BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Analysis, formulation, and implementation are the pillars of research and knowledge about strategic management. This activity is important because a successful strategy results when managers perform these actions interdependently.

Detailed explanation-2: -There are five essential tasks of strategic management. They include developing a strategic vision and mission, setting objectives, crafting tactics to achieve those objectives, implementing and executing the tactics, and evaluating and measuring performance.

Detailed explanation-3: -What are the four basic elements of strategic management? Four basic elements to create a tactical strategic management plan includes; situational analysis, strategy development, strategy execution, and strategy evaluation.

Detailed explanation-4: -Setting goals The organisational goals act as the foundation of strategic management. The managers need to identify the purpose of setting strategy, the objectives of an organisation or the problem that needs to be solved.