BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Strategic management is a continuous process that appraises the business and industries in which the organization is involved; appraises it’s competitors; and fixes goals to meet all the present and future competitor’s and then reassesses each strategy.

Detailed explanation-2: -The continuous planning process involves monitoring goals, metrics, and milestones for existing priorities; identifying, developing, and advancing new strategic priorities; and ensuring a culture of self-evaluation, innovation, agility, and adaptability.

Detailed explanation-3: -Yet many other entrepreneurs utilize strategic planning through a completely different lens; as a continuous improvement exercise. For these business owners, strategic planning is never completed; it is a cyclical process.

Detailed explanation-4: -Strategic management is the process of defining and implementing an organization’s strategy. It involves analyzing current circumstances, developing a plan to reach important goals, and executing that plan. All businesses can benefit from strategic management to help them meet long-term objectives.

Detailed explanation-5: -Strategy development is the process of researching and identifying strategic options, selecting the most promising and deciding how resources will be allocated across the organisation to achieve objectives.