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.