BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Strategic planning generates the blueprint of what an organization intends to accomplish. It consists of the organization’s dreams, aspirations, interests, expectations, philosophies, as well as, leadership and management styles and ethical practices.

Detailed explanation-2: -The Philosophy of the Strategic Management Process This is a blanket terminology that refers to a process by which managers come up with, and implement an operational strategy that grants the organization a competitive advantage.

Detailed explanation-3: -The four phases of strategic management are formulation, implementation, evaluation and modification.

Detailed explanation-4: -Strategic analysis consists of a systematic evaluation of variables currently existing in the external and internal environments while strategic decision-making is deliberately bringing together the right resources for the right markets at the right time.

Detailed explanation-5: -Strategy Formulation-Strategy formulation is the process of deciding best course of action for accomplishing organizational objectives and hence achieving organizational purpose. After conducting environment scanning, managers formulate corporate, business and functional strategies.