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, its competitors; and fixes goals to meet all the present and future potential competitors and then reassesses each strategy.

Detailed explanation-2: -Strategic management process is a continuous culture of appraisal that a business adopts to outdo the competitors. Simple as it may sound, this is a complex process that also covers formulating the organization’s overall vision for present and future objectives.

Detailed explanation-3: -It is all about achieving and maintaining competitive advantage. Competitive advantage of any organisation is never fixed and cannot be unique for a long time, and thus, we can say that strategic management is a dynamic process in order to maintain its competitive advantage so as to achieve their vision and missions.

Detailed explanation-4: -Strategic management involves providing the enterprise with an overall direction, setting organizational goals, developing policies and plans to achieve those goals, and allocating resources to implement the plans.