementation and evaluating its effectiveness.

User StevGates
by
8.4k points

No related questions found