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Strategic management is the analysis performed by the top management of an organisation so as to monitor the internal as well as the external environment of the organisation. So that the organisation can meet its objectives on time. Reach EssayCorp to get the most of it.
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Strategic Management Assignment Help By: EssayCorp
Table Of Contents • What is strategic management? • The process of strategic management planning. • Tools used in strategic management planning. • SWOT Analysis. • Gap Analysis. • PEST Analysis. • Five Force Analysis. • About Us. • Thank You
What Is Strategic Management? • A strategy is a set of directions for the management or the business to follow in order to achieve the desired goal. It is the result of the strategic management planning process. • It is also the analysis of the firm’s competitors and its weakness and opportunities.
Process Of Strategic Management Planning The process of strategic management planning involves the following steps: • Setting objectives • Analysing the competitive environment • Analysis of internal organizations • Strategy evaluation • Ensuring the strategy is passed across the organization.
Tools Used For Strategic Management Planning • SWOT Analysis • Gap Analysis • PEST Analysis • Five Force Analysis
SWOT Analysis This analysis is conducted by an organization to assess the internal and external strength and weakness of the organization. The acronym SWOT stands for strength, weakness, opportunity, and threat. It helps the business establish or recognize its position in the market.
Gap Analysis This method of analysis helps a company compare its actual performance compared to expected performance to determine if the expectations have been met and the resources optimally utilized. It helps in the determination of the current and the future state of the business.
PEST Analysis The acronym PEST stands for political, economic, social, and technological analysis. The analysis helps in determining how these external factors affect the functioning of the business. This tool is best used with the combination of SWOT and Five Force Analysis.
Five Force Analysis The five force analysis is the examination of the five forces that shape any industry. The five forces are competition, new entrants to the industry, power of suppliers, power of customers, and threat of substitutes.
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